People working in management or in executive jobs often feel as if they spend as much time managing their career track as they do doing the job itself. Consulting to your current employer or to companies in the same or similar industries can be a great bridge to the next position after a layoff. Or you might decide to pursue self-employment to grow a small business or even stretch your way into part-time retirement.

After the Layoff and Between Jobs

Dealing with layoffs, whether you're the one delivering the bad news or the one leaving the company, can be wearying. Chances are that by the time you're in your 40s or 50s, you've been through a few. If you have the financial safety net of a severance package and an emergency fund, a layoff at this time in life can be a good opportunity to expand your horizons to other, similar jobs in different industries.

Start your planning by listing the pros and cons of the position you're leaving or a recent job that you enjoyed more. Notice the trends in both lists and use these patterns to summarize what an ideal consulting relationship would look like. Next, connect with your colleagues from your last job and previous jobs. If they were laid off too, this will open doors to new companies where those people now work and create new relationships. Continue networking until you find a relationship that aligns with the trends contained in your list of pros and cons.

Check out Appendix B for sites that will help you develop consulting relationships.

As a Business

If you discover you're good at finding and cultivating consulting opportunities, you may be able to develop this skill into full-time work. You'll need to treat it just like any other professional services business and devote time to business planning, operations, and marketing in addition to delivering the consulting service, but it may be a great way to feed your interests and make a living without going back to the same type of job you left. Follow the business planning suggestions below just as if you're starting a new business from scratch.

Stretch Income into Retirement

Many consultants are able to continue in business with average prospecting and sales skills for three to five years after they are laid off solely on the strength of their old corporate contacts and network. Additional marketing and business development skills could extend this period. If this time frame is enough to get you to retirement — and the income is high enough to be sure you can still invest for retirement as you've planned — then this could be a great transition for you. You may even find that if the consulting is less stressful, you will be able to work at part-time consulting longer than you initially planned to work in your full-time job. With a little planning and budgeting you can trade a little more time in the work force for a more enjoyable lifestyle by consulting part time into retirement.