You’ve been working in the same industry for over 25 years. It was fun at first, but now you’re ready for something different. You’re not alone. Embracing a midlife career change is common. In fact, 52% of Americans are already considering a switch. But where do you start? What roles make the most sense for someone in your position? Learn what opportunities make strong career changes and how you can transition seamlessly.
Why Do You Want a Career Change?
It’s important to understand why you want a midlife career change in the first place. Are you feeling unsatisfied at your current job? Are you looking to make more money? Striving for a better work-life balance? Have a strong desire to build generational wealth for your family? All of these are solid reasons to make a career switch. But before you make the jump, it’s important to consider the following:
- Experience and skills: Take time to evaluate the skills and experience you've accumulated throughout your career. The knowledge you've gained in your current role can often transfer to a new industry. Identify which aspects of your experience, such as leadership, project management, problem-solving, or communication, can be leveraged in your next career.
- Interests and passions: A successful career change starts with identifying what truly excites you. Are there industries or roles that you've always been passionate about but didn’t get to pursue? Whether it's becoming a consultant or investing in a franchise, choosing a career that resonates with your passions will ensure you’re making a change for the right reasons.
- Financial situation: Consider your savings, current expenses, and potential costs of a new career path. Some career changes may require an upfront investment, such as startup costs or pursuing additional education or certifications. Being realistic about your financial situation ensures you can make a strategic decision without compromising your current financial security.
The Best Midlife Career Change Options
Making a career switch can feel overwhelming. It’s hard to determine which new path is the right one for you. However, given your corporate experience there are several midlife career change ideas you could seek out, including:
- Consulting: If you have extensive knowledge in a particular industry, consulting allows you to offer valuable advice and guidance to businesses looking to improve. Whether it’s strategy development, process optimization, or organizational restructuring, consultants provide the expertise to help businesses thrive. Your experience can position you as a trusted advisor, allowing you to work with multiple clients, while enjoying flexibility in your schedule.
- Coaching/mentoring: Coaching and mentoring allow you to leverage your expertise and help others achieve their professional goals. Whether their focus is on career development or leadership growth, you can offer guidance to those looking to improve their performance. Similar to consulting, this option allows you to share your knowledge while also building a flexible, client-driven business.
- Real estate: Real estate offers an exciting career change for individuals with strong people skills. Whether you choose to specialize in residential or commercial real estate, your knowledge of market trends, property management, and investment strategies will help you build a robust portfolio. Real estate agents enjoy the freedom of working independently and can earn significant commissions.
- Entrepreneurship: Starting your own business offers the opportunity to create something entirely your own. If there’s an industry or passion you’ve always dreamed of pursuing, entrepreneurship is a great option. Leveraging your corporate experience, you can apply what you’ve learned and chart your own course to success.
- Franchise ownership: If entrepreneurship sounds appealing, but starting from scratch doesn’t, there’s always the option of partnering with a franchise. Investing with an established brand offers a structured path to business ownership with built-in support, brand recognition, and proven business practices. Franchise ownership allows you to benefit from an established system, lowering the risks associated with starting a business independently.
Why Consider Franchising?
Investing a franchise can be a great option for a midlife career change. Unlike an independent startup, franchisors carefully detail their startup costs and thoroughly assess your financial standing to ensure you’re ready to commit. Plus, the franchisor’s dedicated team will guide you through the opening process. With their expertise, you’ll avoid any surprises or pitfalls that may arise during site selection, construction, hiring, and more. Additionally, many franchisors have established partnerships with third-party lenders, making it easier to fund your venture.
When thinking about franchise ownership, it’s important to consider all of the pros and cons of franchising. For example, having strong brand recognition is greatly helpful when building your customer base. On the other hand, should an issue arise with a different location, it can damage the whole brand’s reputation – therefore negatively impacting your store. Don’t hesitate to ask the franchisor how they handle crises and ensure the system remains in good standing.
Get Started with Lightspeed Restoration
As part of the Home Franchise Concepts family, Lightspeed Restoration is a comprehensive disaster restoration franchise. Our franchisees are able to handle water and fire damage, indoor air quality issues, disaster response, and reconstruction for both residential and commercial properties.
To learn more about our franchise opportunity, inquire now, and one of our team members will be in touch to set up a call.