To change career at 43?

[careerchangeperhaps]

I've run my own business for 20 years. The business does well and while I'll never be a millionaire , it pays the bills and suits me very well in terms of flexibility around my children (primary school age). Realistically though, it might not be so strong over the next 5-10 years as my line of business is internet retail. Although what we sell is quite niche, everybody just wants to buy everything on Amaz*n and small, independent internet retailers are falling by the wayside left, right and centre.
Well aware of my advancing years, I'm now wondering should I be thinking of a new career now before I get too old? I've never really had a proper full time job (I started my business in my early 20s) and have visions of being in a mundane job or working alongside recent graduates / school leavers for £20k a year. I don't think I'd be very employable.
The lease on my current business premises is up at the end of the year. It's go now or sign another 5 year lease. I also have 3 employees to consider (although they all work school hours in relatively unskilled roles and have children in their latter primary years so I expect they may well decide to move on once their kids reach secondary, as my previous employees did).
Decision time!

What would you like to do?

You could take your e commerce experience and go and work at Amazon. Or sell through Amazon!

How much do you average per year, how much would you need to earn in a salaried position to be in the same financial position and could you sell the business?

I would sign the lease for a final five years and spend that time working out what it is you want to do, getting any necessary training and gradually winding down the business.

Not unreasonable no.
There might be a few hurdles to overcome, but no - go for it!

I changed career in my early 40s. It took a lot of guts but I'm glad I did it! So it's certainly possible if you have the courage.
But... do you love what you do, is it just the future prospects that scare you or is it that you actually want to do something else. If it's the future prospects, why not invest in some training in marketing, social media promotion, those sorts of areas, so you can learn how to promote yourself better online. Amongst my group of friends there's a preference to move away from Amazon and the like, support your local trader, etc.

It might be hard to work for someone else if you have been self employed!
You'll never have such a great boss.

You will probably face a lot of prejudice.
If you're lucky, you'll get a boss that sees the massive potential you bring.
If you're unlucky, they will just assume you're stuck in your ways, can't take orders, or a threat to them.

What do you want to do? That will determine the answer to a degree.

As a general comment, though, I changed career at 42 -- partly forced on me - -and I haven't looked back. It was tough to begin with but I think the change was really good for me mentally and certainly good for me financially. I think its good not to keep doing the same thing for your whole life. A different career increases your mental stamina and allows you to look at the world in a different way, which I think is healthy.

@Snog

It might be hard to work for someone else if you have been self employed! You'll never have such a great boss.

Ha that's true. But equally, it would be nice to be able to have proper holidays and to switch off 100% when out of the office.

@GiantToadstool

What would you like to do?

No idea - and this is half the problem. I have a degree but it would be worth very little with no relevant industry experience. Most of what I learnt at uni has been forgotten and the rest will be outdated.

@halloumihalloumi

You could take your e commerce experience and go and work at Amazon. Or sell through Amazon!

I don't fancy working for Amazon.

As for selling on there, it just wouldn't work for us. They sell some of the same stuff we sell anyway (but not all), but at a much cheaper price. In fact for some of it, it's cheaper on Amazon than we can buy it wholesale .

@jayritchie

How much do you average per year, how much would you need to earn in a salaried position to be in the same financial position and could you sell the business?

I earn around £35 year on average, sometimes more if we have a good year and I can draw extra dividends. But it's worth a lot more to me as I don't have to worry about childcare before / after school and holidays and have flexibility to take time off whenever for medical appointments / school functions etc. I usually have a day off most weeks to catch up on cleaning / household admin / catching up with friends etc.

We could live off less though. £25k would easily pay my contribution to our household bills and give me a bit of spending money. So it's not necessarily about the money.

@Coriandersucks

I would sign the lease for a final five years and spend that time working out what it is you want to do, getting any necessary training and gradually winding down the business.

This sounds like a sensible option.

Oh - £35k seems to be in that difficult area where its not necessarily easy to get to the same level in a couple of years whatever you do.

I think I'd stay with what you are doing - seems to good not to take a bit of a risk!

YANBU! obviously at the moment with no idea what you want to do that might put a break on things, but its never too late to try something new.

My husband is 41 and has recently trained to be a police officer, after decades in the boardroom - huge paycut but he is so happy - go for it OP.

My lovely uncle left a job he hated at 42 and spent 3 years retraining in a very niche area. He's now 72 and has just signed a new 3 year contract - so he'll have worked for 30 year in his field, which I think makes his decision to retrain seem an excellent one. He dithered over the decision to retrain for a long time but has never, ever regretted it and is happy as a pig in muck!

But equally, it would be nice to be able to have proper holidays and to switch off 100% when out of the office.

I think you may have a romanticized view of what it is like to be an employee!

Wow thats amazing Saffy Well.
Are you happy to share what he retrained to do?

@moynomore

But equally, it would be nice to be able to have proper holidays and to switch off 100% when out of the office.

I think you may have a romanticized view of what it is like to be an employee!

Ha yes, maybe. But not always. DH doesn't have to be responsible for what happens when he's not there and he gets his 5 weeks' leave protected. It will depend on the job, of course.

@BABSYA

Wow thats amazing Saffy Well. Are you happy to share what he retrained to do?

I don't think he looks on Mumsnet so I'm sure he won't mind! He works in renewable energy - consulting with farmers (and sometimes developers) to help them 'add value' to their land and make the most of the various grants and schemes available. He's also a very nice man!

@SaffyWall had a little smile at the thought of your uncle checking mumsnet. His job sounds fascinating