A few friends of mine I worked with many years ago recently got let go, and it happened on this day of the week. Friday.
Now, with most of their careers behind them, they face an uncertain future.
This post is for anyone over 40 finding themselves without a job and contemplating self-employment.
“You” incorporated may be your best option.
As someone who was fired 25 years ago and set up his own business, I can tell you, with total certainty, that:
- You’re in good company. What happened to you also happened to Steve Jobs, Walt Disney, JK Rowling, Oprah, Lee Iacocca, Mark Cuban and countless others.
- Marketing to get contracts is easier than applying for jobs. You may be up against three or four other companies to secure a contract, but for many jobs, you will compete with hundreds, even thousands.
- Your ideas were dismissed when you were an employee, but will be sought after as a consultant.
- Older people are discriminated against when applying for employment but are respected as business owners.
- There will always be a demand for experience, knowledge and maturity.
- Self-employment is more secure than working for someone else if you’re good at what you do.
- There is a limit to what you can make as an employee but no limit as a business owner.
- It’s more important to start something and modify it as you learn, than to wait for the “perfect” opportunity. Many entrepreneurs end up doing something totally different from when they started, myself included.
These are things to give serious thought to as you make your decision.
Of course, anybody can start a business. The real challenge is first committing yourself to being the best you can be, then working hard and long to build your business to make it sustainable for you and your family.
See yourself becoming an employer – and not a victim, because…your time has come.
© 2016 Cory Robert Galbraith, All Rights Reserved.
Cory Galbraith 
Cory, this is one of your best! I used to be self-employed and so much of what you say is alarmingly true. I’ll be printing this as a reminder.
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“Of course, anybody can start a business.”
Yes, anyone can start a business. But not everyone can earn a living at it.
“There is a limit to what you can make as an employee but no limit as a business owner.”
There is also no downward limit – liability and loss as well.
Anyone can go into the bankruptcy court as well as the business crashes and burns. 85% of businesses fail within 3 years.
So if you flippantly tell people “just start your own business” you assume everything is rainbows and unicorns out there.
Who wants to be laid off at 40 and bankrupt by 45 because they followed your advice?
To be able to run a business, one needs 1) business knowledge and acumen 2) funding and 3) a viable business plan
If one of the three is missing, game over. You will know the bankruptcy court judge’s name.
In addition, your article talks about being “fired” which is not the vast majority of how people lose their jobs.
Being fired is for cause, you did something wrong, you embezzled company funds, you had sex with the cleaning lady on your desk.
Being laid off is because the company is going down the drain, or the CEO wanted a third vacation home – you didn’t do something wrong.
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I think the advice is spot on! As for small business failure there are ways to just lose the business assets and not personal ones with a good lawyer to create your bus docs and advise on workings. There is a ton of advice to get started and succeed. If you are receptive to adapting and work harder than you ever have in your life, you can do it. Multiple streams of income ensure stability like a three stool approach. If one goes wrong then the whole thing does not crumble. I am not a victim of being fired nor am I a small business owner but my husband is and has so much flexibility but lots of stress too. I feel for all the people in this position, but you will be stronger. Also, being fired does not imply failure for life and often it is miscommunication and misunderstandings not doing horrible things mentioned in someone’s previous post.
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There is nothing in the world that can more devastating than this happening. There are only three outcomes (in my mind) … (1) you give up, feel sorry for yourself, and never get back to anything that resembles your former self, (2) you decide to find a similar job, maybe a step down or about the same level (3) you challenge yourself – you kick ass and take names, realizing there is still fuel in that tank. #3 can either be a your own gig or a leap forward on someone’s corporate ladder.
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Reblogged this on Abu Nader أبو نادر and commented:
Thoughts ?
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