Deli job image: sxc.hu

Perhaps they have a mix or two or all three of these.

Do you fit into any of these categories?  Has life affected you differently in recent years than you had planned?

We can either moan about it or treat it as an exciting adventure!

I took a parttime job in a supermarket delicatessen this summer, and it’s continued into winter.  It actually takes me back to my roots, since I worked in my mother’s small grocery store when I was in high school and college.

From wondering if I’d fit in and could do the work that younger people were accomplishing at the deli, I’ve found it a delightful experience.  I’ve made new friends with co-workers.  Some I’d known previously while others are new friends.

I also get to see customers/friends I’d not caught up with for several years.  This work also keeps my mind active and me fit  physically.

This parttime work also gives me time to keep my home business going.

What about you?

Post from: Small Business Boomers

Small steps image: sxc.hu

At a business development conference I attended recently, many of the speakers talked about doing something every day rather than getting stymied by this recession and freezing where you are.  So many people react to a challenge or change by stopping what they’re doing, even panicking.

You need to so something, anything business related that will help you regain or continue your momentum.  Sometimes you need to change direction a bit, take a look at what’s in the future, brainstorm some ideas, try something new, or just move forward in what you’re normally doing instead of bemoaning, “Why me?  Why me?”

• Write down a list of ideas
• Jot down goals you’d like to achieve
• Try making a prototype of a new product.
• Research trends for your type of product or service
• Consider how to reach new customers
• Create new displays

What daily steps are you taking to move your business forward?

Post from: Small Business Boomers

Image: sxc.hu

More than 47 percent of Americans have considered the small business route since the economic downturn, according to this survey commissioned by the the online marketplace, Alibaba.com, and reported by Sterling Marketing Group. 

Also, the survey determined that more than three fourths of Americans conclude small businesses will be a major factor in reviving the economy.

In the present economy, boomers have begun to consider small businesses as their way to make ends meet, supplement their retirement and savings, and give them a way to contribute to improving today’s economic situation in our country.

Have you been considering a small or home business?  What is your business?

Post from: Small Business Boomers

Boomers in retirement Image: sxc.hu

Especially in today’s world, with the economic situation in disarray and retirement money often much less than expected, change is inevitable.  The change can destroy or buoy us.  We can meet the challenges as an adventure or  fall through the cracks in the sidewalk.

This can be a time for boomers to explore the small business options, those that don’t involve a great deal of investment or overhead, but will give them some much needed income.   This is not to say it will be easy, finding avenues of income that will make up for that lost.  But boomers are up to the challenge!

What are you doing to adjust to change in today’s world? 

(Remember, President Obama said we were going to experience “change” with him!  It may or may not be what you expected, but change it certainly is.)

Post from: Small Business Boomers

However, often if people need your services, they have less money to pay for them, so you don’t get paid so readily.  Trying to collect what’s owed you can be a challenge.

How have you been beating the odds in your small business and keeping it going profitably?  How about sharing some tips with us?

Post from: Small Business Boomers

If you plan on Social Security to help with your living expenses, you may have to reorganize your budget and priorities. 

How will this affect your small business?

• You may need to draw more for your personal living from your business.
• If your customers/clients draw Social Security, they may have less to spend.
• If your products and services are geared to that age group, you may sell less.
• This can affect the economy if boomers have less to spend and there could be a domino effect.

What are your thoughts?

(Image: sxc.hu)

Post from: Small Business Boomers

My favorite B&B has experienced this problem.  I wrote about Olde World B&B last year, after the new owners took over.  They are gone now, victims of the downturn and the very slow travel market.  The old owner took over the business, for which I’m thankful.  But I got to thinking about how difficult it must be to make the decision to close a business.

My husband owned a rental business in the late 1980s and he experienced the same thing – he had to close within the first year because he just didn’t have enough capital to keep it going.  So how do you know when to give up on your business?

The first sign. The first indication that you will have to close is when you can’t pay your bills.  That sounds obvious, but for many small businesses, it may seem like a temporary situation.  They keep thinking, “It will get better.  We’ll sell more next month and things will be fine.”  Then next month comes and the negative cash situation continues.

The next sign. After a few months of not being able to pay the bills, two things happen:  You begin to think, “Maybe I’m not going to make it,” but also, “This is just temporary.  I will get more cash to ride it out until things start improving.”  You start using your business and personal credit cards to finance day-to-day operations.

The next sign. Soon it becomes apparent that you might be able to let a few bills slide, but you can’t ‘make payroll.’ Since it’s not likely that people will continue to work for you if you don’t pay them, you have to lay some off.  You try to keep a few, but when you can’t pay even those few, it gets closer to the time to shut the doors.

The final sign. When you can’t make the monthly payments on your bank loan, the loan manager calls you in for a talk.  At that point, you realize you aren’t going to get out of this without either (a) Winning the lottery or (b) Having someone hand you a wad of money.  So you talk to your attorney about business bankruptcy.  Maybe you can keep going in Chapter 11.  Most likely you can’t.

At the end. You announce that you are closing the doors.  You have an auction, like my husband did, and get as much money as you can from your business assets in order to pay the bills. You don’t want to see any creditors get stuck, but the bank wants its money first, and the rest of them get what is left over.

After a few months, the hurt fades a little, but not much.  And you think, “If only I had had a little more time, another ad, another sale, a few more customers…a little more money.”

The mark of a true entrepreneur is the person who says, “I’d like to try again.”

Image: StockXpert

Post from: Small Business Boomers

Too Qualified? The Wall Street Journal reports that many former high-level business types are finding it difficult to make the transition to smaller level jobs.  In my case, with an MBA and a PhD and many years’ experience as an administrator and college teacher, I would find it very difficult to find someone who would take me on as, say, a receptionist or an accounting clerk.

Recruiter’s Point of View. I have been on the other side of the desk, many years ago.  I did hiring for a large manufacturing company – some factory but lots of office workers.  I was always skeptical of the person who came in with a loaded resume and lots of experience who said she or he wanted to downsize their work.  I figured they wouldn’t be happy long and wouldn’t stay.

Other Side of the Desk. Now that I am on the other side of the desk, I can see I was wrong.  There are lots of reasons why someone older with much experience might want to scale down their work to something lighter and less responsible.

To the recruiters. If you are sitting across from a skeptical recruiter, you might want to remind him or her:

• The average time spent in a job is about 2 years.  Then younger people move on. But an older worker is more likely to stay.
• You might be able to hire an older person to work part-time, saving on health plan benefits.
• Older people are more reliable and less likely to miss work for childcare reasons.
• Adding a mature worker to the mix in your office can have a calming effect on the younger workers.  They might enjoy having someone to turn to for advice.
• Older workers are more knowledgeable about work in general and their expectations are lower.  This doesn’t mean you shouldn’t pay them what they are worth, but you can give them a task and expect it will get done with fewer questions and less “fuss.”

It goes without saying that recruiters are more tuned-in to age discrimination complaints these days, so maybe you won’t have to say anything at all. If you are looking for a job, I would be interested in what you encounter in the wonderful world of employment search.

Post from: Small Business Boomers

A recent Wall Street Journal Small Business Link article notes that small business owners are increasingly forced to provide contracts for buyers.  If you need to sell your business, here a couple of tips:

Get Your Business in Order. I mean, clean up.  Clean the offices and your production areas before you invite potential buyers.

Prepare financial documents. Buyers will want to see your business tax returns for at least three years, your sales for the past two years, and all contracts you have signed with vendors. As part of the sales process, you will need to have an appraisal of your property and of all assets; you can also have your CPA give you the depreciated value of equipment and vehicles.

Determine goodwill.  You will need to estimate the value of your customer base, to find goodwill.  Since goodwill is an intangible, you will have to substantiate it with sales figures.

Find your bottom line. Actually, you will need to have two figures in mind – a publicized sales price, and your actual bottom line, for the negotiations. The difference will probably be goodwill.

Determine your selling options. Think about the terms of a sales agreement that would be advantageous to you.  How long would you like to be paid?  How much would you want each month, each year?  Talk to your tax adviser and look at the effect of options on your tax situation.

Think about transition. How long do you want to stay to help smooth the transition?  A longer transition might help the buyer, but it might not be right for you.

Place Ads. BizBuySell and other online business advertisers (I wouldn’t call them brokers) can help you with online advertising.

Prepare contracts. You might want to get your attorney on board early, to prepare contract language if you need to act as the banker.

I will have more about negotiating business sales contracts later this week.  In the meantime, is it time for you to start thinking about selling?  One of the most difficult tasks is getting your mind around the idea that you are selling this business you worked so hard to create.

Image source: Newscom

Post from: Small Business Boomers

On the bad news side:

• A friend just returned from a big convention in Las Vegas.  Last year there were 60,000 people at this convention; this year there were 40,000.
• He also noted that the casinos had many tables closed and the minimums on the tables are low, which means not as many gamblers.
• My husband and I went to WalMart (in the Midwest) in the middle of what would be a busy Saturday morning.  The checkers were all standing around waiting for someone to come through.  If people aren’t buying at WalMart during a weekend, that’s a sure sign of recession.

On the good news side:

• I flew to Tampa on Thursday.  The airport was bustling, many planes were overbooked.  So lots of people are traveling.
• I’m in Sarasota – very high end area.  LOTS of people buying stuff in St. Armand’s Key and eating in their restaurants.  At one end of the scale, there’s no recession in sight.
• I love quilting and the friend I’m visiting loves knitting.  I’m happy to report that both quilt shops and knitting shops are doing well here in FL.

What do you think?  Do you see signs of recession?  Or signs that we’re coming out of it?

I’m interested in what signs you see – good news and bad news – in your area.  Post a comment and let me know.

Image source: Newscom

Post from: Small Business Boomers