Option 1: migrate to a newer version of Drupal
You can choose to upgrade your existing Drupal environment to a newer version of Drupal. These versions are equipped to start building a Digital Experience Platform (DXP) for your business. In addition, the extensive compatibility between D8 and D9 also ensures a smooth upgrade further down the road.
Option 2: delay your upgrade.
Keep your existing Drupal 7 environment;
Upgrade your PHP version;
Get the Drupal 7 Maintenance Plan until you decide to upgrade your website to a newer version of Drupal.