Bill knew it was time for a career transition. The economy had tanked and working 60 to 80 hours per week was killing him. He decided to go into something he loved even if it meant a whole new career exploration. This reality is what most people are facing today. Here are 7 top tips to know when it is time to plan a career transition.

1.Β Bored with My Job:Β After 20 years of doing the same thing, going to work is boring. You are not growing personally or professionally. This is a sure sign that you need to consider planning a career transition. If you are going through the process of a career change consider setting up a business doing something you have always been interested in.

2.Β No Opportunity for Growth: You have reached the top of your career ladder in this field. From here the only way to continue growing is to transition to a new career or find another way to use your skills. Use the skills that brought you to the top of your current field as a springboard to launch your next career. You will find those skills can be used by other industries or by competitors in your same field. The difference is that you will be the boss this time and there will be no limit to your growth potential.

3.Β Need a New Income Source: You income is not keeping up with expenses. It just seems that everything costs more and you need more resources. Sometimes career exploration leads you into setting up a part time business using the skills you already have. This allows you to slowly transition into your future career while working full time in your original job. In the meantime, you get the additional income you need from your part time business. As your part time business becomes more successful you can say goodbye to your previous job. How to Create a Psychological Safety in the Workplace?

4.Β Lost Your Job:Β The economic crisis really hit your company and you were a victim of job loss. After a few days of panic, you know you have to get back on the career planning path. Start by updating your resume and giving yourself a goal of submitting to at least three potential job sites each day. Use this opportunity to submit your resume to industries out of your comfort zone but areas you have always been interested in.

5.Β Changed a Job: Maybe you just changed jobs and thought this would be a great move. Now you are not so sure. While you enjoy learning new things, this is not where you think you want to stay. Continue your career planning so you do not get stuck in a dead end job just because it is a new opportunity. In the meantime, continue learning all you can about your new job because it might just lead you to your perfect business opportunity.

6.Β Work Hours Reduced:Β even though you still have your job your hours have been severely reduced. You cannot live on this reduced income and need to find a way to make up for that lost income. Consider offering your professional skills as a consultant at least one day a week to make up for those lost hours. You might just find other businesses that need your services but also cannot afford a full time person to fill them. Consulting in your area of expertise is one of the easiest ways to transition into becoming a business owner.

7.Β Fear Job will be eliminated:Β The firm you work for has been consolidating jobs and it seems your job could be next to being eliminated. You might be facing the choice of moving to the home office or losing a job altogether. Be proactive and consider how you can transition to another company or to your own business before you have to make this choice. If you decide to set up your own business you can approach your current employer to hire you back as an Independent Professional. They can save by not having you as a full time employee and you can take on additional clients to make your income more secure.