Do you remember Virgin Records? This was Richard Branson’s first business and it grew organically into the Virgin Mega Store brand. Had it been Richard Branson’s only business the Virgin name would now be extinct. Tower Records, which was one of Virgin’s big early competitors filed for bankruptcy in 2006 and is now no more. Tower Records did not diversify.

 

In this modern age where change happens at a breakneck pace, only those who can diversify will survive the relentless pace of progress. In the past it was possible to start in a job and work in it one’s entire working life – retiring with a gold watch and ample pension. There are many unemployed people today who had expected to do just that. They worked in one job after college or high school. Worked hard, got promoted and stayed loyal to their employer for 25 or 30 years. Then BAM! Suddenly they are out of work. Their employer changed its business model or went out of business of they are victims of “reorganization” which is often a euphemism for culling older, higher paid workers in favor of younger recruits with fresher skills and ideas.

 

Like Tower Records, they didn’t diversify and now nobody is buying what they have to offer.

 

It doesn’t matter how we do it, but it is more important than ever for us to have a second career option that we can easily switch to if necessary. Even if it’s just a skill we use for our own personal enjoyment, it could save our bacon when our hitherto main source of income dries up.

 

So even if we have a job, in which we are relatively secure and happy, it pays to get a career check up to see what else we might be able to do if we have to. Good decisions are rarely made in panic situations, so it is much better to lay the plans before they become necessary.

 

Like big business, we have to learn to diversify in order to have a secure career. We have to be willing to take the long view and understand that everything changes in time and that we must be prepared for change.

 

If you would like to start to work on diversifying your career, please contact Career Selections for a free initial consultation – 201-940-7376, info@careerselections.com.