Options For Unemployed College Graduates
The job market is terrible right now and not getting better. Incredible amounts of 20-somethings are graduating college without an job. Many of them go months without finding a job. Let’s talk about some options should you find yourself in this situation.
Find Ways To Make Money
I know one person who graduated college in the last year and was not able to find a job. Instead of being lazy, he decided to take on a restaurant job as a server, then he took on a second job at a restaurant. I have a great deal of respect for this individual to put his pride aside and just work. He’s able to make enough money to pay his bills. Sure, it’s not his ideal situation after getting a college degree, but times are tough and he is doing what is necessary. Or, consider focusing on florida football rather than academics!
Here are some potential part time jobs you should look into if you want to make some cash while you wait for a job:
- Restaurant Job
- Event Staff – Contact your local event company or destination management company – many of these staff make $15 / hour and up and the hours can be all over the place.
- Wash cars – We have a guy who comes to our office building parking lot once a week and does pretty well
Go Back To School
I have mixed feelings on this strategy because I know so many people who go to graduate school simply to put off entering the “real world”. In some cases, it can be a good idea especially in a terrible economy with fewer and fewer jobs. Make sure you are going back to get a degree that is worth your time and money. Otherwise, you’ll be accumulating debt without a great reason.
Start a Business
This is the most risky and the most unlikely especially for people in their early 20s. However, if you think you have a great business idea and model, perhaps, being unemployed removes the need to “abandon ship” from a job in order to start your business.
I would focus on businesses that do not require much startup capital because you are unlikely to get funding from any investors and/or a bank. Face it, you don’t have any experience so you will likely need to go at this on your own or possibly, with some family money.
If you have minimal expenses such as rent and bills, this actually might be a good time to take a stab at your own business. It will get harder to put more on the line as you get older and have larger bills and more dependents. I firmly believe that starting a business whether it succeeds or fails will always be a beneficial experience. Just make sure you keep a journal so you can record your mistakes; that way you will avoid them during round 2.
I encourage you to read the post entitled, “The 21st Century Worker” to get a better understanding of what it might take to survive in the economy of today. Employment, income, benefits are all changing and you need to understand these changes.