For literally thousands of people in their 50's and 60's, the worst scenario happens in a flash out of nowhere triggered by corporate downsizing, a merger, a buyout or whatever the case and they find themselves unemployed.
The first thought is, "No worry, I have had a great work history and I will find a new job." But after months of unemployment and still no work you begin to realize that you are now being viewed as a high risk investment by many employers.
Without ever saying a word, employers are asking themselves... "How long will they work before retirement? Do they have the flexibility to take on new challenges? Can I get this person through training and productive before they leave? Should we invest in a younger worker who will be here longer?"
These unspoken questions, asked by employers, are extending unemployment time for older people trying to plan for retirement and find happiness in the final stages of their career.
What can you do while you look for your next job?
While you are looking for a traditional back to corporate job, take the time to explore options for self employment. Ask yourself... If I had it to do all over again, would I stay in the same field I have spent my life? Where are my passions now? Can I envision a new career path?
Every single day there are people who are hooking up with a qualified business coach to explore options in self employment while they search for a new job. Why wait until you have run out of unemployment funds and spent your savings waiting for that perfect job that may never come?
Exploring options in self employment will not cost you anything but a few hours of time each week. With a good coach you will have a sounding board, someone to ask questions, someone who can show you another way to finish your career.
Self employment really boils down to 3 options. Buy an existing business. Start a new business from scratch or buy a fast growing franchise and depending on your funds a franchise investment could be a single unit, multi-units, or a master territory.
The challenges you will face in buying an existing business is finding one that is for sale that fits your needs. This is a challenge but it is not impossible. Find a qualified business broker to examine the options in your particular market.
People who have spent their lives in a corporate position often find that starting a business from scratch is not much of an option but it shouldn't be completely ruled out especially if you have a sound business concept to try.
Overall, the risks are typically much higher. The need to fearlessly go to friends and family for initial funding is a challenge for many people and the risk of not having enough capital to get your idea off the ground is a constant fear.
For many corporate workers, exploring the franchise industry is a good choice to examine self employment options. Within franchising you can be quite specific in your search. This means you can target the industry of your choice, evaluate active hands on management versus part-time and examine a variety of business models including retail, services, business to business, distribution etc. There are literally hundreds of options in multiple industries that will likely fit your needs and circumstances.
Literally hundreds of traditional corporate workers who simply took the time to find a good executive business coach and spent a few hours per week looking at self employment while looking for their next job are now business owners, making their own decisions, building a business and legacy that will provide equity, wealth and security for their family for years to come.
Looking back many of these people who once viewed that awful day when they lost their job as the worst possible day of their lives filled with fear and uncertainty now see it as the best thing that ever happened to them. They took control and are winning in the game of life.