THE SCENARIO
I'm in my mid-50s and have been laid off in an industry in which I've spent my entire career. Now I'm wondering if it's time for a change. What factors do I consider if I want to try something new at my age? (I don't have a lot of savings.)
THE ADVICE
It is not uncommon to think about a completely new career or to start up a business when you are laid off or are planning to retire in your 50s. Take heart: People who do so often are much happier for it.
In order to ensure a successful transition. you should consider the following factors.
Take stock of yourself
Make lists of the following: your skills, strengths, gifts, weaknesses, experience, and background. Reflect on what you truly love to do and what you are passionate about. Make a list of the activities and jobs that have kept or still keep you engaged and excited. Think about whom you like to work with and how you like to work with others. If you could design your ideal or dream job what would it be? Finding clarity on who you are, what you love to do and whom you like to work with will help you identify new careers and job opportunities.
If you want further clarity of who you are and what you want, there are a number of assessments for such factors as aptitude, interests, skills, personality and leadership styles, career compatibilities, intelligence, emotional intelligence. A number of these tests can be done online for minimal cost and will provide you with reports that will help you have a better idea of who you are, what you are good at, and what you want in a career or job.
What do you want?
Reflect on the amount of work and what type of lifestyle you want. Decide whether you want to work part-time or full time. Consider when, and if, you want to retire and decide how much money you will need in order to live comfortably when you retire.
Do it yourselF?
Consider whether you are interested in running your own business. If you have had experience running a business and enjoyed the challenge of building it, then this may be an option to explore. If you have an interest in running your own business but have limited experience and are concerned about the risk, then you may want to consider franchise opportunities.
Do your research
Find out what careers and jobs are available in the new fields that you are interested in. Check out career, company and professional websites. Read annual reports, newspaper articles, review reports, and stock reports. Attend job and career fairs.
Explore new areas
Set up information interviews with key individuals and managers of companies or businesses that you are interested in. Have a prepared list of questions that you would like to know about the business, the company, careers and positions. Tell the company officials about your background and your interests. Have an up-to-date résumé to give them if they express interest in you. Offer to job shadow someone whose position is of interest to you. This is a great way to get to know what a position and company is like. You can also offer to do volunteer work in a field or sector that is new to you. This will allow you to a get a realistic view of the new field.
Think out of the box
Consider alternative ways of working and applying your skills and experience. Consulting is a great way to apply all your skills and experience to a variety of work settings. You get to know different companies, help them resolve their problems, and often decide whether you want to work with them on a short or a longer term basis. Temporary work assignments such as filling in for someone who is on sick or maternity leave are other ways of working. Teaching courses through continuing education or your local college or university are other ways of sharing your knowledge and expertise with others. Often these teaching roles can lead to consulting work and/or part or full time employment.
Bruce Sandy of http://www.brucesandy.com and Pathfinder Coaching and Consulting is based in Vancouver.
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