A mid-life career switch could be a chance to finally live your dreams and explore options for a job you love, but are you ready to take the leap?
It takes years of hard work and commitment to build a stable career. For some professionals, the idea of giving up that effort for a mid-life career switch is unimaginable, yet many others are eager to move on to new and exciting ventures. Take for example, former lawyer Tan Min-Liang from Singapore. He quit his job to develop the Razer Boomslang, the first high-end gaming mouse. His success wouldn’t have been possible without extensive market research and his unwavering belief in the potential of his product. Years later, the gaming peripherals industry is booming, with Razer leading the charge.
But it isn’t as easy as it sounds, of course. While this new career may be a long-time dream that has rejuvenated your enthusiasm, you might be back to square one, possibly with a pay cut, and you’re not even sure where to begin.
So, before you ditch your current job in search of more exciting career opportunities, it’s wise to consider the pros and cons first.
Pros:
· Some skills are transferable
While you may be lacking in industry-specific experience, you’re well-versed with the ins and outs of the corporate world. You might also have soft skills that can stand you in good stead for this new challenge. For example, great communication skills count no matter where you are.
· You bring your network with you
A mid-life career switch doesn’t have to set you back completely; you may have access to a network of contacts that allow you to rise more quickly than a fresh graduate would.
· You could potentially earn more
If you’ve reached a plateau in your current career, making a mid-life career switch could allow you to transcend your current pay ceiling - maybe not immediately, but in time to come. In the meantime, you’ll have the fresh burst of motivation and enthusiasm that a mid-career switch can bring, and the prospect of being in a job you love brings its own rewards and satisfaction.
Cons:
· Family issues
You may need to spend a lot more time or money on the new career switch and this can have an impact on the family in terms of quality time together and financially.
Tip: Be sure to take on a new role only where there is a demand for your services, as well as a clear career path ahead of you. Start looking for opportunities before you leave your current position and always prepare a backup plan just in case.
· Steep learning curve
Though it's a fresh start and a splendid opportunity to learn new things and tackle a career that inspires you, you would need time to adjust to your new career choice. The learning curve could be steep, and you may find yourself hard-pressed to keep up with your more experienced colleagues.
Tip: Don’t lose hope because history has shown that perseverance pays off. Vera Wang is one of the most successful women in New York City. She was a great skater and worked as a journalist. At the age of 40, she changed her career by getting into the fashion industry. Today she is a top women’s designer in the world.
· Smaller pay cheque
Nobody likes taking a pay cut and making a mid-life career switch means turning your back on your current more lucrative job.
Tip: If you’ve been disciplined in the area of personal finance, you should have at least 6 months of savings in your bank account. With a bit of careful budgeting and planning, money should not be an issue.
All too often, people in the workforce start out with the only jobs available to them. Should they find that their talents and desires lead them elsewhere, a mid-life career switch is a great opportunity for those willing to embrace change and embark on a new journey of self-discovery. It could be the first important step that leads to your dream job.
