Small Business Boomers

In response to my post, 5 Reasons Boomers Develop Businesses, Jeny added this:
Boomers develop business also because they do not want to feel that they are useless to their family and society, and boomers are good entrepreneurs because they are mature and have lots of experience in life.
How true!  Boomers want to feel useful and don’t want to be a burden to their families.  They desire to be contributing members of society as long as they can.
They also have the added advanage of maturity and experience.  Also, they’re more inclined to have what my mother called “stick-to-itiveness.”  They realize a …read more

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When I wrote the post, Draw Upon Your Talents for Your Boomer Business, Laurie Neumann, of Christian Home  Business Connection,  commented: 
I think it is important to think about your interests and what kind of business could be started from there. It’s also important to research and see if there is a market out there looking for what you want to offer and willing to pay for it.
It can be great fun (and challenging!) to start your own home based business. By choosing something that really fits you, you can have a great business for years to come.
Laurie is correct.  In …read more

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Many boomers these days are developing home and small businesses instead of retiring and rocking on the front porch.  Their reasons are various. 
1. They need to supplement their income.  Retirement is non-existent or doesn’t stretch far enough in today’s economy.
2. They want to try something new in their life.  Why not make some money from it, too?
3. They want to turn a hobby into a business venture just for fun or to earn income.  It also might be a challenge just to see if they can do it.
4. They’re helping a child or grandchild and find this a way the whole …read more

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Where do Boomers find ideas for small businesses, either those they operate from their home or from a location outside the home?  What can you do that doesn’t involve a great deal of expense?

Draw upon your talents and interests:
Quilters might start giving lessons and selling their wares.
Knitters could do the same.  Or they might open a small shop of supplies.
Writers could go in a variety of directions…blogging, writing a book, giving talks and lessons involving writing.
Carpenters could scale down from a big business and do mainly small scale repairs they could handle themselves.
Become a consultant in your field of expertise.
Get …read more

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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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Baby boomers should write down their memories for their children, grandchildren and future generations.  Some of us may have memories of attending one-room schools that will seem so unique to today’s children.  If we don’t write them down, send them to publications, include them in a blog or book, part of history (ours and our culture’s) will be lost.
This even can be an aspect of a small business for boomers…writing family memories, teaching it, and ghost writing for others.  I’ve been teaching classes in Writing Your Family Stories and having a great time sharing mine and showing others how to compile …read more

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Almost everyone, when they begin a small business, want instant success.  This would be the ideal situation…having your business take off profitably from the start with no challenges nor setbacks.  However, the ideal doesn’t usually work out in life, although there are some exceptions.
For some people, success comes sooner because:

They’ve given more thought to planning their business before starting
They have more investment capital of their own
They have business knowledge
They have a product or service that appeals in today’s market (often because of their previous research)
They are willing to put in hours and hours of work themselves
They get advice and try …read more

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As boomers discover it more difficult to find jobs, how can they determine whether they should try starting a small business?  How can they beat the odds in an economic downturn?
Find a need and fill it as the mom did who makes reusable lunch bags to eliminate the need for so many disposable sandwich bags.
Is pet sitting a possibility?  I heard someone else mentioning that it was hard to go on a trip because it was so expensive to leave their pets at a kennel. 
Is there a need in your area for companions for the elderly?  Two friends were discussing …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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Many boomers have sewing talents they may wish to turn into income producing ventures, whether full time or parttime.  This can include dressmaking and alterations, quiltmaking, fabric art, making curtains and draperies, doing upholstering and more.
I operated a dressmaking and alterations business for a number of years that evolved into a quiltmaking business.  These enabled me to be at home when our daughter was small. 
At Home Biz Notes, I’m writing a series, with tips on operating these businesses, that you might like to follow.  The tips also will apply to many arts and crafts businesses as well.
Let me know what …read more

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