Step Three: Create Your Career Plan
Now that you know where you want to go, it’s time to chart your path. In your career reinvention, you may need new skills. For example, you may decide to learn a new language. There are any number of online courses and apps to help you. The most important thing is to pick one and then schedule the time to work through the information.
The same is true if you’re considering starting your own business as part of your career reinvention. You will need to research your opportunities. Will you consult or freelance? Will you purchase a franchise? Start a business from scratch? What resources will you need? Create a roadmap to guide you through all steps in the self-employment journey.
(And a note about starting your own business in your 50s: While younger startup founders tend to be more technologically savvy and risk-averse, older founders often have more knowledge, business skills, connections, and access to startup capital.)
Can you see yourself going back to school? Or pursuing additional training and/or certification. Can you turn a hobby into a career or business? Perhaps you enjoy woodworking as a hobby. Could you create custom furniture? Or combine your technology knowledge with your hobby and program CNC machines for manufacturers.
Ageism and age discrimination are still a reality, but as the workforce ages and worker shortages continue to be an issue, things may change. Professions that have traditionally had mandatory retirement ages — for example, airline pilots — are loosening some requirements. Some accounting and law firms that had retirement policies that pushed out highly experienced professionals are reconsidering those requirements. Identify employers that support second act and third act careers.
For example:
Look for companies that have Certified Age Friendly Employer (CAFE) status and use sites such as agefriendly.com/jobs to identify possible age-friendly workplaces.
Step Four: Baby Steps
A drastic change isn’t necessarily the best way to start. Instead, consider baby steps. If you’re considering a career change, investigate the new profession thoroughly. Conduct informational interviews or “shadow” someone who does what you want to do, to make sure you really understand what’s involved in the new role.
Considering quitting to start a business? Pursue it as a side hustle first. If you are able to, build up the business so that you’re replacing at least 50 percent of your income before you quit your job (with a plan to get to 100% or even 125% once you’re able to dedicate your full attention to the venture). Also, be aware if your current employer has restrictions on outside employment. And don’t dial back your effort at work as you think about making a change.
Identify skills or knowledge you don’t have — and find people to fill those gaps. For example, if you are a writer (but not a numbers person), you can get assistance with bookkeeping and tax preparation. Never owned a business? Find a mentor or business coach.
Be mindful of your finances. If you decide to take a pay cut as part of your career reinvention, consider that carefully in light of your overall financial goals. Remember, a pay cut isn’t always needed to improve your work/life balance.
For example:
Many consultants are able to make more with self-employment (even considering expenses, taxes, and saving for retirement yourself) than when they worked for someone else.
