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Career Planning After 50: Is Self-Employment the Answer?


After 50 career planning-Consider this option!

 career planning after 50

I’m sure your have a friend or a neighbor that seems to always have time to play a round of golf on a Wednesday afternoon and who rarely misses their children’s athletic events. They even have time to go on vacation to a warm climate when the weather turns cold.


How do they do it? They are not retired and when they work they put in long hours with a lot of responsibility.


Changing careers after 50 requires some career planning


It’s because they work for themselves. Being self-employed has a range of benefits and some drawbacks. You’ve worked for others and now you’re over 50 and are thinking one of your options in changing careers after 50 is to start or perhaps buy a business.


Career planning after 50 in changing employers or changing careers is one thing, but to take of plunge in becoming self-employed has a whole new set of risks. One of the main reasons for small business failure is a lack of understanding of the real risks involved. Many are outside of your control yet they must be planned for.


Career change planning is vital for success


Not having the financial resources when the anchor store closes in you strip center and your traffic drops. Maybe the city decides to tear up the street in front of your store.


Google decides to pull the plug on your adwords websites and your income plummets.  Perhaps working as a consultant your main client who provides you with over 40% of your business decides to go in another direction. All and many more are possible risks the self-employed face every day.


3 Things to consider in your career change planning


In your career planning at 50, you might consider factoring in three possible options to make the career change from working for someone else and working for yourself.


  1. Start a small business while still employed. You can get your feet wet while you still have an income from your job. With the explosion of the internet there are a wide variety of possible businesses to consider. If you keep your eyes open there are self-employment opportunities virtually everywhere. 


One individual bought a concession trailer and worked fairs and festivals in his area on weekends over the summer. He used his vacation time to work on Fridays. Overall he increased his income by over 35% and he plans on retiring early at age 60 and continue his part-time concessions business.


Another over 50 career planner began an internet based drop shipping business while still employed. It took over 18 months of trial and error until his online income exceeded his regular income. He quit his job and now enjoys working from home.


  1. Save and invest for an early retirement. While building your financial planning program, your career planning after 50 could be searching for possible self-employment opportunities after you retire. 


Jack retired early from his college professor position. He started a water quality consulting business. After three years, he now works when he wants to, gets in some traveling and has more than replaced his college professor’s salary.


Another individual with over 30 years experience as a nursing home administrator retired early and started a temporary help agency. He specializes in placing medical personnel in area nursing homes, clinics and hospitals.


  1. Search for existing businesses and franchise opportunities. Do your due diligence. Work in the business for several weeks or longer to get a better feel what you might be investing in. 


Talk to others who are running successful franchises. Also talk to those who were unsuccessful franchise operators. Plan for the worse and expect the best.  


In your career planning after 50, it might be valuable to consider self-employment opportunities. Do your due diligence, research the possibilities and if possible start small learn the business before you make a substantial investment. You never know, you may be playing golf on Wednesday afternoons when the course is not busy.


Maybe you're thinking of turning your hobby into a business. Learn more at career change after 50. 


Perhaps you'll find productive ideas in reading the stories of others over age 50 who planned career changes and foundtheir way into jobs that fit their interests and provided them with a large measure of job satisfaction.


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