Retraining at a (slightly) older age.

[andy hamilton]

Giving up a well-paid job with a good pension scheme and starting my own woodworking business was a giant leap into the unknown - exhilerating but scary. That was 35 years ago. It was often a financial struggle with plenty of sleepless nights, the words of a popular song 'Money's too tight to mention' going round and round in my head. But I've never had a single regret. I hated my job and my bullying incompetent bosses. It was making me ill. There's nothing like the feeling of being master of your own destiny, answerable to nobody. It's been hard work with long hours and even now cash flow can be a worry. If you're a born worrier, hopeless with money, aren't fully focussed on what you're doing, don't have a ruthless streak, don't want to put the hours in, don't do it. And don't forget the hidden downside - if you turn your hobby into the means of earning a living, you risk killing the interest in it

 

[Glitch]

I think the OP has already weighed up the advice and is going down a sensible low risk path.

We live in very unstable times. Even in 'normal' times most small businesses fail.
I think it's much harder to succeed as an independent, self-employed worker compared to 10/20/30 years ago.

A complete career change with significant retraining is not the same level of risk as a skilled/experienced PAYE employee becoming an independent contractor in the same field.

One thing you need to do is the sums.
How much do you need to live the lifestyle you and your family want?
How much can the household realistically earn?
How much do you need to get through your retraining period before you start earning your target income?
How much will it cost to set up and equip the business - e.g. workshop/van/tools?
How much emergency funding do you need for the slack times, house/car/van repairs, or time off sick?

 

[Jacob]

...... And don't forget the hidden downside - if you turn your hobby into the means of earning a living, you risk killing the interest in it

Or the more obvious upside, you could end up earning a living from what you like doing best. Most people are best at what they like doing best. This is key to many/most successful businesses and/or to people being happily employed.

 

[pils]

.

I find this comment intriguing .


ps. lovely workbench build

 

[Cooper]

How on earth you actually reach ikigai I have no idea.

It is possible, at least for me. I have been really lucky, I enjoyed my whole career. I went to technical school, then art school (brilliant experience). Worked as an industrial trainee/Toy Designer (until the 3 day week ended that). Retrained as a D&T teacher in Inner London, discovered I was reasonably proficient at it and made good progress and lots of friends and was lucky, most of the children were really nice. After 20 years switched from mainstream to a Kent special school and couldn't believe I was paid to do my job for the next 20 years. The only shadows were government initiatives we had to accommodate and one unpleasant head teacher. Of course our practical subject made enjoying what I did easy.

 

[Jacob]

I find this comment intriguing .


ps. lovely workbench build

What the Antique Brutalist Solid Beech Workbench ? I thought it was brilliant! Just two old joists bolted together side by side. Or is it one piece with bolts through to keep it together? Plus tapered pegs.
Almost tempted to knock one up and scrap my existing. I'd have a Record vice though.

 

[billw]

It is possible, at least for me. I have been really lucky, I enjoyed my whole career.

I had jobs I enjoyed and some I utterly loathed, well not the job but the people involved in it. Was once told my boss was right because "he earns more than you", this was in a situation where I refused to distribute information to the business because I knew it wasn't accurate, whilst he had a deadline from his boss and he wanted the info giving out just to meet it not giving a damn about whether it was rubbish or not. I soon got paid off from that job

 

[BearTricks]

Thanks again for all the great replies. I remember a time on here where it would descend in to bickering fairly quickly.

 

[pils]

What the Antique Brutalist Solid Beech Workbench ? I thought it was brilliant! Just two old joists bolted together side by side. Or is it one piece with bolts through to keep it together? Plus tapered pegs.
Almost tempted to knock one up and scrap my existing. I'd have a Record vice though.

Sorry Jacob, missed this. I didn't mean that crazy, gorgeous, brutalist thing but it made me smile so, thank you.
I meant Workbench Build aka Paul Sellers style by https://www.ukworkshop.co.uk/members/thetyreman.24042/