Research & Writing

Self Employment: The “direction of choice” for a career in later life?

Is self employment the “direction of choice” for a career in later life? By observation it strikes me that there is a greater degree of readiness for this choice as growing numbers of people over 50 make exits from full time organizational employment - now and in the years to come.

With what could be a “full moon rising” on self employment, comes some sense of curiosity for exploring this choice. There is no shortage of resources on the subject of entrepreneurship. From entrepreneurial coaches, assessments and learning programs to support groups, business books and web sites. No one has exclusive claim to this knowledge or advice. It’s all out here in the public domain.

So why does Change Rangers make exploring this choice a special case for those in their later life careers? Certainly the quest for independence through self employment is an ageless issue. As with all decision making, individuals of every age have personal influencing factors that may limit or hold back the opportunity to take the leap. For the person over 50 the influencing factors can be at play on a number of different levels, not the least of which is the attitude around aging.

Let’s take the case (based on a typical client profile) of Marco. At 57, he voluntarily takes an “early retirement” option and leaves a full time organizational employer relationship. Over 28 years in one company, Marco has had autonomy in his various roles but has always been driven by a need for structure and recognition as the centre of his specific knowledge in the organization and the industry.

The motivation for Marco opting for this liberation is freedom but maybe keep busy by working at something - in time. Time to get out now while health is generally good. Time to enjoy the family, travel, cottage and golf. The financial plan will support all this as long as his wife continues to work as planned for another five years.

Nine months after the company farewell party, Marco develops an itch that comes with work withdrawal and it won’t go away. He has a desire to work. He doesn’t understand his options and after talking with a few friends who are still working, he wonders who will give him a job at his age? He has seen one or two business contacts do some contract work and that might do. After all as a centre of specific knowledge perhaps there’s some advice he can give to his former employer or a competitor in the industry now in rough shape.

The issue of uncertainty and indecisiveness stays with Marco even longer due to ingrained attitudes on four levels – reduced confidence, employee minded thinking, preference for structure and to some degree, the age factor. Self employment is not on his radar screen. But all around him there are opportunities that are not wrapped up in a job package. In Marco’s case, what’s the risk of looking at the opportunities and going after them and creating a stream of self employed income?

In fact the first step is to assess those risks, real or perceived and challenge the ingrained attitudes. Then it’s time to examine the extent to which Marco needs to “sooth the itch” and open his eyes to the fact that answers won’t necessarily come from looking at the one-dimensional career silo – one man, one company, one industry. Personal assessment can lead to a reshaped confidence.

Before going on, let’s be real. At a simplistic level self employment is merely a distinct income tax status just as “employer employment” is distinct. The mind set and the mechanics of set up and control are different but both contribute to the worth of the economy. In either status Marco will need to know the market for the business and know how to continuously market himself in constant states of change.

In terms of mind set (and there will be a difference here), Marco needs to find a way to reframe his background and talents in relation to the rest of the world he chooses to work in and get an clearer understanding of the various options for designing work under a self employment status. One of the key issues for most like Marco, based on many years of working with clients like him, is the ability to get over a distorted view of his own importance and learn how to position himself as a business resource, not a job beggar.

In addition, the preference for structure will only be achieved by making it yourself, by forming strategic relationships with other professionals built around a common need and vision. As to the age factor, what you project is what you get? Not only that, look around – later life career builders are all around you and some of them are just like Marco. And some of them could be Marco’s potential customers.

Stay tuned for more as we look at self employment as self management in an integrated later life portfolio career. In the meantime read this.