Image via Wikipedia
This is the second article in a series of articles entitled: Business on Your Terms. I hope that you will take time to read all the posts in this series and will add your thoughts to the conversation.
As I have shifted my business attention back to my generation in recent weeks, I have again realized how important that shift has been (particularly to me personally). As I have begun to really study the issues related to unemployment and the US economy it is sad to see that the group who have been out of work the longest and who are finding it most difficult to be re-hired are boomers.
Today I want to suggest some business options for boomers. What can we do? How can I take what I know and turn it into a successful business?
For most boomers traditional business options are either cost prohibitive or require way more time than we are ready to dump into a second career. So for us, home office or “coffee shop” office businesses work well. (I am writing this post from one of my convenient “coffee shop locations.”)
Boomers are developing consulting businesses, some are creating hobby based businesses, some are using their teaching skills to become professional speakers, many are considering direct sales/network marketing businesses, and still others are opening Mom and Pop stores.
I have a friend who worked in the grocery industry for over thirty years. When it was time for him to retire and consider a second career, he looked to his love for golf as a source for his new business. He moved from his Washington home to Palm Springs and began to build/repair golf clubs for the seniors that lived in Palm Springs. Running his business from his home (surrounded by retirees who played lots of golf) was the perfect business for him. He loved what he did and his customers loved being able to get things done right next door.
Another boomer is transitioning out of an engineering position into a consulting business for small engineering firms/companies building commercial buildings. It is simpler and more cost effective for these firms to hire him as a consultant than to pay for a full time employee with his skills.
What I am trying to get at is that for the boomer who has a life time of developed skills, the opportunities are really endless. All anyone needs to do is to take the right amount of time to plan, to determine what you want to do/see done, and to make sure that you know how to implement your business plan from the outset.
What do you think? What kinds of “boomer” businesses have you seen started successfully? What advice to you have for someone looking at a second career?
My father was an appliance repairman. When his shop was fire bombed by the mob because he competed against their business interests, he went into immediate retirement. His love of making wine and art became his retirement business. He had a professional picture framing operation out of our home and his clients were always offered his latest wine experiment. He was never so happy in his life and no one wanted to burn our house down.
Maxine – what a wonderful story of courage and commitment. Your father is the perfect example of what we boomers can do today. Just as our generation was “non-traditional” we can build our second careers in non-traditional ways, if we take the time to return to our creative and innovative roots!
Hi Dave,
I think a lot of us boomers have come to realize that the “security” offered by employment was an illusion. We weren’t affected in Canada as heavily by this downturn, but we’re still feeling it too.
The big thing anyone going into business must realise I think, is the importance of marketing. You can have the best skill in the world, but if you don’t know how to make people aware of what you’ll do, your business will not work.
I recommend anyone going into business become a student of sales and marketing.
Kel – you are absolutely right! We must all become students of marketing to be successful in business. Most of us don’t come from a marketing background so we have to take the time to learn and plan a strong marketing strategy.
As a follow-up to DWellman’s comment, a possible business for boomers is marketing consulting. I don’t have enough paying clients to make this a business, but I’m using the pro bono work I’m doing to enhance my knowledge of the websites, search marketing, online advertising, etc.
Deborah – if you can afford to begin doing pro bono work, that is a great way to get your name out, your skills set, and your message clear. Thanks!
Hi, I am from Australia and am 52. I am finding it nigh on impossible to get a job in Administration or Training and Assessment both which I have years of experience and appropriate educational paperwork. I have moved a lot during my working years. I have lost touch with previous employers and supervisors. I have applied for mine work unsuccessfully. At the moment I drive a school bus as I can get this job. The government says we have a two speed economy. Ordinary people are finding it difficult to get enough money to pay the bills and people working in mining are really well off. I just don’t know where to go from here. I’d be interested to see more postings on things people have tried successfully.
Lois – I understand that the economy is not good around the globe. I will see what I can do about getting some success stories up.
Knowledge on it’s own, is potential power. Boomers have specialised knowledge gained through experience (action). Boomers equipped with specialised knowledge, combined with the ability to communicate it, have power in todays Information Era. I firmly believe that there are huge opportunities for Boomers to can add value through successful transfer of this information.
Thanks Heather – the specialized knowledge that we boomers have added to a re-birth of our creative nature brought on by considering a second career can bring about solid business opportunities for those willing to look, plan, and work.
Dave, I am glad your are offering these articles. They are helpful and informative! Please continue to do so. Maxine, what an inspiring story – about making lemonade from lemons, or in this case, wine from grapes! Thank you for sharing your story.
Thanks Carol – I will do my best to keep them coming!
For those of you that are tired of Corporate World like jobs why not start a Second career as a Writer, Editor or Publisher. Most of us have specialized skills and knowledge that could be put down on paper to be edited and produced into a book.
I recently formally ‘retired’ and my first retirement project is writing a book that could empower Seniors(50 Plus) to become Entrepreneurs through Lifelong Learning Programs/Courses that are relevant to your Second career life.
Boomers are a special group who have their own ‘Crown Of Life’ to find an important ‘new project’ that can produce a more meaningful retirement life for themselves and their families.
Seniorpreneur
Joe – Boomers do have a lot of experience to write about and to share. While writing a book may work for some, others are “hands on types” that need to do what they are good at rather than write. Either way there are boat-loads of opportunity based on our experience!
Dave,
I also applaud you for your insight in launching this discussion. Very timely and helpful.
Being a Boomer, and laid off 8 years ago, I knew I wanted to start my own business. Having done so at an earlier age, I was not keen on expending all the time and energy needed to create everything from scratch again. Also,as Kel mentioned, getting the word out is a daunting task in the early days.
So I chose to invest in a franchise. It saved on start-up time and maximized my chances for success. Seven years later, I love my lifestyle as a business owner.
Brenda – thanks for the kind words and the inspiration that many boomers need these days. In our tough economic times boomers are the segment of unemployed workers who find it hardest to secure new jobs and your story can give them hope. Hope that maybe there is something for them to do. Hope that there is the possibility of success even if they have to take a risk to start. You and your story can inspire many. Keep telling it!
I spent the last 2 years soul searching for that passion or hobby or something that reonated with my vision of the 2nd half of my life. I am here to say, the opportunity is somewhere in what you already know. I have 24 years in Real Estate sales and marketing and to think that because of the economy there are no opportunities in the field is incorrect. For me, I thought I lost my keyes and discovered they were right in front of me. I’m back in the game, just doing things differently! Best Wishes to all.
Jane – thanks for the encouragement. You are right that sometimes what you have done is what you should do. Other times the dream of a lifetime is in an area you may never have considered as far as a business is concerned. I am so glad you are back in the game! Best wishes to you as well!