I am writing my update this Saturday rather than making a video, because, to be honest, I am not ready to be seen in public (if you know what I mean!)
It’s the first full day of fall and I am sitting in my family room with a cup of coffee and my computer. It is quiet and peaceful. Things are moving in slow motion today and although the pace will pick up soon, I am enjoying the slow for now!
Ok, enough about me! This has been an awesome week. As you recall, I began the week with a plea for ideas about how to help Boomers help Boomers. The result of that plea is a conference call next Wednesday with a couple of great people who want to consider ways to create a effort to do just that. I am honored to have been asked to participate. I will keep you apprised as to the results of that conversation. I am sure this first talk will create more questions than answers and your insight will be needed to answer these new questions.
The other major event of this week was putting together a rough outline of a new training program for Boomers looking to build the business of their dreams. It is my contention that with the way things are in this economic climate Boomers need to consider three things:
- Self-reliance is the only guarantee for a successful “retirement.” To believe that the equities market, corporate pensions, or government intervention will “guarantee” a comfortable retirement simply makes no sense any more.
- Beginning to consider this 2-5 years before you retire is a must. Developing the kind of business that can both make you happy, fulfill your life’s dream, and provide for you financially requires to not wait till you have to have income from it to survive. This 2-5 year plan gives you time to test and grow a business and then scale it to meet your retirement needs.
- Finding the right help in creating such a business is imperative. Unless you are well versed in creating a business from scratch, you will probably need some help along the way. Finding the right help makes all the difference in the world. Remember, just because you have the skills to do something, does not mean that you have the ability to turn that skill set into a profitable business. Getting the right information from the right source is imperative.
With 76 million Boomers in the US alone, to think that we can rely on anyone but ourselves to create a comfortable retirement just makes no sense. There are just too many of us. We need to band together and help each other become a generation of giving, going, and doing people, leaving the world in better shape than when we came in to it!
Hi Dave,
I’m a newbie to Solopreneurs and like what I’ve seen so far. Your posts regarding Baby Boomer Entrepreneurs caught my attention.
I’m a recycled banker of 30 years, small business consultant, wedding photographer and economic developer who wanted to do something to help retiring business owners AND preserve our downtown businesses.
I think we’re both looking at Boomers as a huge economic resource but from different angles. I’m concerned with the 70% of small business owners who plan to retire in less than 10 years with 90% having no exit strategies in place. While these are Canadian statistics, I’ve confirmed with a few American economic developers that the situation there is similar.
76 million US Baby Boomers. Wow, that boggles the mind. In my province of Ontario there are 574,000 small business owners who plan to retire in less than 10 years so we have 516,000 at risk businesses.
My concern, as you’ll see when you check my website, is that many of these businesses will simply close. I value our downtown. Big box retail is not the answer in my opinion.
Anyway, I wanted to let you know I’m enjoying your writings.
I’d like to know your thoughts on my project Dave and look forward to hearing from you at your convenience.
Best regards,
Norm
Norm – thanks for your comment. It underscores the fact that the problem that exists in the world of Boomers is not isolated to one country. I too, feel for the downtown areas and would love to know more about your thoughts on the preservation of these treasured landmarks. Thanks again for the comment!
Thank you for a great post. All three of the main points you share are excellent. I particularly like your encouragement for people to begin planning in advance. Most baby boomer entrepreneurs do need time to establish expertise in their niche. Starting 2 – 5 years in advance of retirement gives them the opportunity to research their business and begin to develop a reputation prior to retirement. Following that process should make the transition to entrepreneurship go smoothly.
Shallie – Thanks for adding your thoughts to the conversation. Establishing yourself as a niche expert and using some time to develop that reputation makes really good sense to me!