Should You Change Careers Or Start A Business as You Approach Midlife?

Navigating your career path in your mid-thirties can be both exhilarating and challenging. At this stage, many women find themselves reassessing their professional goals, wondering if they should continue climbing the corporate ladder, switch to a new field, or take the leap into entrepreneurship. The answer to whether you should change careers or start a business is nuanced and depends on various factors, including your personal and professional goals, financial situation, risk tolerance, and lifestyle preferences. Here’s a comprehensive guide to help you weigh the pros and cons of each path, make a strategic decision, and prepare for what lies ahead.

One – Understanding Your Motivations

The first step in making any significant career change is understanding why you want to make this shift. Motivation plays a crucial role in determining whether you’ll be happy with your decision in the long run.

Common Motivations for Change:

- Seeking More Fulfillment: You may feel your current role lacks meaning, and you’re craving a job that aligns with your personal values.
- Need for Flexibility: Balancing work with family or personal life can be tough in some career paths. A different career or business ownership might offer more control over your time.
- Desire for Financial Independence: You might believe that a new career or business could increase your earning potential or bring more financial security.
- Feeling Burnt Out: Some women experience burnout in high-stress jobs. Switching careers or working for yourself could be a way to escape the toll this takes on health and well-being.

Write down your motivations and rank them to see which one resonates most. Knowing your “why” will help guide you toward the most fulfilling choice.

Two – The Case for Changing Careers

A career change can be an empowering move, opening new doors, networks, and challenges without the full risk of starting a business. Here are some pros and cons to consider:

Pros of Changing Careers:

- Increased Stability: Unlike starting a business, changing careers allows you to work within an established framework, where income and benefits are often predictable.
- Easier Transition: Depending on your new field, a career change might only require additional training or certifications rather than an entirely new skill set.
- Defined Roles and Responsibilities: In a company, your role will be defined, which means you may be able to avoid the overwhelming feeling of wearing many hats that often comes with starting a business.
- Growth Opportunities: Many women switch to industries with high growth potential, such as tech or healthcare, which could provide a long-term career trajectory with upward mobility.

Cons of Changing Careers:

- Starting Over: Shifting to a new field often means taking a step back in seniority or salary, which can be difficult if you’re accustomed to a certain level of authority or income.
- Limited Flexibility: Although some fields offer flexibility, others can be just as demanding as your previous role.
- Investment in Skill Development: You may need to invest time and money into training, certifications, or even additional degrees to make the switch.

Tips for a Successful Career Change:

1. Evaluate Transferable Skills: List out your skills and see how they align with the requirements of your new industry. Many “soft skills” like leadership, project management, and communication are highly transferable.
2. Use Networking Strategically: Attend industry events, connect with people on LinkedIn, and seek informational interviews to get a better understanding of what the new career path entails.
3. Prepare for Interviews with Unique Insights: It’s essential to stand out in interviews, especially as a career changer. One way to achieve this is by preparing Unique Interview Questions to Ask Employer that showcase your knowledge of the industry and your interest in the company’s future.

Three – The Case for Starting a Business

For some, the thought of being their own boss and building something from scratch is incredibly appealing. Entrepreneurship offers autonomy, creativity, and the potential for unlimited earnings, but it also involves significant risks.

Pros of Starting a Business:

- Greater Autonomy: You’ll have the freedom to make decisions, set your own hours, and work on projects that excite you.
- Unlimited Earning Potential: Unlike a salary, your earnings in a business are based on the success and profitability of your venture. This can be particularly motivating if you have strong business acumen.
- Personal Fulfillment: Many entrepreneurs find purpose in building something of their own. If you’re passionate about your idea, the journey of creating a business can be incredibly fulfilling.
- Flexibility: Although running a business can be time-intensive, it also gives you control over your schedule. This flexibility can be invaluable for women balancing work with family or other commitments.

Cons of Starting a Business:

- Financial Risk: Starting a business often requires upfront capital and can involve periods of low income. Consider if you’re in a financial position to weather potential instability.
- High-Stress Environment: Entrepreneurship can be a 24/7 job, and the responsibility of running a business can be overwhelming, especially in the beginning.
- No Guaranteed Income or Benefits: Unlike employment, there’s no fixed paycheck, and benefits like health insurance may be an additional personal expense.

Tips for Starting a Business:

1. Start Small: If you’re hesitant to dive in completely, consider starting a business as a side hustle. This will allow you to test your idea with lower risk.
2. Research the Market Thoroughly: Ensure there’s a demand for your product or service. Conduct surveys, analyze competitors, and develop a business plan.
3. Build a Support Network: Connect with other female entrepreneurs who can provide guidance, resources, and moral support as you navigate the complexities of business ownership.

Four – Financial Considerations for Both Paths

Financial preparedness is crucial for both career changes and entrepreneurship. Ask yourself:

- Can I take a pay cut if necessary? For a new career, you may have to accept a lower salary initially. As an entrepreneur, you might not have any income for months, even years, in the initial stages.
- What are my expenses and savings? Calculate your monthly expenses, current savings, and any backup plans. Are you prepared to handle months of no income, or do you have a partner or support system who can assist financially?
- Am I prepared for added expenses? If you’re switching to a new industry, consider the cost of certifications, training, or networking. If you’re starting a business, list startup costs like equipment, website development, and marketing.

Having a financial safety net can make the transition smoother and alleviate some of the pressure that comes with financial uncertainty.

Five – Assessing Your Personality and Lifestyle

Your personality and preferred lifestyle can heavily influence which path is right for you. Take a moment to reflect on these questions:

- Are you comfortable with uncertainty? Entrepreneurs face unpredictability and often have to pivot their business models on the fly. If you crave security, a career change might be the better option.
- Do you enjoy managing others? Business owners often need to manage teams, delegate, and handle HR-related issues. If this sounds exhausting, consider switching to a new career where you can work independently or as part of a smaller team.
- How do you handle stress? Entrepreneurship can be highly stressful, with responsibilities ranging from product development to finances. If you find this daunting, you might find more satisfaction in an established company structure.

Six – Tips for Making the Final Decision

Making the choice between a career change and starting a business requires time, research, and self-reflection. Here are some strategies to help you make the decision:

1. Weigh the Risks and Rewards: Make a list of the potential risks and rewards associated with each path. Think about which option excites you more, but also which risks you’re willing to accept.
2. Seek Mentorship: Talk to women who have made similar transitions, whether into new careers or entrepreneurship. Their experiences can provide insight into challenges you may not have considered.
3. Try Freelancing or Consulting: Freelancing is a great way to test new waters. If you’re contemplating entrepreneurship, offering freelance services can help you gauge demand and refine your skills without a full-time commitment.
4. Give Yourself a Timeline: Set a timeframe for exploring and testing each option. If you’re unsure, you could start a side hustle or take on freelance work while exploring a potential career switch, allowing you to compare the experiences directly.

Final Thoughts

Both changing careers and starting a business in your mid-thirties can be incredibly rewarding. However, each path comes with its unique set of challenges and benefits. Ultimately, the right choice will depend on your personal goals, financial situation, and lifestyle preferences.

Changing careers may offer stability, growth potential, and a clearer path if you’re looking for a fresh start without as much financial risk. Starting a business, on the other hand, might be ideal if you seek autonomy, unlimited earning potential, and are prepared for a journey filled with ups and downs.

Take the time to assess what matters most to you and where your strengths lie. This mid-thirties transition can lead to a fulfilling and successful future, whether you decide to climb a new career ladder or build your own.