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Crucial Things To Consider Before Venturing Off To Your Next Job

In the beginning of the year, the Monetary Authority of Singapore forewarned its citizens that the economy may go through a period of uncertainty as the likelihood for trading partners remain down in the dumps. This negative tone caused companies to be more cautious of hiring and even a bank as huge as Barclays axed about 100 Singaporean employees last January. Moreover, short-term contracts started to rise.

So if you are venturing off to a different field to maintain your career’s stability, please consider these things first:

1. DETERMINE YOUR VALUE

Before accepting any offers, you must determine your value earlier on. Your last salary does not only dictate what makes you valuable. Your skills and personality play a part too. How much is your potential employer willing to pay for those?

2. NEGOTIATE YOUR SALARY

You have the right to ask for better working conditions when negotiating for a new position. Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Everyone with the right strategy and conversation tools can sway the opinion of another through a pleasant talk.

Start by conducting research on the company and their average salary offerings. Review the appropriate amount of wage on the online salary calculators such as Payscale.com and Hudson.sg. Then talk to the recruiters or the people on the same field as yours about the subject. The data collected will be your weapon throughout the negotiation.

3. KNOW THE WORK EXPENSES

Aside from the salary, know the expenses you might be spending in your “next” workplace. The transportation and food costs depend on the area you are eyeing on. If these benefits are included to your salary already, it will make a huge difference to how much you save.

4. WEIGH THE POSSIBILITY FOR RELOCATION

As you steer your career in a new direction, you may have applied for jobs outside the country. Before you land the overseas position, consider how it will affect your family and relationships. Furthermore, determine if the company willing to cover for your moving expenses.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

A Newbie Freelancer’s Guide To Getting Paid On Time

According to the recent survey by Freelancers Union, 44% of the participants (freelancers) reported problems with getting paid. Some are even tracking their clients for owning more than S$13,000 (US$10,000). Yes! Getting paid is one of the most frustrating and stressful aspects of being a freelancer.

In a world of fixed expenses and variable income, the stress of a freelancer comes when they have to deal with stubborn clients. While frustration arises when the client piles up more work when you still have not gotten paid yet.

Although this dilemma can be overwhelming at times, find fulfillment with this clever plan to get what you de$erve:

GET PAID FIRST

For your first client, shall you charge a flat rate or shall you give a discount? No matter what you choose to do, do not start working until you get upfront. This is the best case scenario!

As cash flow is the core of most freelancers, you do not want your finances to crash just because of the debt of your clients. Ask them to pay at least two weeks in advance before you commence your work to avoid chasing for your clients.

REQUIRE A DOWN-PAYMENT

If your client cannot pay upfront due to valuable reasons, consider requiring a down-payment to send a message that you mean serious business. As a newbie in the field, it is understandable to feel uncomfortable as you do not want to make demands that could ruin the new relationship you have with your client. I felt the same way in the first few months. However, like any professional services firm, you must require a down-payment to ensure that your client is capable of paying you.

SET A SCHEDULE FOR PAYMENTS

It is better to stick with a billing schedule to keep track of everything. Whether you would like to send the invoice every month or bi-weekly, you must bill on time. To put things in perspective, you may treat your client’s payment as something you can deduct to your credit. For example, deduct the “total bi-weekly due amount” to the credit pool upon making an invoice for it. This way, you are giving more importance to time and money management.

SEND A FRIENDLY REMINDER

For late payments, act immediately by sending a friendly reminder to your client. Give him and her the benefit of the doubt by assuming that the lack of payment is due to a mistake, medical reason, or an oversight. That is all it takes to get paid – sometimes.

PUT EVERYTHING IN WRITING

To prevent the unwanted “late payment scenario”, you need to have a contract that defines when you will get paid and includes a clause for when you do not get paid on time. In your contract, you must guarantee that…

a. the client does not own anything they have not paid for,
b. the client will be charged with an interest for overdue invoices, and
c. the court shall give you the right to get your money back.

Image Credits: pixabay.com (CC0 Public Domain)

This binding contract protects you in case legal matters arise.

Sources: 1, 2, 3, & 4

Fundamental Financial Tips For Startups

According to Investopedia, a startup is a company that it is in its first stage of operations. The founders of a startup often attempt to make money by developing product or service that they deem to be in demand. Startups are all about finding a market and a business model that works.

And since you are a newbie in the field, here are 5 essential financial tips that you must keep in mind:

1. GET A CLEAR IDEA OF THE TOTAL COSTS

The costs of the business depend on its scale. Say you and your spouse are the founders of an online company in a basic office setting. You would need to pay these expenses (approximately):

Office Rent = S$500/month
Tables, Chairs, and Office Supplies = S$400
Internet Access = S$150/ Month
Salary = S$2,500 /Month
Company Registration = S$100

As a startup, you must think of ways to minimize your cost by comparing prices and doing in-depth research.

2. VALUE EXPERIENCES

Degree and certificate qualifications seen on your C.V. are important but so does your experience. Experiencing both failure and success in the field determines whether you are suited for the market and whether you are passionate about what you do. Especially in the Silicon Valley or Tech World, experience matters massively. Bringing seasoned managers and talent is not only critical to your success but is also worth every cent.

3. ONLY HIRE PEOPLE WHEN YOU NEED THEM

As a startup, you are testing every aspect of your business including the amount of labor necessary. Do really a marketing team or can you handle the marketing aspect by yourself? Instead of hiring professionals to do the job for you, you can commit several hours in developing skills.

And when you decide to hire help, good sources of quality yet low-cost labor are university or polytechnic interns. If you are willing to supervise and devote your time to training, both of you can benefit from the experience. Think about it! You are giving a worthwhile experience and good recommendation for the intern while the business is receiving low-cost (and sometimes free) services.

You can also consider outsourcing your accounting matters to a cloud accounting firm such as Cloud CFO that provide cloud accounting services in Singapore for your company at a fraction of the cost.

4. MARK YOUR CALENDAR FOR TAXES

You are bound to pay your taxes even as a small startup. Otherwise, you will have to face penalties and additional interest from the Inland Revenue Authority of Singapore (IRAS). Also, you shall organize the allocation of money to pay taxes on time to avoid the extra fee of late payment.

Image Credits: pixabay.com (CC0 Public Domain)

5. GET PAID FIRST

One of the dilemmas you will encounter as a first-time founder is getting your clients to pay for the job. Shall you charge a flat rate or shall you give a discount? No matter what you decide to do, do not start working until you get paid first.

As cash flow is the core of startups, you do not want your company to crash just because of the debt of your clients. To avoid chasing your clients, ask them to pay at least two weeks in advance before you commence your work.

Sources: 1, 2, 3, & 4

Is Home Office Heaven Or Hell For You?

Working from home used to be an idea that graced infomercials few years ago but in the new generation, it has become increasingly common. According to the data collated by Global Workplace Analytics, there are approximately 10 to 15 million home-based businesses. Before making any decisions to jump on the “home office” bandwagon, you must first weigh its advantages and disadvantages.

ADVANTAGES

Given the opportunity to be your own boss, you may be able to do things you love and get paid for it. Since you do not have a supervisor beside you, your passion will fuel your creativity and productivity. In fact, a Stanford University study showed that call center employees from China reported increased performance by 12% and higher work satisfaction as they worked from home.

Aside from this, having a home office can give you one thing that you might be itching for – freedom! You start by building your own working environment that you are most comfortable with. With this power of autonomy, you will notice that little things you do can make a huge difference.

Freedom also entails that you hold your own work schedule. Setting your own hours can mean that you get to drive your children to school, you can go out for private errands during lunch, and you won’t miss out on your children’s school presentations. This means that you are able to do more of what you really love.

DISADVANTAGES

After hearing its advantages, working from home may sound like a dream come true but you have to take note of its disadvantages too. One prominent downside to many home offices is the vulnerability to distractions such as accessible electronic devices, noisy family members, and many household tasks.

Another disadvantage is higher utility costs, especially if you barely leave your home. This is why you should make it a habit to conserve energy through simple strategies such as scheduling your air conditioning use, reducing indoor heat by painting your rooms white, or working at the brightest part of the house.

Lastly, since most people meet new people and make friends in the workplace, professionals who are working from home may experience loneliness, isolation, and depression. As they are plucked away from their previous co-workers and bosses, staying in touch with them can remedy the situation.

Image Credits: pixabay.com (CC0 Public Domain)

Bottom line: When you are shifting towards the home office, you must consider all its possible factors – both good and bad. If possible, you may split your time between the home office and the workplace.

Sources: 1,2,3,& 4

Student’s Guide To Part-Time Job Hunting In Singapore

In Singapore, it is ordinary for students to gravitate toward part-time jobs. These part-time jobs either add a boost to their travel fund or to their school allowance. Whatever the reason may be, job hunting in the modern age has definitely changed!

That said, here are some places you have to browse when job hunting:

1. NEWSPAPER CLASSIFIEDS

Go back to the tried and tested strategy of grabbing the latest newspaper publication right from your doorstep. In particular, the leading English newspaper in Singapore called The Straits Times has its weekend supplement containing a section for “Classified Jobs”.

2. ONLINE CLASSIFIEDS

If you cannot find the job you want on the newspaper ads, try looking for some opportunities at the online classifieds namely: Gumtree and Craigslist Singapore. Renowned as Singapore’s Number 1 Free Classifieds Site, Gumtree Singapore is well-known for providing good classified services with one of the largest visibility. Check out the “Jobs” category or type the keywords of your desired job. With its user-friendly functionalities that is both available online and on the mobile app, you can search for a job at your own convenience.

An even more simplistic website is one of the oldest classifieds portals in the world called Craigslist. Established in 1996, Craigslist provides services for more than 70 countries including sunny Singapore. Posting job ads and browsing through them is totally free!

Friendly Reminder: Please be careful as some of the ads posted are merely scams or spams.

3. NETWORK REFERRAL

Everybody is bound to know somebody. Within your existing network, there are probably a handful of part-time jobs that are perfectly in lined to your capacity. Do not hesitate to ask your classmates and friends if they can recommend a job for you.

And here are the common part-time jobs suitable for students:

1. F&B STAFF

Becoming an F&B Staff requires a whole lot of energy and patience. Despite the average salary, it can be a rewarding experience that will help you learn the skills you need further down the road. No to mention, there is a possibility of taking home free food.

Average Rates: S$6-10/hour

2. RECEPTIONIST

Clinics, spas, and fitness centers are often on a lookout for part-time receptionists whose main job is to book appointments, answer phone calls, and sell products. Being computer and social media literate is a must if you are planning to apply for this job. Luckily, almost every millennial fits the bill!

Average Rates: S$6.5-10/hour

3. FLYERS DISTRIBUTOR

One of the most tiring yet technically simple part-time jobs available is the “flyers distributor”. Just imagine yourself distributing some papers while standing in a spot for hours and braving Singapore’s heat.

Average Rates: S$5-6/hour

Image Credits: MuseScore (CC License Attribution 2.0 Generic)

Sources: 1 & 2

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