The career landscape is always changing. No one knows what the Next Big Thing will be. However, it is fairly easy to spot trends in those industries that are dying. Some industries are dying because of the rise of the Internet. However, it is important to note that, even though some industries are dying, technology is providing new career opportunities.
Take a look at your current industry, and decide if maybe it’s time to find a new job.
5 Industries Fading Away
Here are a few of the industries that are dying right now:
- Newspapers: Printed newspapers are moving online. I write a column for my local newspaper, and I’m pretty sure, in any given month, that I am just about to be let go. For me, it doesn’t matter a whole lot; it’s one column and I write it on a freelance basis. For many journalists, it might be time to take the skills online, and become a freelancer.
- Wired telecom: With so many people preferring cell phones to landlines, it is little surprise that wired telecom companies are seeing difficulties. Some are trying to diversify, offering wireless Internet services and working out agreements with satellite TV providers for bundled services. However, the decline in that industry is huge, and even those measures may not work.
- Entertainment rentals: Recently, I saw the Hollywood Video close its doors in our town. With streaming video rental, it is clear that video game and DVD rental isn’t exactly the wave of the future. Even Netflix knows that it is likely that the days of DVD by mail are numbered.
- Photofinishing: When it’s easy to share photos online, without ever printing them out, it’s obvious that you don’t need to pay a professional photofinisher. Plus, many of us know how to use editing software to make our own photos look better. And you can always print them out, in color, on your own. Taking photos to be printed out is a thing of the past.
- Music stores: Yeah. This pretty self-explanatory. If you work in the “traditional” music business, you need to adapt and find a new way to make money.
If you are concerned that you could lose your job in a dying industry, consider a career strategy that will help you move forward. Develop new skills and acquire the education you need to start a new career.
Look at Your Investments
Even if you don’t work in these fading industries, it is a good idea to look at your own investment holdings. Does your portfolio include companies in some of these industries? If so, check into the performance. If the stock has been losing money, now might be the perfect time to sell and harvest your losses for tax purposes.
Continuing to hold on to these dinosaurs might not be the best course of action. Buy and hold isn’t supposed to be so drastic. Instead, look for companies with staying power. An old company can still have staying power, but there are just some industries that are on the way out. Carefully consider the situation, and make your decisions accordingly.
Miranda is freelance journalist. She specializes in topics related to money, especially personal finance, small business, and investing. You can read more of my writing at Planting Money Seeds.