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Let’s talk about second acts in work lives. Recently, a photo of Major League Baseball Hall of Fame superstar pitcher Randy Johnson (22 seasons, 1988 – 2009) behind a huge camera on the sidelines of an NFL game in 2011 went viral. Randy Johnson, somebody who doesn’t even need a second act, reverted to his college major at the University of Southern California - photojournalism. He retired from baseball and became a professional photographer. Check out Randy’s photos. They’re pretty great for someone with a 102-mph fastball.
Granted, Randy Johnson is not your average person. When he retired from the Major leagues, he had financial security and options, but I doubt starting a photography business was the easiest or most lucrative path he could have chosen. Randy could have cashed out in many, less risky ways such as product endorsements or broadcasting, but he chose to turn a passion into a profession.
There are many second acts happening now. According to the Bureau of Labor Statistics, 47 million workers voluntarily left their jobs in 2021 and it’s safe to say that the majority are not famous athletes. The Great Resignation continues unabated. The top reasons include, “lack of advancement opportunities, flexible hours and location, and lack of childcare.” (Workamajig.com). What are those 47 million people doing with the next chapter of their professional lives? No idea, but there’s a good chance some of them decided to voluntarily leave their jobs with the intent of starting a new profession.
All passions are not created equal. If Randy Johnson spent twenty-two years as a professional photographer and then tried to play Major League baseball, I doubt he would have had the same success. Within reason, anybody can turn a hobby or passion into a paying gig. Maybe you’re already doing something on the side that you want to be full-time. Like Randy, maybe you want to exhume a love from your past. If you want to turn your passion into a profession, here is a series of assessments that may help you navigate the possibilities:
1. Assess Your Skill Level
How good are you at whatever it is you plan to do? Can you operate on a professional level? For example, let's say you love making videos for Tik Tok and you get lots of likes and followers. Does that mean you can get up tomorrow and be a professional videographer? Probably not. But if you are able to produce videos with consistent production value you have the makings of a professional.
A good way to assess where you fall versus professionals who already do what you want to do is to spend some quality time on LinkedIn. Once you've read fifty videographer profiles you will 1) get a glimpse of what a recruiter's life is like, and 2) get a very good idea of what it means to be a videographer for a living. It is also probable you will discover many different types of jobs that videographers can do. For example, in the digital marketing world video is king, so people who know what they are doing are in high and constant demand.
2. Assess Your Financial Situation
Even if resources are not an immediate concern, it is still a good idea to determine the financial impact of a new direction. Taking a side gig and making it your primary source of income isn't free. It is wise to create a detailed personal budget so you can accurately assess how long you can go before your new gig has to pay for stuff like gas and food, which are now $1 million dollars a month each. Yes, hyperbole, but it feels like $1 million dollars, doesn’t it?
Research what kind of compensation you can expect once your new career begins in earnest and compare it to your baseline expenses (e.g., mortgage/rent, health care, child care, car, insurance, etc.). Look at your current discretionary expenses and rank what you can or will eliminate if necessary. Try and create as complete a portrait of your financial landscape as possible. Sacrifices may have to be made to turn your passion into a profession. If you know what those sacrifices are you should be able to make a more informed choice as to whether pursuing that path is truly what you want to do.
3. Assess Your Access to Capital
If you want to take your passion to the next level, you may need money. You can work for somebody else, spend your own money, spend somebody else’s money, or a combination of all three. Think of the rich people who run for political office and "lend" their campaigns money (power is an expensive hobby). There is no guarantee they're getting any of it back. You might not either.
If you want to open a store, purchase professional equipment, have an integrated marketing strategy, and have normal business stuff like wi-fi networks, printers, printer paper, and paper clips neatly stored in a locked supply cabinet, you will need capital.
· Do you have personal capital you can invest?
· Do you know people who may be willing to invest in your business?
· Do you know anyone who works in venture capital or private equity?
· Explore business loans offered by banks.
· Research and talk to the Small Business Administration.
4. Assess Your Access to Expertise
Who, do you know? The easiest way to learn something is to be taught by somebody who is already doing it. Even if you are an undiscovered virtuoso whose abilities are beyond reproach, there are many things you don’t know how to do.
Here is an example – luxury picnics. I have no idea how many luxury picnic businesses there are, but I know there is one where I live and they’re pretty great at what they do. I do not know the history of the company, but I know that if somebody decides to go into luxury picnics, they must have a passion for picnics. Somebody loves picnics so much they said “I want to throw luxury picnics for a living.” While that person, or people, may know how to put together an amazing picnic, they may not know anything about starting a business or the administration of event management.
The converse can also be true. The person who loves picnics may be a business person who knows how to start and run companies but couldn’t throw a nice picnic if their life depended on it. Either way, they need outside expertise to get to where they want to go. So, who do you know?
Philip Roufail contributed to this article.
Scott Singer is the President and Founder of Insider Career Strategies Resume Writing & Career Coaching, a firm dedicated to guiding job seekers and companies through the job search and hiring process. Insider Career Strategies provides resume writing, LinkedIn profile development, career coaching services, and outplacement services. You can email Scott Singer at scott.singer@insidercs.com, or via the website, www.insidercs.com.
