Mid Life Change: Making a Choice for Job or Business

"I don't know if I should keep looking for a job or start my own business," is a comment I hear a lot. After a lot of years in career development, I no longer view it as a choice. I believe having some sort of business is a required life skill today, whether or not you have a job or are job hunting. Why?

1) You need to have more than one stream of income.
In this age of uncertainty and sudden layoffs and change, you need a little back up even if you're positioned for a getting another job. "My Mary Kay business was just enough to keep me going with my layoff package; thank Heavens I had it," says Jody, one of my clients. Having a side business gives you a little protection and security. You can't spin your wheels "worrying" about retirement; it will shut you down. But, you can proactively do something about it.

2) You can use your side business to bolster savings and retirement accounts.
Getting a pay cut is commonplace and usually cuts into the very thing you need: your savings and retirement accounts. Your second income can keep those somewhat funded while you are waiting for things to get better or looking around for something new.

3) Developing business skills makes you more marketable.
We are in an era that is not focused on "jobs," as much as "projects," 'outsourcing," and "part time." Having a business teaches you about leading, time management, marketing, and presenting - all of which are important in the marketplace today. Also, starting to look at your work life as a business comprised of "services you are offering" is more empowering and allows you to think in terms of 2 or 3 "clients" you serve as opposed to serving only one: a boss.

4) You can eventually make more money in a business than in a job.
Robert Kiyosaki, author of best selling Rich Dad, Poor Dad series, says that a job is the path to the least amount of money you can ever make in a lifetime. His answer is some kind of leveraged business where you are getting commissions from other people's work.

I'm not suggesting you quit a productive job today, but that you begin by taking a talent, passion or skill and start creating some income! If you're looking for work, do the same thing!