The Top Career Road Blocks and How to Hurdle them.

Part 4 of a 10 part series in making your career change happen. Stay tuned to get there...

Road Block Four A Question of Cash

One of the biggest perceived stumbling blocks when it comes to making a career change is cash.  You ask yourself how you are ever going to be able to break away from wage slavery while you are still trapped in it. After all we’ve all got mortgages or rent, responsibilities and the odd M&S sandwich to pay for.

In some ways though it’s never been easier to change careers. Flexi-time, home working, part-time training, distance learning, 4 day weeks, portfolio careers – all great ways to financially manage a transition - are phrases that even as recently as a decade ago would have been a rare sighting in workday vocabulary. Starting a business too, thanks to the internet, can now cost a fraction of what it used to with considerably less risk. In other words, you don’t need to give up your income or risk it all, to make a satisfying change.  Changes happen over time and it is rarely a dramatic leap from Work A to Work Z.  All good news for the 21^st century career changer.

Plus once you have clarity around what you want to do and you want it badly enough, then more often than not, you somehow find a way to make the finances work. But if an injection of cash is all that’s holding you back (and let’s face it ‘ every little helps’) there are some ways to raise some:

Borrow it

Of course borrowing money is a political hot potato right now, but retraining is an investment and if you want to do so there are funds available. It’s a complex arena as there are a variety of options all very much dependent on the type of course and provider, your own earnings and savings etc. You can raise money from more than one source if you can navigate the intricacies of the system. Useful sources of information are:

1. The Directgov website publishes factsheets on loans and grants; bursaries and scholarships; childcare grants; parents' learning allowances and disabled students' allowances. Amongst these are Career Development Loans, which allow you to borrow between £300 and £10,000. These can help you fund up to 2 years of learning (or up to 3 years if the course includes 1 year of relevant work experience). You only start to pay it back after you complete your course. Visit http://www.direct.gov.uk/en/EducationAndLearning/AdultLearning/FinancialHelpForAdultLearners/CareerDevelopmentLoans/DG_10033237 for details.

2. If you’re considering a university course., the UCAS website has a comprehensive guide to finance for mature students. See www.ucas.com/students/maturestudents/money

Get granted it

The beauty of a grant is that it’s just that – it’s granted and you don’t have to pay it back.  Grants are rarely enough to sustain a project entirely, but certainly a useful top up.

1.Adult Learning Grants give you up to £30 a week if you’re doing a full time course

(http://www.direct.gov.uk/en/EducationAndLearning/AdultLearning/Adultlearninggrant/index.ht)

2. Bursaries granted by the universities or colleges themselves.

3. Educational grants for individuals at– www.grantsforindividuals.org.uk

Raise it

1. Business Angels  - None of us are strangers to Dragons Den, but there are gentler ways: Try www.angelsden.com for starters if you’ve got a great idea but not enough funds to get it off the ground. There are many more.

2. Government help – www.businesslink..gov.uk has practical funding advice on loans and government grants amongst a lot else for new businesses.

3. Seek Sponsorship – get someone to champion your cause. Whether that’s to fund re-training or start a new business is there someone who would delight in seeing you succeed and sponsor Project-You? You can always show your gratitude with handsome dividends when you’re up and off.

4.Campaign – If a deserted Aussie husband can put his life up for auction and have serious bidders, whose to say you can’t pull off an ebay/facebook/youtube campaign to fund your future, if you dare.

Earn it

1. Apprenticeships are a good way to earn while you learn, particularly if it’s a practical vocation. More details at http://www.apprenticeships.org.uk/wanttobecomeanapprentice

2. Ask your employer. If there’s another area of your company or industry that appeals to you but you don’t have the skills to migrate ask your employer to fund your training. If you’re a great member of staff and they’d rather not lose you, you never know what you might be able to negotiate. One thing’s for certain, if you don’t ask you won’t get.

Leverage it

1. Downsizing is becoming a common way to fund a life you really want. If a sprawling mansion (or two bed semi) is less important to you than escaping the rat race and doing something you really love, then it’s a good way to liberate funds and make it possible. Admittedly the current market may not make this the best time to do so, but one to keep in the bag for later.

2. Invest. Large bonuses and stock options can make a lot possible for some, but for others a finite wage packet every month doesn’t leave much left over.  Some smart investing in future trends and next big things may mean life changing riches in a few years.  Let’s just say the original Google in-house masseur is not exactly kneading calves for a living anymore.

Win it

Keep your eyes open for competitions and awards for new start up ideas, creative assignments, community projects or apprenticeships. They are about.

Share it

One of the great malaises of the west is that we try and do everything on our own and do ourselves out of the support of community. The truth is that those around us WANT to help, we just don’t let them. So if your partner/family/friends offer to look after you while you remould, let them. The pay-off will make you both feel good!!

Save it (your mum and Nick Clegg would approve)

What you’ll need for ALL these options is total commitment and confidence in yourself and your choices. So get clear on what you want, make sure you want it enough and then you can almost certainly ferret out a way.