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Three Tips for Baby Boomers Staring a New Business

Written by: Kaya Singer

Article Overview: Women and men in their 60s and 70s are now busy re-inventing themselves, sharpening and learning new skills and beginning new enterprises. After quitting a corporate job or retiring from teaching many of you aren't ready to stay home and watch TV knit all day. You want to "do something!" It's no surprise at how many boomers," decide to begin a solo-entrepreneur business. Business can be a labor of love but it's also filled with challenges, and part of being a success is finding strategies to overcome obstacles. If you're not too old to begin, than you're also not too old to stick with it when it gets hard.

Three Tips for Baby Boomers Staring a New Business

Women and men in their 60s and 70s are now busy re-inventing themselves, sharpening and learning new skills and beginning new enterprises. After quitting a corporate job or retiring from teaching many of you aren’t ready to stay home and watch TV knit all day. You want to "do something!" Maybe your retirement isn't stretching as far as you thought, but mainly it's because you just want to. You plainly aren't done yet.

This age group has the distinct advantage of life experience to draw on, plus contacts and connections to offer support. It's no surprise at how many boomers,” decide to begin a solo entrepreneur business. You clearly want to make money and also want the freedom to work when and how you choose

Most solo-entrepreneurs operate their business from home. Some find a product they are drawn to like skin cream or supplements. The rage now is a new organic chocolate. The products are all wonderful, but contrary to the marketing information that accompanies them, we are not all going to die if we don't buy them. So making it into a lucrative business is not as easy as it looks. Many people offer services like editing or organizing. Again, people are often shocked that once they hang out their shingle, flocks of people with money don't show up immediately. The excitement can wear off fast if you are wearing rose-colored glasses. Your passion got you started but then the hard work begins.

Business is business and it takes planning and commitment to make a success of it. It's focused work and most new home business solo- entrepreneurs end up working 24/7 unless they have the funds to hire people right away. I always advise people to not dip into their retirement to invest in their business. It could be a huge risk. On the other hand, if you do have retirement to live on, you will be miles ahead of many people who need to make money right away to pay the mortgage.

Business can be a labor of love but it's also filled with challenges, and part of being a success is finding strategies to overcome obstacles. If you're not too old to begin, than you're also not too old to stick with it when it gets hard. Be willing to do whatever it takes.

Whatever it takes might include hiring a few good people to help you as soon as you are able. Here are the three people I would hire first, even if only for a few hours per week.

1. Office organizer

Find someone who specializes in home offices and can help you set up systems that work for you. Although we are quickly moving into a paperless lifestyle, we all grew up in a time when there were no computers, so we are still used to paper, which means it all has to go somewhere. Your organizer may also be able to help you organize your computer desktop and systems so you can become more paperless.

2. Techy expert

Hire someone who can help you move into the age of Internet marketing. This person needs to understand how to use Facebook for business, how to use Google, how to optimize your website and how to start a blog. If you find the right person they can actually do your updates for you.

3. Mentor/coach

Find someone who can help you to develop a clear business plan, marketing plan and goals for your business. It's very hard being a solo owner and not having someone help you to brainstorm, make decisions and set priorities.

These three people might only add up to five hours per week but it will be the best investment you can make for your success. I've used all three and I would have quit long ago if it weren't for my team.

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Related Forum Posts
Re: 10 ideas to make you money in 2010 - I think Education would be hard to break into. Baby Boomers, Life Support and Trading Down, however, seem like good markets. As for Green technology goes, I don't think the business has to be entirely based on Green ideologies, but rather a business that embrace Green philosophies and use that as a marketing tool.
Boomers Share... - [quote="litekepr":1zse5djs]Boomers participate in viral or word-of-mouth marketing as much as or more than younger age groups. 93% of Boomers are very or somewhat likely to share product information or news with friends. 80% of Boomers use a broadband connection at home.[/quote:1zse5djs] Great post! It is very interesting to see that 93% are likely to pass on product info and that 80% use broadband... How could you use that information to market specifically to this market segment?
Business Tips - How about: Tips for managers to handle employees more effectively? Tips on how to deal with difficult customers? Tips on how to deal more effectively with suppliers? The only three I have in mind right now, but will try to come up with something else. Chris
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Re: Do Boomers Make Better Entrepreneurs? - The language of the Boomers was go to school, get a good grade and get a good job. they are taught to work for someone else not for themselves.


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