Choosing a career is no easy task, particularly when markets are uneasy and recession looms. Businesses are on shaky ground, just as the consumers that justify them. But while white-collar companies threaten to topple, trade entities are much more likely to weather the storm – and offer a reliable route to income for hard-pressed households. Which trades, though, are the biggest earners – and which might you consider leaning towards in your own career development?

Trades in High Demand

According to data collected by Indeed, the highest-paying trade jobs fold practical, hands-on experience in with more theoretical understandings of systems and processes. Just as an architect earns more than a joiner, building inspectors earn more than the builders themselves. Building inspectors earn an average of £37,187 per year.

However, it is true that trade work is in uniquely high demand at the moment. This is more starkly visible in electrical engineering, where domestic electricians are in short supply – in turn, driving up the cost of call-outs, and raising salaries for those that do start a career in electrical work. The average salary for an electrician is £32,187 per year, with wages skewing higher for said demand.

New Niches

While demand is enough to make many ‘bread-and-butter’ trades highly lucrative for new entrants, it is also the case that new demands are emerging in response to new generational needs. A key example of this might be sustainable trades, such as solar panel installation or the fitting of other eco-friendly alternatives to energy and heating.

These technologies are no longer cutting-edge, but they continue to be refined – and require a knowledge base all of their own to install correctly. This knowledge base includes electrical engineering and structural architecture, amongst other things. Training for these trades would put one in good stead for a well-paying role in an industry guaranteed to see more clients over the next two decades.

A Word of Warning

If you are looking for advice on the best place to place your efforts with regard to a lucrative career, then this is word of warning for you. Trade jobs of any description are highly effort-intensive, whether through gruelling shifts or the sheer volume of physical labour required. This is to say nothing of the niche knowledge required to succeed in certain fields, and the niche-specific risks that you would face over the course of a given day.

None of the above should be enough to dissuade you from pursuing a dream career in a trade – but it should be enough to dissuade those of you looking for little more than an opportunity to raise your salary. Trade work requires considerable discipline, good physical condition and a commitment to progression – without these, a career in any of the above trades will not work for you.

Property investment can be a lucrative business if you hit the right markets and can be a steady source of income if you know what to invest in.

Real estate has been an ever-popular method of investment over the past 50 years and it is not just physical properties investors can get involved in.

Of course, as with any investment, there are pitfalls to consider – not least the fact the cost-of-living crisis is causing falling house prices and fluctuating interest rates, making it a tough market to navigate.

So, it is wise to do your research and take stock of your finances to ensure getting involved with property investment is a realistic prospect.

Go Where There is Demand

Once you have weighed up the financial risks and decided you can afford to get involved with property development, it is time to think about the type of area to buy and potential tenants you want.

If you need a little extra guidance when thinking about this then look at getting the right help, such as speaking to a letting agency.

It may be you are looking to rent to students, so houses close to university and college campuses would naturally be on your radar. Alternatively, if you are hoping to rent to professionals then houses with good transport links are probably desirable. For family rentals, is the area safe?

Consider too things such as the proximity to schools and large employers, as being close to such places can increase your property’s value.

Consider what type of property to purchase

There are also different property types to consider when thinking about investing.

For instance, if you are thinking of buy-to-let then you might be looking to invest in a residential property which you rent out to tenants.

Alternatively, it may be you’re looking to purchase a new build property with the intention of selling it on for profit. The value of a property may increase from the time you have agreed a price with the builder – although this method obviously comes with risks as the property may not end up looking as you’d hoped or the developer may go bust.

It might even be that you aren’t looking to invest in a property in the UK and something abroad is more your dream.

Over 2,600 Britons bought properties in Spain alone in the first quarter of 2022. You could rent the home out to holidaymakers and use it yourself when visiting, while making a tidy profit if you decide to sell when its value has gone up.

Look at historical prices

The ultimate aim of any property investment is, of course, to make money.

It stands to reason then that you should research the historical prices of the property you are buying – especially if the final goal is to sell. You need to think too about any redevelopment costs as any work done to the property will eat into your profits.