The American economy is dynamic. New industries appear seemingly overnight in response to technological breakthroughs or consumer trends. And whole industries may fade or even fail for many reasons: economic downturns, changing consumer preferences, poor business leadership, and more.
If you’re currently working in an industry or economic sector that seems to be on its way out, or that is experiencing major upheaval, you may be wondering if it’s time to do something new. Leaving an industry, particularly one where you may have spent decades climbing the corporate ladder, is a highly personal decision. I know–I spent more than 20 years in the automotive industry before leaving for a second career in franchising. And I have a number of friends who’ve made similar decisions. Based on my own experience and that of the people I know, these are the questions to ask if you’re thinking about flying the coop.
Do you still love your job?
This is an important question to ask yourself regularly, regardless of the health of your industry. Even if your sector is flourishing, you don’t want to spend the remaining years of your career talking yourself into going to work each day. It might be time to leave your industry if you no longer feel interested in your own work or in the larger sector where you work.
Without curiosity and engagement, you’re unlikely to perform at your best–which can make you vulnerable to cutbacks. Excessive stress or disengagement at work also harms your physical and mental health. So ask yourself, “Do I wake up eager to go to work most days?” or “Do I still find excitement in tackling new challenges at work?” If the answer is no, it’s time to consider something else.
Have you topped out?
Topping out comes in two forms: topping out personally and topping out within an organization. Sometimes, the two align. The highest position available to you at work may be the highest you want to go in your career. If you’ve reached that point, congratulations! It’s time to enjoy the responsibilities and rewards of reaching your ultimate career goal.
On the other hand, you may hit a ceiling at work when you feel like you’ve still got more climbing to do. The issue could be with your employer, in which case you may be able to keep growing by transferring to a different organization in the same industry. But every industry has its hierarchy, and if you’ve reached the top of yours but still want to do more, it may be time to strike out on your own.
Is your industry still innovating?
Especially in today’s tech-driven world, most industries have to keep innovating in order to stay healthy. They have to come up with new products, new ways of conducting operations, new ways of reaching customers.
If you’re not sure whether your industry is keeping up, do some research. Have your industry’s financials been trending downward for several years? What’s the buzz in the media: do people constantly refer to your industry as “old-fashioned,” “legacy,” or “traditional”? These can be red flags that your industry is struggling to keep up with the changing times and may not be able to reinvent itself in time to survive.
Is consumer preference shifting away from your industry?
Consumer tastes change constantly, and sometimes they change so completely that certain products, services, or even industries all but disappear. These kinds of changes can happen very rapidly, thanks to technology and trends, or slowly, as demographic groups change in size or purchasing power.
For instance, remember travel agencies? They used to be the default way to book vacations, but between the mid-1990s and 2013, roughly two-thirds of travel agencies shut their doors. The culprit? Online booking sites, which lured consumers with the promise of convenience, cheapness, and access to a wider range of travel options.
If you work in an industry facing this kind of existential threat, and your employer is not adapting well to shifting consumer preferences (see my earlier point about innovation), it may be time to move on.
Does your industry’s timeline match with yours?
If you’re working in a struggling industry, economists or other experts may be optimistic that it will recover eventually. It may not recover quickly enough for your personal timeline, however. And the recovered industry may not look like the one you originally joined. Some companies, including your employer, might permanently slim down or change how they operate.
Those kinds of changes may not work for you if you’re close to retirement. If you’re at a key stage of career progression, you may have been planning to take advantage of advancement opportunities that no longer exist. Or you might be at a stage of life where you need a flexible working arrangement, and your employer is requiring a return to the office because they can’t afford to let buildings sit empty. If a recovery isn’t going to happen quickly enough, or it won’t match your needs, it’s probably time to leave your industry.
Where will you go?
Maybe you’ve asked yourself these questions and realized that it is, in fact, time to leave your industry. So now you’ve got to answer one more question: Where will you go? That can be a scary question to contemplate, but I like to think of it as an opportunity instead.
In a situation like yours, franchising can be an ideal option, for many reasons. If you’d like to learn why, I’ll be happy to do a free consultation with you to talk about options. Book some time with me for personalized help figuring out how you can turn this challenge into a win for yourself, your family, and your future!
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