Fired at 50? Now what?

A few friends of mine I worked with many years ago recently got let go. Now, with most of their careers behind them, they face an uncertain future.

This post is for anyone over 50 years old finding themselves without a job and contemplating self-employment.

"You" incorporated is 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:

1. 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.
   
   
2. 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.
   
   
3. Your ideas were dismissed when you were an employee, but will be sought after as a consultant.
   
   
4. Older people are discriminated against when applying for employment but are respected as business owners.
   
   
5. There will always be a demand for experience, knowledge and maturity.
   
   
6. Self-employment is more secure than working for someone else.
   
   
7. There is a limit to what you can make as an employee but no limit as a business owner.
   
   
8. 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 work is first committing yourself to being the best you can be, then working hard and long to build your business and make it sustainable for you and your family.

See yourself becoming an employer, using Linkedin to find good people to work for you one day - and not as a victim, because…your time has come.

Cory Galbraith is CEO of Galbraith Communications. Photo courtesy of Even Just Photography.