Small Business Boomers

If Joe the Plumber can do it, so can you. Fix things, I mean.
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Forbes Magazine says that personal and home repair and maintenance services are one of the 10 most profitable home businesses, ranking up there with consulting and brokerage services. And a home repair business doesn’t take a lot of education or capital investment to begin. Forbes says the average pretax profit on this type of business is 10 percent, which is pretty good.
My brother-in-law did repairs for several years after he retired; he worked in a large apartment complex, …read more

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If you are looking for a business that is easy to start with low overhead, consider a mobile (aka: door-to-door)  business.  I was reminded of this idea yesterday when a friend called me to ask if I would help her set up a professional practice that would go to people in their homes.  The more I talked to her, the more excited I got about the concept.
There are lots of businesses that could “go mobile.”  For example:

Pet Grooming
Personal services (“concierge” type businesses, that run errands, do house-sitting and pet-sitting, etc.)
Food vendors (kind of a mobile canteen)
Professional …read more

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The SBA recognizes how many of us Baby Boomers are going into business for ourselves, or starting second, or third, careers, so it has produced a new web page for Baby Boomer small business owners and those who want to own small businesses. They call it the “50-plus Entrepreneur” site.
Many of the resources on the site are available to all small businesses, but it’s nice to see them packaged for Baby Boomer business owners. For example, the section on planning a business includes information on planning, starting, managing and even getting out of your business. And …read more

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Many business owners have said they are being affected by the credit crunch in two ways:
1.  They are unable to borrow money to pay their bills.
2.  Their customers are taking longer to pay.
The availability of credit is a serious problem for any small business.  It’s about survival.  Believe me, I’ve been there.  The problem may start out as a small amount that you need, “just to make payroll,” and it grows.  Pretty soon, you’re using your credit cards to put money into your company to pay your business bills and pay employees.  And it gets worse. If your business has …read more

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I turned in my resignation at my “day” job yesterday and I’m counting down the days.  I’m going to stay on part-time for a few months, but I will have much more time at home to do the things I want to do.
Why am I retiring now, when I’m only 60?  Three reasons:
1.  I want to spend more time with my grandchildren and the rest of my family,
2.  I want to travel, before I have to do it with a walker, and
3.  I have many, many books to write and other income ideas to work on.
Here’s my short list of …read more

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Today is Theme Day on B5media’s Business Channel and the the is “Experience – Does it matter?”  Well, of course it does, and Baby Boomers are the most experienced people in the business world today.  In my post earlier today, I suggested you get out there and find ne, interesting, challenging ways to  use your experience.  Here are some suggestions:
1.  Write about it.  Many boomers are writing books describing their experiences in business.  Or write an e-book and sell it online.  Or write that “Great American Novel” like Stephen King.
2.  Volunteer.  Use your experience to help others.  Join the Peace …read more

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Yesterday,  I talked about writing jobs for baby boomers.  If you have always wanted to “WRITE” (whatever that means to you) and you have an idea of what you want to write, the best place to go for advice is successful authors. You don’t get any more successful than Stephen King. A Baby Boomer (born in 1947), King has written more than 39 novels under his own name, seven more as Richard Bachman, and pseudonyms and countless short stories. I’m currently reading his book On Writing: A Memoir of the Craft  for inspiration. And …read more

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 One of my favorite movies is Indiana Jones and the Last Crusade (1989), particularly the ending where Indy has to take a “leap of faith.”  (Remember?)
Starting an “encore” business as a baby boomer is like taking that “leap of faith.”  You don’t know what’s going to happen and you certainly have no idea if this is a smart idea.  After all, you’re supposed to be thinking about retirement, instead of new businesses.  But what the heck.  You can make the leap safer–here are some tips:
1. Learn the market.  First, figure out the size of your potential customer base.  Then learn …read more

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I found a good article that follows up on my recent post about using an IRA to fund your business startup.
This article points out what you’ll lose if you cash out before 59 1/2. It also is another dramatic example of the power of compound interest. I teach this subject to Millenials and they are always surprised at the calculations. Once, one young man asked me if I made up the numbers! (Another example of compound interest, showing that there is no substitute for starting NOW to save.)

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Have you heard about “coaching?”  No, I don’t mean the football kind.  I’m mean the “business coach” or “life coach.”  While coaching (the sports variety) has been around for a long time, the concept of a business or life coach or personal coach is relatively new.  Many star athletes have had personal coaches to help them improve their careers.  Now, anyone can have a personal/business/life coach.  And they are everywhere.  The International Coach Federation, a non-profit organization with over 13,000 members worldwide, credentials coaches.
Dr. Phil talks about coaching with his clients.  …read more

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