Diversifying with a Career in Technology

Diversifying is a great way to make sure you have multiple options and that your eggs aren’t all in one basket. Fortunately, there are a lot of different ways to diversify nowadays, and we can tell you everything you need to know about how it’s done.

One great way to diversify is to supplement your current forms of income with a career in technology. Not only does this provide you with great job opportunities that can prove valuable, it also gives you a foot in the door in lots of other fields that can help you further diversify. Here’s what you need to know.

Opportunity and Stability

For many people, the biggest reason to choose a career in technology is for the great opportunities and stability that come along with it. Technology has been one of the fastest-growing career fields for quite some time, and it’s only expected to keep growing as technology plays an increasingly important role in our lives.

While many tech fields are competitive, you can expect to have some opportunities right out of the gate. This is something that simply isn’t true with a lot of careers, which is part of what makes tech careers so great. However, the stability of tech jobs is also a huge plus. Simply put, just about every major company in the world needs to hire a tech expert of some sort, so you have a lot of leverage if you’re a talented, qualified individual.

Wage inequality was once a major issue in technology, but thanks to efforts like this one being made for tech engineering wage equality, it’s no longer the issue it once was.

A Side of Success

The biggest reason why a career in technology can benefit you in terms of diversifying is the fact that there are so many neat little methods of making money through technology. If you’re already familiar with computers inside and out, you can find some pretty solid side hustles to keep income coming in from various sources.

Freelancing is one great way to diversify with technology. Since you’re already going to be working with computers—and you may even learn programming and other development and design skills—you can easily sell your services on a popular freelance marketplace. You might help people solve network problems, clean out their computers, or even develop a basic app for personal or small business use.

If you like to write, you can always take your knowledge of technology and combine it with a writing career. People all over the world have tons of questions about technology, so a knowledgeable professional such as yourself has a leg up on a lot of the competition. You can provide readers with information that’s normally only available to professionals who have an in-depth understanding of technology.

No matter how you choose to use your career in technology to diversify, the bottom line is that you have plenty of options. If you’re looking to diversify, a career in technology could be the perfect place to start.

Is it a Good Idea to Diversify Your Business?

Building up a business over time means it grows in spurts. While it may start with a few people in a small office, soon you are up to twenty employees and dealing with exponentially more daily complications with staffing issues, client problems, and a host of other matters.

When considering expansion vs diversification, it’s useful to understand the major differences. Expansion revolves around sticking with growth in existing or similar lines of business. Diversification is partly about reducing risk in the medium-term by doing business in different categories to make the business less vulnerable to a downturn in asingle market.

Future Focused

You always must look ahead to the future for your business. Have you reached the maximum size in the category that you’re trading in? Failing to recognise this can lead to a business that stagnates for years.

For instance, many web studios developing websites either stay as solopreneurs with some outsourcing or have a five-person team that rarely gets larger. Scaling up massively only happens with a few web design studios because they’re mostly dealing in their local market; not nationally or globally.

Most owners want to grow the profits and the underlying value of the business, whether to increase their salary, the profitability, or what they can eventually sell the business for when they retire.

Business Expansion

Expansion often means increasing the sales and number of customers/clients with your existing business venture. If you offer website development, you now aim to sell more deals to new clients. When the company produces a product, you want to sell three times more units of that product.

Scaling up the staff using a temporary staffing agency like Staff Heroeshelps bring in the right people to fill a position in just a few hours. When the business expands too quickly, you cannot recruit full-time employees fast enough. In this situation, a temporary worker fills the gap nicely.

Diversify the Business?

If you’re faced with a business that cannot realistically grow much more than it is now or is treading on water. And these are the best-case scenarios available at this point, then you must look at diversifying the business into other areas.

What’s the best way to diversify? It’s usually to move into an adjacent business category rather than something completely new where there’s no applicable skillset or experience. This has a much greater likelihood of success.

Diversification Should Protect the Business

With a software company, when producing reservation software for the front desk of hotels and hostels,a golf course reservation booking system doesn’t offer any diversification or protective benefits. It may seem like an obvious choice, but should the need for custom booking software disappear, the sales of both booking software products will die in the same trading year.

Diversification should provide benefits for the business as a whole. While one type of software sees sales slowing down, a different software package serving another market is having a banner year. The company might consider cornering the lucrative task management software SaaS marketas a third way to diversify, which offers even greater protection. This avoids being a one trick pony.

There’s the old saying that, “if you’re not growing, you’re shrinking”. That’s certainly true in terms of inflationary pressures. Beyond that, the life cycle of a product or service isn’t forever. Products or services that were useful a few years ago sometimes don’t have a ready market today. A company must always be looking to expand their existing product line and diversify by moving into new markets to avoid shrinkage and eventual shutdown. Owners must push ahead confidently to stay on the growth path.

How to Pay Off Student Debt Fast

If you are currently in college or are going to be graduating soon, you will need to face the reality that you are going to have to pay off a lot of student debt. Education is expensive and most people will have had to take out loans to finance their degree which has to be paid back month by month until you are debt free. Rather than having sleepless nights worrying about this debt, instead take a look below at our favourite ideas that will help you to pay off your student debt faster.

Save and Budget

Whether you are still a student or have just graduated, it is important that you set up a budget. If you are still a student, take advantage of the benefits that a BB&T student banking account will bring and make track all of your expenses from here. This is also an account where you can put your savings away should you run into an emergency so that you don’t need to get yourself into more debt. Having an emergency fund is vital before you start paying off your student debt as this will be the cash that you can fall back on should something unexpected come up. Doing this as a student will save you a lot of stress after graduating, but if you are already a graduate, having this budget is just as important to start putting money aside specifically for your student debt.

Have a Timeline

When paying off debt quickly, you will need to set up a timeline and place specific goals for yourself as this is what will help to keep you motivated. This will also ensure that you are organised and you will be able to see exactly when you will finally be student debt free!

Work on the Weekend

This applies to both students and graduates and if you want to pay off your debt quickly then you will need to start working on the weekend. It is important to remember that this extra work is not forever but your hard work now will pay off massively in the future. This second source of income can go directly to paying off your student debt and will also save you a tonne in the interest that you will have avoided.

Pay Off As Much as You Can

A big mistake that many people make is to only make the minimum repayments every month, but this won’t do if you are trying to pay off your debt quickly! No one wants to be in their 40s and still paying off student debt, so make sure you are putting as much money as you possibly can towards tackling and driving down this debt.

Live at Home

As a student, if you can live at home while attending classes then definitely do this as you will save so much money in the long run. If you are a graduate, consider moving back home for a while to get a kick start on paying off your debt without having to worry about rent and bills.