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Preparing for a career shift to self-employment

Why would you make a career shift?

There is a reason for every career decision we make in our lives. It is very unlikely for someone to make decisions that will create major changes in their life without valid reasons. Usually a major career shift is motivated by one of four reasons:

  • Dissatisfaction with current career
  • The need for a larger income to finance present living expenses
  • Financial freedom in preparation for retirement
  • The excitement of trying out new things.

For some people, adjusting to a new career can be daunting at any age, let alone their fifties or sixties. Although they want change it takes courage and determination to upturn your life to seek a new job.  With the need to undertake a job search, the issue of ageism in the workforce, real or imagined, emerges with concerns of being too old or overlooked in favour of younger candidates.  For many people this is overwhelming and stops them from making a career shift.

On BoomersNextStep we have many articles that will assist you to make a successful career change.

How can you make a career change to self-employment?

Most people are hesitant to risk their stable job for something they are uncertain about, yet many crave the challenge of leaving their past career behind and starting their own business.  This can be a satisfying option for some, but it is important to approach starting a new business with great caution.

job search help

These three tips could make a big difference to your success.

Have enough money available

Be financially ready for this big career shift. Make sure that you have more than enough initial monetary investment for your business. Make sure also that you have enough money to support you over the first few months of your business.Be realistic. Set business goals and financial plans that are doable and are possible to achieve.Start your research.

Weigh up the pros and cons

Consider the risk factors and benefits of the type of business that you want to start. Explore the possibilities and make some changes when necessary. Do not be afraid to do things that are new to you. Explore the opportunities available for you online. The internet is a very powerful tool. Doing business online is very cost-effective and requires low financial investment.  However don’t underestimate the energy and commitment that will be required if your chosen career shift is self-employment.

Career Coach

Get the assistance of an established career coach who works with people in transition from employment to being in business. They can help you make wise decisions in determining if the business is a good fit for you.  You also need to find someone who is capable of providing you extensive training in internet business and important tools to help you succeed in your business. Seeking the help of an online marketing coach will help lessen the risks that come with starting a new business.  It is an absolute bonus if you can find someone who can help you make the wise career change and also assist you to learn about internet business.

When you are well prepared for your new career venture, the changes associated with it will be easier to handle.  You may find that your career shift to self-employment will lead to a very fulfilling and lucrative business.

What some people consider to be a midlife crisis can be the best decision you will ever make in your professional life!

Career Renovation Program

 

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Jenni Proctor

Hi, I'm Jenni Proctor from Boomers Next Step. Remember when the formula for success in life was simply to strive for good marks at school, gain qualifications, get a great job, work hard and save for your retirement? Yes, I believed it too! For years my husband David and I wanted to develop a business that we could operate anywhere in the world, but both of us were educated to be employees.  We had entrepreneurial dreams and ideas, but still had employee mindsets. 14 years ago I took the giant leap!  I left my job in Education to start a business as a Career Counsellor and Coach, helping mature adults transition from one career path to another, and particularly from employment to entrepreneurship.  I had studied long and hard to gain new qualifications but sadly I hadn’t learnt how to market my new business. About 12 years ago we realized that we were not tracking well towards having the sort of retirement we wanted. We’d saved; we’d invested; and like so many other people we’d also lost some money along the way. It didn’t help that my business was not bringing in as much as I had been earning as an employee. Our dreams of extensive travel and helping our family were being replaced by a growing concern that we would outlive our savings. It seemed that a traditional retirement would not allow us to maintain the lifestyle we wanted. I love helping people plan the next phase of their lives, but we realized that was not going to be enough.  We needed a way to create an income stream that would pay for the travel and other lifestyle luxuries we wanted, that would provide mental stimulation, and would interest us both.

What have we been talking about?

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