In previous columns I’ve discussed some questions to consider when making a career change decision:

• Know yourself: identify your personal strengths, those you have and those you want to develop; your marketable skills/experience that continue to excite or challenge you; your comfort level with risk, including financial risk.
• Know the marketplace: familiarize yourself with the in-demand skills in your field; the industries or professions with predicted rapid growth; the economic growth projections for your geographic area.

In this column I take a deeper look at career change and address two very pertinent questions:

• Where do I begin in deciding what to do next?
• What are the financial implications of a career change?

Where do I begin in deciding what to do next?

People often find themselves highly motivated to do the footwork of career change but are unsure where to begin. A tool I’ve created that my career change clients have found both useful and exhilarating is a game, Success and Me: A Game of Self Discovery™. True to everything you’ll read from me, the Game assumes that finding fulfilling work – a key part of being successful in your own eyes - is knowing what really matters to you at this point in your life. Not, what should matter to you. Not, what used to matter to you. Not, what’s left when you’ve discarded what doesn’t matter. But, what lights you up? What are you willing to take risks for?

The Success Game™ is a tool for identifying what those bottom-line elements are that most matter and must be present in fulfilling work/life. You may know already and be energized by the confirmation, or you may be surprised by your discoveries. Irene, a lawyer and professional development coach who played the Game recently, decided to reduce her hours – and her income – having discovered that the things she most wanted in her life at this point were not contingent on earning more money.

So the answer to “Where do I begin?” is “Begin at the beginning, with what’s most important to you.” If you’re curious about what your personal definition of success is at this point in your life, see below for more information about the Success and Me Game.

What are the financial implications of a career change? Again, there are two parts to this question. What are my subjective requirements? And how do I assess and manage the financial impact of a change?

For many prospective career changers, financial security is an important consideration. Anxiety about it often functions, semi-consciously, as a deterrent to making a change. Since security is subjective and involves financial projections, it’s invariably a slippery dimension. While it may prove to be a realistic deterrent, you’ll be able to make a more accurate assessment when you know what your specific security requirements are. Answering the following questions should assist you in making that assessment.

• Do you have enough money in savings or available loans to cover you for the 3-6 months estimated for a career transition?
• What factors must be included in an acceptable standard of living for me? Consider: level of health care coverage, travel, geographical location, home ownership, leaving money as inheritance.
• What factors are you flexible about?
• Can you get help from family members in case of an emergency?

Some pointers for assessing and managing the financial impact

If you’re considering changing to another salaried career:

• Research the most highly valued skills in your new career (searching job listings will give you an overview) and upgrade yours in order to equal or improve your earnings
• Be sure to read the fine print in your pension agreement before terminating your current employment to be sure you don’t jeopardize your benefits.

If you’re considering self employment:

• Start-up costs for a new business vary hugely. A home-based professional service business may require less capital than you’d think. Office equipment, computer upgrades, training and licenses, website and business cards can often be managed for under $5,000.
• Small business gurus often warn that a new business will need 2-3 years before turning a profit. The biggest factor effecting turn-around time, besides having a good business idea, is the number of networking contacts you have before you hang up your shingle.
• Health insurance may be one of your largest expenses. Trade groups or professional organizations often offer more affordable rates. Consult the following for more information:
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  • http://www.aarp.org/health/insurance
           
  • http://careerplanning.about.com/cs/legalissues/a/hipaa_2

A piece of advice for success from the inside out!

Embracing change, seeing your resilience and vitality in action once again, bringing the best of your gifts and perspective – these are all reasons in favor of a career change. Give yourself the life that fits you, and if that doesn’t include your present work, change it!

For more information about the Success and Me Game™, see Shopping or go to http://www.successandmegame.com