Small Business Boomers

I recently read an online article about a retailer who described what he saw as the difference between Baby Boomers and Generation X’ers (those born between 1965 and 1980; i.e., children of Boomers) as shoppers.
For those of you boomers who own retail businesses, the differences might be important.
Baby boomers, this retailer said, were more careful, more patient shoppers, and they were more concerned about what he described as “provenance” (where the thing came from).
Gen X’ers, on the other hand, were described as mostly concerned with getting it bought (the Cable Guy “giterdone” philosophy).  I took that to mean they weren’t …read more

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I have lots of stuff to talk about in July:

July is National Retirement Planning Month, and I’m going to be interviewing Bill Losey, CFP, CSA, author of Retire in a Week, who will provide some great information about retirement planning for Baby Boomers.
July is also the middle of the year and time to take stock of your business.  I’ll be talking about ways to review your financial, customer service, marketing, and employee goals and plans.
Finally, as many of you know, I live in Cedar Rapids, which had massive flooding in June and in which many businesses lost everything.  The subject …read more

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I just found a website for an interesting company called VocationVacations®. The company sends you on a vacation to try out a vocation.
Have you ever wanted to be:

An alpaca rancher?
A bed and breakfast owner?
A chef?
A dude rancher?
An interior designer?
A private investigator?
A sailing boat captain?
A wine bar owner, vineyard owner, or wine retailer?

There are many more possibilities. The deal is that you go on vacation to try out a vacation. I’m guessing the value of the experience may vary, and you really can’t tell what it would be like to be, say, a chef, by just working a couple …read more

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Good question. You are getting ready to retire in a few years. You have a fairly nice house, accompanied by a fairly large mortgage. Should you pay it off?
For: Paying it off will give you more money to spend in retirement. You will have money sitting around and available if you sell your house, which you’ll probably do eventually anyway. And houses traditionally increase in value over the long term, so you will receive more than if you had put the money in the market.
Against: Housing prices are going down. Who knows …read more

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In my last post today, I talked about a new course from the SBA describing the types of loans they have available.  Here is the second new course from the SBA.
The second one, How to Package a Loan Request,  discusses the requirements for putting together a loan.
It also includes a list of “realities” about small business loans that is worth noting:
Reality 1:  There is no such thing as 100% financing.  You will be required to put something into the business, sometimes “sweat equity,” but usually cash.
Reality 2: Your credit history is important.  If you have a great credit history- 650 …read more

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Over the next few days, I’ll be providing information on getting a loan for your small business – you know, the one you want to start after you “retire.”
First,  the Small Business Administration has two new online courses (really just PowerPoints) that provide information about the types of loans available and how to package a loan.
The Guide to the SBA Small Business Loan Programs gives you information on the types of loans available from the SBA, including their basic 7(a) loan, specialized loans (for women, minorities, veterans, etc.), and Micro-loans (small loans under $35,000).
Next, how to package a loan request….

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Baby boomers, please congratulate my husband – he is officially retiring today. Well, to be exact, he is leaving the full-time job he’s been in since 1980, leaving behind many friends and a lot of very productive work.
But he is not going to be sitting around the house – God forbid! He has some part-time opportunities and plenty of projects to do here at home, including finishing the new garage and some hobbies he’s been wanting to pursue. And he wants to spend more time with the grandkids. He will be 62 in October, so he’s …read more

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My final question for Customer Service Week: Do you talk with customers about your personal life?
In some professions, you have little opportunity to talk to customers about yourself. You’re busy doing the work or sending off the product. But in many professions, you interact with customers, and there is plenty of time to talk about yourself. But should you?
Two schools of thought on this one:
School A: You should remain focused on the business, on the customer, giving the best service possible.  Chatting about yourself not only reveals information that is personal and not appropriate, it also …read more

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This is an easy one for me.  My epiphany, my moment of realization, came from reading The E-Myth Revisited by Michael Gerber. 
The concept is simple:  Work ON your business as if you were going to replicate it, not IN your business, just “doin’ it, doin’ it, doin’ it.” In other words, figure out the system that will make your business work, so you can relax and do what you do best.
I love this concept.  It makes intuitive sense to me and I love systems (I’m an organizer and planner by nature).  So starting out a business with a plan is …read more

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If you are worried, concerned about the future, watch this video from NASA, and consider the Universe.

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