Options for the Future

After so many years of uncertainty in telecom, I'm thinking that it will be unlikely that I'll be able to make a long term career as a software development manager in telecom. We’ve had massive downsizing just to help our companies survive. Now, lots of jobs are being moved offshore to countries with highly trained people who will work for a fraction of what I get paid. This will allow our companies to become more profitable, but of course it only helps me if I’m still working for that company. No, there are no immediate rumblings of continued layoffs, but I’m thinking that I would be foolish to think that my current position could provide a long term career for me.

So, I’m wondering what I can do now to put myself into a position where I would have the ability to work to provide for my family in years to come. A number of options come to mind:

1. learn some of the newer development technologies. I could work as an IT Manager, but it would be nice to leave open the option of working as a programmer. The IT market in Ottawa is pretty bad right now, but it won’t always stay that way.
2. start a business of some sort. Perhaps web based sales. I’ve got a couple of ideas, but none of them would be big enough to replace my pay cheque. I think the best they could do is supplement a lower pay cheque in a different job.
3. move into biotech. It’s getting bigger in Ottawa. On the other hand, most of the jobs are in Boston and California.
4. return to school part time for more training. Perhaps some training in accounting or business?
   
   

All of these options mean a short term hit in my pay cheque. On the other hand, the right option might position me well for my next 10 years of employment. While I still have my current job, I can try my best to reduce my debt load, which would pay dividends no matter what I end up doing.

Anyway, suggestions are welcome, either in the comments or by email. Thanks.