Developing a New Career Path

The following should be used as a career guide to help you if you are getting laid off or are having your compensation package reduced. It isn't easy in these economic times to get and keep a good position, especially if you are older, younger, or are an expensive senior manager. But with these three simple but effective ideas to consider, you will be prepared to weather many professional challenges others won't. It's really all about the attitude and the preparation.

Before I go into these ideas I want to tell you a quick story; not that I am suggesting you do this, but the story speaks to the essence of entrepreneurship. Last summer where I live the job outlook was pretty bleak. Luckily I am employed by a good company so I wasn't worried, but many of my friends were unemployed or underemployed. I was driving to the store one day and I saw an older truck with a hand-made sign on the side of the truck that said "Call Us, We will Pick Up Your Dog Poop". I almost wrecked I laughed so hard. I thought that guy is really reaching, but I also praised him for making a go of an idea most people would never even consider, including me. To make a long story short 2 weeks ago I saw two brand new trucks parked in a local parking lot. They had new professionally painted signs on the side that said "Call Us, We will Pick Up Your Dog Poop". I smiled. The moral of the story here is this guy started a business and it is obviously doing well enough to buy new trucks - Awesome for him.

Let's get on to the three ideas you should think about if you are getting laid off or need a change of pace.

Re-evaluate Your Career Goals

Just because you started your career in a certain industry or profession doesn't mean you need to stay there. Getting laid off or downsized isn't then end of the world. As a matter of fact it could be the beginning of a new and bright one. I'm not saying you need to pick up dog poop for a living. I'm saying that perhaps there is a great idea that has been brewing in your mind; a start-up company or a new direction that you may want to explore in more depth. Be creative here; it's your life and while we all have responsibilities we need to enjoy our time here on the earth.

Always Be in the Learning Process

Whether it is formal college education or self taught, you should always be in the process of learning. Not only is it good for your brain, it can help you financially. A few years ago I read an article in the local paper about a divorced housewife that started college at 50. She went on to get her Law degree and then became a Judge. It is never too late to get a degree, learn a new skill or profession or expand your professional horizons.

Live Providently

I bet you didn't expect that. What it means is to live within your means and learn to live on less. Ten years ago the big money was flowing in corporate America. While for some it still is, for most it's not. So the best thing you can do is to not get mad about it, but take opportunities to learn to live well below your income. You can do this by not buying that new car but drive the older one a few years longer, do some couponing, refinance your home with a lower interest rate and a myriad of other things you can do to put your expenses well below your income. Take the extra money and save it in whatever vehicle your risk/reward feelings afford you.

In summary, if you are getting laid off consider these ideas as you develop your new career path. Rather than running out and jumping into the same rat race you may have many other opportunities at your disposal if you give it some thought.