How to boost your earning power with an internship

How to boost your earning power with an internship

In the current financial climate, with rising inflation and energy bills, there are two main strategies to follow. These are to limit or reduce your outgoings and to increase your income, or both! We’ve previously discussed methods of saving money on energy bills and ways to increase income such as making money from your receipts and ways to get extra cash in a hurry. But what if that’s not enough? One of the most effective ways to increase your income is by developing your skill set. This can be achieved quickly and easily in a number of ways. In this article, we look at how to boost your earning power with an internship. In this article we take a closer look at internships, as well as other options such as starting a franchise business.

engineering intern

This is a paid article. Whilst Fun, Free and Frugal has received (or will receive) a payment for the article and some of the link(s) contained within it, the article itself and the views expressed within it are entirely our own.

Tired of your job?

Are you tired of working at your job? If so, now might be the time to take your first leap into entrepreneurship and start your own business. If you don’t want to start your own business from scratch and want to save money and avoid taking risks as much as possible we recommend you purchase a franchise business as your first business venture to let you know how it feels to be your own boss and have more freedom but also receive help & support from your franchisor when needed. If you want to learn more about franchising check out this website which covers everything you need to know about franchises & franchising.

What is an internship?

An internship is essentially a work placement for a set period with a company. It is a common stepping stone for college and university graduates between their studies and employment. But internships are not limited to young people; you can undertake one at any stage of your life. Internships can be anything from fours weeks to several months and maybe even longer. 

What sort of industries offer internships?

Internships can be found in almost every imaginable type of workplace. From fashion design to hospitality, from engineering to charities, there is something for everyone.

design intern

Is an internship free or paid?

Internships in themselves are not a way to earn a significant extra income. Indeed many internships are unpaid. Some internships are available for free, and if you are very lucky you may even earn a small amount from them. However, you are likely going to need to pay for an internship if additional support may be useful to you. You may have a particular work area in mind, set dates or a specific physical location in mind. Or it may be that you’d like online support or a dedicated local community of interns to liaise with. Programmes that offer these additional benefits are likely to come at a cost. However, bear in mind that the true value of internships comes after you have completed them, as they increase your attractiveness to prospective employers immeasurably. 

Why are internships attractive to employers?

Internships are attractive to employers for two main reasons: 

  1. Employers who offer internships are attracted by the chance to get additional help for a limited period on a risk-free basis and with limited cost. The employer gets to meet prospective employees, and if the internship goes well, they may offer the intern a permanent position. Some employers have internship programmes which are also motivated by a social conscience. For example employers may offer internships as part of a rehabilitation programme. 
  2. Prospective employers also love to see internships on your CV, as this demonstrates that you have a willingness to learn new skills. It also brings valuable experience to your skillset, giving you the edge over other candidates. If you undertake an internship overseas, it can further enhance your career prospects. This is especially true if you are applying for a job with an employer who trades overseas, or who has offices in several countries. It shows that you are willing to travel for work, or even to relocate. 

hospitality intern

Where should I undertake an internship?

Internships can be taken both within the UK and overseas: the world is your oyster! But for being a major global centre of commerce and business within the UK, London is unrivalled in the breadth of companies and the range of different roles on offer. Start by looking at International Internships London, which makes for a great starting point.

Five reasons to consider an internship
  1. An Internship can fast track your earning prospects by giving you valuable additional shills.
  2. An internship is a quick way to gain additional direct work experience, perhaps in an area or where you are unfamiliar. 
  3. An internship allows you to sample an employer – you will get a feel of whether you like to work there, if the work is enjoyable, the company work ethic, and so on.
  4. An internship overseas can show that you have the ability and competence in working abroad. 
  5. An internship is a great way to include some direct work experience on your CV if you’ve had a break in employment and are looking for paid work. 
  6. An internship will boost your confidence as you gain new skills and relevant experience.

As we hope we have demonstrated, internships certainly give some food for thought when considering ways in which to boost your earning power with an internship. The perfect internship for you may come at a cost. But you should be able to recoup this and much more besides. Your new found skills will give you a confidence boost. You will likely make new friends. You may even end up with a job offer in a company that you love working for!

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