I have always been the kind of person who has never seen a bad business deal. Well at least that was my perception …. until, of course, I was in the middle of things with tremendous amounts of time and money invested and few dollars clearing my bottom line. The real problem wasn’t the “deal” it was the fact that I chose to jump in without the proper consideration/planning.
So, as I now counsel people about how to start a second career, I really want them to consider and plan in three very important ways: what, how, and why.
What? When boomers start to consider a second career, usually one of two things happen. Either they look at businesses that, in terms of time at least, are nothing more than buying or building a job. If that’s not the case, they want to make tens of thousands of dollars with no work, no effort, and on a couple hours per week! Neither of these ideas make a perfect second career. Being honest about what you want from a second career will set you on your way.
How? Once you have decided what you want, how to get there is the next part of the plan. Do you want to sell something produced by someone else or sell something that you produce yourself. How much can you charge and how can you market your new business to bring in new clients/customers.
Once you understand what and how, you need to consider why? Why do you want to do what you have chosen? What does your second career do to make your life better? When you get up in the morning does your second career fit into the perfect retirement life-style.
This whole idea about how to start a second career needs to be well thought out. Each of us will have different answers to the what, how, and why thus creating an myriad of great businesses that “turn the crank” of the owner while providing unmeasurable customer service.
What you are you thinking about as you consider your second career? How much planning do you think is necessary? When do you quit planning and “pull the trigger?”