The new retirement: staying busy making money
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More boomers are putting the golf clubs and big trips on hold and using their age and experience to launch successful small businesses.
Retirement used to mean entry into a golden era of endless leisure. But more boomers are putting the golf clubs and big trips on hold and using their age and experience to launch successful small businesses.
In fact, a recent survey by Harris Interactive for Yahoo! Small Business found that 72 percent of the people over the age of 55 agreed with the statement, "I will never be too old to start my own business."
Only three per cent of survey participants said that "getting rich" was the main reason they wanted to start a business. The same survey in 2005 put that number at six per cent. And nearly a third of the respondents said that doing work they really love was the primary motivation for launching a business.
"Clearly, these findings suggest there are conditions in the job market and in older workers' desire for autonomy and flexibility that make self-employment an attractive option for those in their late 60s," said Dr. David DeLong, author of a study for the MetLife Mature Market Institute.
As the oldest boomers turn 60 in 2006, their desire for trying new things could portend a significant wave in departures in the next year, says DeLong, suggesting a wave change in the workplace that will be propelled by entrepreneurs.
The perks of being self-employed include being held accountable for their own success, being their own bosses, and not having to live by anyone's rules. Other reasons cited for starting a business include the satisfaction of making money from a good idea as well as the opportunity to create a family business effort.
Management consultant Randall Craig, author of Leaving the Mother Ship, offers these tips for budding boomer entrepreneurs:
1. Do your research. Make sure there is enough demand for your product. Talk to other people in the field to better understand the opportunity in the market and determine what is necessary for success.
2. Invest in yourself. Take a business class to fill in any gaps in your skills, such as accounting or marketing.
3. Take a test-drive. Try to work full or part-time in the business you plan to open. This front line experience can be invaluable as a reality check. Some experts also advise finding a paying client before building your business.
4. Develop a solid business plan. Write a report detailing exactly how your business will operate and make money. A solid business plan should include sections on sales, marketing, operations, finance, human resources and a step-by-step road map for becoming fully operational.
5. Be frugal. Cash is oxygen to a business. Conserve it however possible.
6. Build a buzz. Repeat customers and positive word of mouth are critical to your business success. Negative word of mouth can be equally damaging.
7. Develop your brand A professional logo and effective marketing and advertising materials will help to ensure your budding corporate culture reflects positively on your enterprise.
8. Engage your support network. Talk to family and friends, but alsoto your professional advisors including your lawyer, accountant, banker and others.
9. Don't give up. Be willing to quickly change gears if things are not working out as planned. Being an entrepreneur is hard work.
Despite the obstacles, entrepreneurs are generally optimistic about their success. In fact, 70 per cent of small business owners would recommend to a friend or family member that they go into business for themselves, according to a survey from American Express.
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