Small Business Boomers

Do you take your small business seriously?  Do you put business practices into place?  Do you think like an entrepreneur?

Set goals and know what you want to achieve
Set up a business plan (You’ll need this if you want to get financing.)
Keep accurate track of income and outgo.
Set up a bookkeeping system.
Keep specific times of business, especially if you have walk-in customers
Set up a web site and/or blog
Be persistent and consistent

What suggestions do you have for entrepreneurs of small businesses?

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If you are a Baby Boomer who is trying to sell a business, this is obviously a difficult time. I know of several professionals who are trying to sell practices, and they are finding that they must “be the banker” for the transaction, since the buyer cannot get bank financing.
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 …read more

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If you are a Baby Boomer selling to Baby Boomer consumers, take note. A friend (mid-50s) has been on FaceBook for over a year, but in the last few months she has received several invitations to connect from people she knew in high school  Turns out a lot of Baby Boomers are now on FaceBook.
I receive many invitations to join “networks.”  Some on LinkedIn, which seems to be a big deal with the students and new grads I know.  But many are on FaceBook.   As you might guess, the majority of people on connection sites like these are people in …read more

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What happens to the rest the family in your business if you decide to sell? I just talked to a Baby Boomer who is selling his business. His son and daughter-in-law both work in the business, and he’s wondering how he’s going to tell his family that he’s selling, and how they will deal with the sale. He has a buyer already, and the buyer doesn’t want the family members to stay.

What a mess! Family businesses are difficult in the best of times. The man’s story brought back some memories. I can tell you …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 I said before, in the future I believe everyone should start a business.  Not only for tax purposes, but for self-satisfaction, independence, and fun.  We Baby Boomers will all need to start businesses because we most likely won’t have Social Security and retirement funds to support us.
Starting a business is a pretty scary proposition; believe me, I know.  I have done it myself, several times.  I have taught small business classes for many years, and I have distilled the wisdom of myself and many others down to the “Murray Top Ten Tips”  for succesful startup.  This week, I would …read more

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Every business has good and bad times.  And every business owner goes through times when they are excited about their business and times when they are not.  For Baby Boomers who have been in business for many years, this phenomenon is always at work.
We all run in cycles, both emotional, physical, financial, and social.  And we’re all going through a down financial time, which can lower emotional and physical energy.  If the recent depressing economic news and tougher business times has you down, here are some suggestions to help you out of your slump and re-excite your passion for your …read more

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Today is Black Friday.  The official start of the holiday shopping season.  Some are predicting a dismal season.   Lots of bargains will be available, I predict.  But should all of us rush out and spend money or not?
Although it hasn’t been officially announced, we certainly are in a recession.  Defined as two consecutive quarters of negative growth in the economy, a recession is clearly underway. With the decline in home values, the hit we Baby Boomers took on our retirement funds, and the media’s constant bad news, it’s no wonder the predictions are for a dismal holiday shopping season.
According to …read more

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Miranda Marquit over at Yielding Wealth got me to thinking, with her article about pulling her money out of Citibank.  Have you looked at your business credit card lately?  I did, and received a rude surprise.  When did my interest rate get up to 28.9% ?
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Just in time for Thanksgiving, I’m going “cold turkey.” I’m cutting off my business credit cards.  No more credit for me.  I have a couple of online expenses I pay by credit card, and I’m making sure to pay the full balance off each month.  And I’m going to pay off …read more

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In response to my post last week about “Should you start a business after retirement?“  Charlie from Circledog commented, “You may have no choice.”  He’s right.

No Retirement Income. Most of us (with a few exceptions like my husband) will have no  guaranteed retirement income.  Annuity pensions have gone the way of the carrier pigeon (long gone, never to return).
No more company contributions to 401(k)s.  Many companies are using the downturn as an excuse to save money by cutting their contributions to 401(k) plans. We won’t be getting any help from our companies in contributing to our retirements.  It will be …read more

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