The Encore Career: Finding New Professional Challenges

As we continue our series in Empowering Business Owners For What’s Next, we’re looking at the professional options that someone might choose after exiting their business. While some business owners are ready to fully embrace retirement, others discover they’re not quite ready to step away from the professional world. If you’re in the latter group, you might be considering what we often call an “encore career” – a new professional chapter that allows you to explore different passions, apply your skills in novel ways, or make a meaningful impact in an area you’ve always been curious about. 

An encore career doesn’t have to be about starting another business or diving back into the same industry. Instead, it’s an opportunity to reinvent yourself professionally, often in a field quite different from your previous experience. This new chapter can be incredibly rewarding, offering fresh challenges, the chance to learn new skills, and ways to contribute to society that align more closely with your personal values and interests. 

One of the best aspects of an encore career is that you’re approaching it from a position of financial security. You’ve sold a business, and your basic financial needs are met. This freedom allows you to prioritize passion, purpose, and personal growth over pure financial gain in your career choices. 

So, where do you start in exploring options for an encore career? Begin by reflecting on your interests and values. What causes or fields have always intrigued you? What kind of impact do you want to make in this next phase of your life? Maybe you’ve always wanted to be an educator, or perhaps you have a deep appreciation for the arts. Your encore career could be an opportunity to engage professionally in these areas. 

Your encore career might also involve stepping into roles you never had time for while running your business. Many former business owners find fulfillment in serving on boards of directors for corporations or non-profit organizations. This allows you to leverage your business expertise in a new context, providing strategic guidance without the day-to-day pressures of running a company. 

Others might choose to enter public service, running for local office or taking on leadership roles in community organizations. This can be a powerful way to give back and shape the future of your community. 

For those with specialized knowledge, consulting or teaching can be rewarding encore career paths. You might work with universities, professional associations, or private companies, sharing your expertise through lectures, workshops, or one-on-one mentoring. 

If you’ve always harbored a creative passion – whether it’s writing, painting, music, or another art form – your encore career could be the perfect time to pursue it professionally. Many successful business owners have transitioned into fulfilling careers as authors, artists, or performers later in life. 

One key to a successful encore career is being open to learning. You may be entering a field where you don’t have formal training or extensive experience. Embrace this as an opportunity for growth. Take classes, attend workshops, read extensively, and don’t be afraid to start at an entry level if necessary. Your life experience and transferable skills will likely help you advance quickly, but it’s important to approach your new field with humility and a learner’s mindset. 

Networking is another crucial aspect of launching an encore career. Reach out to contacts in fields you’re interested in. Attend industry events, join professional associations, and consider finding a mentor who can guide you in your new career path. Your existing network from your business days might also prove valuable, potentially opening doors or providing insights into new industries. 

As you explore options for your encore career, it’s important to be patient with yourself. Finding the right fit might take time and involve some trial and error. You might try volunteering or interning in different fields to get a taste of what the work is really like before committing to a full career change. 

Remember, an encore career is not about replicating the financial success or status you achieved in your previous business. It’s about finding work that resonates with your personal values, allows you to continue growing and learning, and provides a sense of purpose and fulfillment. 

At Align Business Advisory Services, we’ve seen how transformative an encore career can be for many of our clients. It often brings a renewed sense of energy and purpose, allowing them to apply their skills and experience in new and meaningful ways. We can help you navigate this transition, offering guidance on everything from identifying potential career paths to managing the financial aspects of your career change. 

As you contemplate your encore career, consider these questions: 

1. What issues or causes do you care deeply about?
2. What skills from your business career are you most eager to continue using?
3. What have you always wanted to learn or try professionally?
4. How much time and energy are you willing to commit to a new career?
5. What kind of work environment do you thrive in?

Your answers to these questions can help guide you towards an encore career that truly resonates with your goals and values. 

Embarking on an encore career is an exciting journey of self-discovery and reinvention. It’s a chance to write a new professional chapter, one that combines your wealth of experience with fresh challenges and opportunities for growth. Whether you choose to teach, consult, create, serve your community, or explore an entirely new field, your encore career can be a deeply rewarding way to continue making an impact in the world. 

Are you ready to explore the possibilities of an encore career? Remember, this is an opportunity to leverage your experience, pursue your passions, and find new ways to contribute and grow. Your most fulfilling professional chapter may still be ahead of you!