Small Business Boomers

Do you take an end-of-month assessment of your small business to determine what you’ve accomplished?  Have you reached the goals you set at the beginning of the month. 
Oh!  Oh!  You didn’t set any goals at the beginning of the month, so you were aiming wildly at a target…or had no target.  You were simply “going with the flow.”
So….how about setting down some targets for October? 

What do you want to accomplish?
Where do you want to be in production and sales?
Do you have a special promotion you can conduct connected with fall or Halloween?
It isn’t too early to start planning for …read more

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In response to Jean Murray’s former post on this blog, Do You Have an Exit Plan?, a reader gave some suggestions.
Not having an exit plan is like jumping from an airplane without a parachute (usually not a good outcome). There are specific things that owners can do to maximize the value of their business and reduce risks, and taxes when they exit. But it requires planning ahead. Owners who have an exit plan will always have a better landing than those who do not plan.
It is a fact that every owner will transition out of their business in one …read more

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“Never look back!”  we’re often told.  “Look to the future.”
Do too many boomers look back on life and wish for what “might have been” or wish they’d made different decisions?  Look back to learn, but not to wallow in the past, experience “the good ole days,” or to try reliving some events of the past.
If life hasn’t turned out the way you dreamed, the way you wished, the way others think it should have for you, what are you to do?  Don’t beat yourself up because you made mistakes, others made mistakes, or something beyond your control happened.  This is a …read more

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I remember when many companies did not shut down over the holidays; these days lots of larger companies do. But what about small businesses? Shutting down is not an option for many small businesses, particularly in the current economic slowdown.
The Wall Street Journal reports that many “solo-preneurs” are not planning to slow down or shut down over the holidays. I’m certainly not going to sit around and drink egg nog and watch old movies. This is a slow time, when many of your customers may not be working, but it is also a perfect …read more

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Yesterday, I gave you the first three of 10 Tips for Successful Business Startup.  These tips work for any kind of business, whether you are a Baby Boomer or Gen Y entrepreneur.  Today, the next 4 tips.
7.  Start with a clear picture of your business.  This one comes from my favorite business author Michael Gerber, author of The E-Myth Revisited.  Gerber says that success comes from setting up a clear picture of the business you want then going after it.  Here is what you need to do: Sit down and imagine your business as it will exist in 5 years …read more

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As small business owners struggle to find credit in a credit-empty economy, they are discovering other credit sources that have been overlooked. Today, some sources of funding that might help you and your Baby Boomer business through the credit crunch.   On my About.com Guide Site, I put together a comprehensive list of sources for business startup and growth financing.
Here are a few possibilities, just to get you thinking:

Trade credit/vendor financing.  Getting credit from vendors works well for equipment and office purchases for startup and expansion.
Seller financing for buying a business.  Having the seller as your bank may be the only …read more

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Many Baby Boomers are considering leaving a full-time job and starting another job. A 2004 study by American Association of Retired Persons (AARP) revealed that 79 percent of people who responded to the survey were planning to work after retirement and 17 percent were planning to start new businesses. So, many Baby Boomers are planning to work beyond the point of retirement.
You have heard about “Colonel Sanders” who started a business in his 70s. That’s actually not true, but he was middle-aged before he started KFC. And you may know other people who …read more

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Sarah Palin confesses she shops at consignment stores.  And many other smart shoppers are doing the same.  With the downturn in the economy, consignment shops are booming.  Lots of people are looking for bargains in clothing, furniture, toys, you-name-it.
What is the difference between a consignment store, a resale store, and a thrift shop?  According to the National Association of Retail and Thrift Shops (NARTS), a retail store buys outright and resells, while a consignment shop takes merchandise and only pays the consignor when the merchandise sells.  A thrift shop is usually a non-profit that accepts donations and re-sells …read more

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Over at Home Biz Notes, Mary Emma Allen talks about a business Baby Boomers might enjoy having: Pet Sitting and Dog Walking.  If you are an animal lover like me, this would be a great idea for a business.  I agree with the the comment, though, that walking dogs in Iowa in the winter might not be a lot of fun, but you never know.
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Here are some considerations for starting a pet sitting/dog walking business:
You can set up this type of business simply, as a sole proprietorship.  Then all you need to do is get a …read more

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A boomer business idea I have been thinking about for some time is a local “FSBO” (For Sale By Owner) service. Here is what I mean:
A few years ago, my husband and I sold our home, but we didn’t want to pay a realtor 6% or 7%. We found a local FSBO service that would help us advertise online. They came out to our home and took photos, and I put together the copy for our home’s website. They ran the website, where people could search for homes for sale in the area, …read more

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