Retirement

Design Thinking and Reinventing Retirement

May 21, 2012 by dwellman 4 Comments

TED.com (Photo credit: Wikipedia)

I just finished watching a TED Talks video by Tim Brown about the need for a fresh look at the idea of design. He believes (and I agree) that what needs to happen in this age is for innovative/creative people to become design thinkers. Design thinkers, Tim explains are those who, “solve problems and make world-changing innovation.” He went on to explain that this kind of thinking had three basic characteristics:

Design thinking is human centered.
Design thinking doesn’t think to build, but builds to think.
Design thinking shifts from consumption to participation.

As I listened to him, my thoughts began to turn to my passion of helping Boomers and Gen-Xers reinvent retirement. I think that what is needed to accomplish this is for these two groups to engage in this “design thinking.” But if we are going to make the most of this kind of thinking, we have to begin with the question:

How can Boomers and Gen-Xers enjoy the benefits of retirement while at the same time remaining active, productive, and profitable members of our modern society?

We have to decide how our “retirement years” can be lived to the benefit of others while providing us with the time and personal fulfillment we need as well.

We need to be courageous enough to build our retirement businesses in order to think, rather than thinking in order to build. In other words, we need to see our business as a prototype of what it will become as we learn what will and won’t work in response to those we are seeking to serve (our clients/customers).

We need to shift our retirement thoughts from what we can consume or provide for consumption and build our retirement years by looking for ways to encourage active participation in life and innovative thought, by the greatest number of people.

This kind of design thinking will make our retirement years the best of our lives and will allow us to leave a legacy that will far outlive even our best efforts!

What do you think? How would you use design thinking to make your retirement years the best years of your life? What can we do to encourage this kind of thinking in others?

Filed Under: Boomers Helping Boomers, Gen-Xers, Retirement Tagged With: Boomers, Design, Design thinking, Gen-Xers, Reinvent retirement, Retirement, Retirement years, Tim Brown

A Two to Five Year Retirement Plan

May 18, 2012 by dwellman Leave a Comment

Retirement (Photo credit: Tax Credits)

One of my first forays into the business arena was with the largest network marketing company in the world. It was a great experience (although not successful by most standards). What made it successful for me was that I learned what was called the “2-5 year plan.

This plan taught what I have come to understand as the basic truth in business that if you are going to be successful, you must be willing to spend time AND resources creating your business.

The point is, that if you are contemplating retiring in the next few years but to do so will need some retirement income from a business (or even worse a job), then you need to start the process 2-5 years ahead of that retirement date.

The benefits off such a move are:

1. You have time to “try before you buy” business options that might present themselves and appeal to you. If after close examination, anI option looses its appeal, it is easier to move on than if you are already counting on the income it may be producing.

2. You have time to learn and become proficient before this business become your primary source of income. Once you retire, you may feel trapped and that would be a bad way to live out your retirement years.

3. You have time to become a thought leader in your chosen field. By entering your retirement as a thought leader, should see the income built by your steady efforts, as well as, the growth that come from thought leader (referrals, and new entrepreneurs seeking to work with you).

In the end the choice as to when to start is entirely up to you. However, the longer you take to start, the more critical it is that you make money right out of the gate, and the more pressure you put on yourself to perform at a level that may be beyond your skill-set.

Now it’s your turn. What do you think is an acceptable time to start developing your retirement income?

Filed Under: Boomers Helping Boomers, Gen-Xers, Second Career Tagged With: Business, Employment, Investing, Pension, Reinvent retirement, Retirement, Retirement planning, Saving, Second Career

Three Questions for Boomer Businesses

April 20, 2012 by Dave Wellman Leave a Comment

I have been in business in some form or another since 1988. My businesses have always been secondary to my primary life mission (I am a Pastor) and so they have always been small business operations. That said, I have a great deal of experience in the kinds of businesses that can be run “part-time” and yet as successful as you want them to be. As a Boomer, I hear from lots of people in my generation who are looking to retire from their life-time careers who also want to continue to contribute to business, life, and society while not giving up the freedom retirement can afford.

Retirement (Photo credit: Tax Credits)

These Boomers are not looking for another “full-time” career, but are looking for something of value to do that provides the challenge of building something great while allowing the freedom of time that retirement allows. I understand that draw and, as one who has lived this “duel life” for many years, know that in order to create such a business every Boomer must ask and answer three questions:

What kind of business can you run from your laptop? I know photographers, jewelry makers, even custom cabinet makers, along with more traditional direct sales/network marketers who have established wonderful business plans that allow them to operate from anywhere with a laptop and an internet connection. To be free to live the retired life and be able to contribute to your own business, mobility of business type is essential.
Are there any new skills you must learn? If you are going to make the transition to a mobile-styled, internet based business, you are going to have to know how these businesses work and how they make money. This will certainly have its own learning curve. Are you willing to take the time, spend the resources, and continue learning in order to be successful in this retirement business venture?
How big do you want to get? This, to me, is one of the most important questions to ask and answer. You have to work through this question in order to give yourself (and your business) the correct amount of time day to day. If your time freedom interferes with your business goals or your business robs you of your time, you will end up frustrated and unhappy. Neither condition should dominate your retirement years.

I am sure that there are more valuable questions that you will need to ask as you consider a retirement business, but these three should get the ball rolling. What do you think? What other questions are you considering? What conclusions have you come to?

Filed Under: Retirement, Second Career Tagged With: Babyboomer, Business, Freedom, Full-time business, Part-time business, Retirement, Small Business

Look Before You Leap

April 10, 2012 by Dave Wellman Leave a Comment

As a lifestyle design coach, a mid-point Boomer (born in 1955) and just a generally nice guy (:->), my best advice for any Boomer looking for a “retirement business” is to look before you leap!

One of the most popular business options for Boomers is in the field of “home-based” businesses. These businesses are appealing because of they are simple to start (it usually requires filling out an “application” and paying a “start-up fee.”) And they are relatively simple to run. (They usually include a website to order products and/or recruit new distributors)

On the downside, many of these businesses have a distributor force whose only business acumen is that they filled out the application and paid the start-up fee. They are excited about the “flagship” product and how much money they are going to make, but don’t know much more about true business success. Many made the decision to “join the business” based solely on emotion and without much, if any, real investigation of the company its products or its long-term business viability.

Companies come and go in this industry at a staggering pace. What looks like a “can’t miss” opportunity dissolves to nothing from one day to the next. Companies make promises they cannot keep, change the compensation plan, cheapen the products/service, and exercise their option to stop paying distributor compensation on a regular basis.

In the end, real people get hurt and the industry takes another hit for being “scams,” “get rich quick schemes,” “pyramids,” etc. When in fact, most companies using this method of business are real and legitimate businesses, with great products, and good people at their helms.

So, as I said at the beginning, Look Before You Leap!! Any legitimate company will welcome your investigation of their products/services, their business model, their compensation plan, and their plan for long-term sustainability. This model of doing business is a good one, but it must fit your lifestyle to be successful for you. Any business takes time and effort. Don’t be fooled by fast talk, high pressure, and/or special deals. Look Before You Leap!!

(In the interest of full disclosure, I have been, and am now involved in this industry as a part of my overall business model.)

Filed Under: Entrepreneurialism, Retirement Tagged With: Babyboomer, Business, Business model, Company, Get-rich-quick scheme, Small Business, United States

Betting on the Boomers

April 4, 2012 by Dave Wellman Leave a Comment

I follow Scott Gerber, founder of the Young Entrepreneur Council, on Twitter(@askgerber). In his recent tweets he has been promoting the YEC’s new campaign “Fix Young America” which he hopes will bring young entrepreneurs together to help to fix the broken economy.

Now, I for one am all for every generation working together to fix the struggling American economy, but if I was a betting man, I’d be betting on the Boomers. You see for most Boomers the 800 pound elephant in the room is that we simply don’t have enough money to “retire” like many of our parents did. And this fact is going to spark a new era of micro-business activity among the largest generation on the planet. So, its time we get back to work!

Work …. yes, but traditional jobs …. never! Our generation is the generation of color television, cable, personal computing, and Starbucks. We are the children that Disney built his empire selling to and still the largest age based market in the US as well as many other economies. We were the great innovators that put men on the moon, created the internet, and created the strongest economy the world has ever known.

With all our experience and wisdom, its our turn to step up again, to turn our “retirement years” into something more than endless days of golf or tennis, We need to determine that we are going reignite our innovative juices and create again an economy that meets the needs for our “chapter two” and leaves a strong legacy for Scott and those in the Young Entrepreneur Council.

Here are some things I think we can do to bring the economy back to full strength:

Look to our lifetime of experience to find, build, and promote new businesses that will put customers first and will effect our communities in a positive way.
Look for ways to embrace our age group in the businesses we create. Remember, we are still the largest generation, and besides, who understands us better than we do?
Look for ways to pass our wisdom on to succeeding generations. Many of us learned the principles of self-reliance and hard work by working with along side our parents or grandparents. We need to pass that ethic on and teach while we build businesses.

Scott and the members of the YEC are doing a great thing by looking for ways to fix the American economy by looking to the current and upcoming generations, but as for me, I’m betting on the Boomers!

Filed Under: Retirement, Second Career Tagged With: Babyboomer, Boomer, Business, Generation, Small Business, Starbucks, Twitter, United States

What do you want to do?

March 28, 2012 by Dave Wellman Leave a Comment

(Photo credit: Wikipedia)

Sometimes I think that I am going crazy!!! I read a lot of books, articles, and magazines about Boomers and what’s best for them in their “retirement years.” I watch the “experts” all gussied up on the television talk shows and review training videos that try to convince Boomers that “life isn’t over” and “they can still do lots of things” as they transition into retirement.

Now wait just a minute! I am not dead, nor on the verge of collapse just because I’ve had a few more birthdays that most! My mind, as well as my back still work, and I don’t want to be “put out to pasture” just because someone determined that a date on a calendar said it was time! And neither should you …

The question you should be asking yourself is not, “What do the experts say I should do?” but rather, “What do you want to do?” While it is true that many of us reach this time in our lives when our children are gone and we have more time to consider our own, but that doesn’t mean we should be considered “less productive” or “less valuable” than we have been before. As a matter of fact, my opinion is just the opposite. I think we can use this second chapter in our lives to do magnificent, brilliant, and incredibly valuable things, that have to this point been “back burner thoughts.”

The question is, “What do you want to do?” Don’t listen to the voices who tell you to stop living and start sitting. Don’t let the younger generations tell you that “you had your time, now its ours.” Keep you head up, keep dreaming, and make the second chapter of your life a truly awesome experience!

Filed Under: Retirement Tagged With: Babyboomer, Generations and Age Groups, People, Retirement, Second chapter, United States, What you want

Retirement Businesses – Anonther Option

March 26, 2012 by Dave Wellman Leave a Comment

(Photo credit: 401K)

Last week I wrote about an option for a retirement business. [One Option for a Retirement Business] That option was a franchise-styled home base business option. This type business has an “in the box” approach, with you purchasing the right to sell a companies product/service as a “distributor, associate, director, or some other title.” It is a great option for someone who wants to be in business without having to invent, produce, package, provide, or ship products/services directly to their customer base. Their only job would be to market the products along with promoting the business opportunity.

Today, we are going to talk about opportunities that can get a bit more complicated, but also provide retirees with a business option that can secure a comfortable retirement in some troubled economic times.

I am going to use some retired friends of mine as an example. Remember that there are many variations of this theme. You can pick what best works for you and you skill set.

My friend and his wife have for many years been interested in jewelery making. (I am wearing a wedding ring he made for me in 1983!) Their interest in jewelery was at a hobby level for most of their business life. While they owned and operated a couple other successful businesses they would relax by polishing stones and making jewelery.

When they decided to sell their last business and retire, they looked at their finances and decided that they weres going to need to supplement their retirement and decided that making and selling jewelery was the thing they would like to do. So, they started to research both what to do and where to find the customers to sell their pieces to.

What they discovered was that the “craft show” circuit was something that appealed to them. It allowed them to travel (something a lot of retirees have on their list of “want tos”) as well as provided them with an ample customer base for their wears. They traveled in the warm summer weather around their mid-west home and spent the winters traveling around the state of Texas in the warmth there.

They are now looking to slow down a bit and looking for ways to expand their existing business through the development of a website. This will require new research and another learning curve, but one I’m sure they will master in the same way they have every other in the development of their retirement business.

What hobby could you turn into a business option for retirement? What obstacles have you had to over come in creating your own retirement business? What hints would you be willing to share?

Filed Under: Boomers Helping Boomers, Second Career Tagged With: Business, Customer, Investing, Opportunities, Retirement, Retirement planning, Small Business, Texas

One Option for a Retirement Business

March 21, 2012 by Dave Wellman Leave a Comment

Retirement (Photo credit: 401K)

You know, as I write this post, I am a little nervous. Every time you suggest something might be a good thing, you are open for criticism. So, let me start with a statement of intent:

I would love to see every Boomer who is or is about to “retire” find a passion that would make a great retirement business AND allow them to have a part in changing the world for good.

But, some Boomers are just tired. Tired of work, tired of long hours, and tired of just getting by. They have worked hard in their job/career and the prospect of starting something brand new from scratch, while appealing in theory, will likely never happen.

If there was something that already existed, something that they could do from anywhere, and something that would handle most of the monotony that owning a business requires, then there might be some interest. A sort of “home-based, franchise-styled” business. That might well be an interesting option to many Boomers.

Well, those kinds of businesses do exist. Most of them are found in the Network Marketing arena and many of these businesses can provide a reasonable income for the retired Boomer. (In the interest of full disclosure, I have worked in this arena on and off for more than 20 years and am active with my preferred company today.)

Before any Boomer jumps into this style of business, you need to know the real skinny:

Understand the business that you are considering. Don’t let anyone “excite” you into a business. Many network marketers use this kind of “excitement selling” to get people “into the business.” Only after you are in do you get to know what it really takes to be successful for the long run.
Make sure that the product of the business is both saleable and something that you can put your name on. If you don’t understand the product or whether or not it is really a good value for your customers, don’t “get in.” I heard a network marketing leader just the other day say that the product he sold “had not done anything noticeable” for him, but he was sure it was a great product. Beware of selling something with questionable value.
Understand the compensation plan. You need to know how you are getting paid, not because of the company is going to “rip you off,” but because some compensation plans have unique rules that can drastically reduce your compensation from month to month.
Be sure to read the policies and procedures manual. There are some companies that have a provision to stop paying affiliates/distributors at the discretion of the company (usually with only 30 days notice).
Only join a company that you have done your due diligence on. If you are being pressured to join “right now” be careful!

I have been in companies that collapsed and ceased to exist and in one’s that have succeeded beyond the wildest imagination of the owners and its distributors. In those that have done well, the opportunities for Boomers is real and those willing to learn and work hard, can enjoy a business that can be run from anywhere and can allow even the tired Boomer to make a dent in the universe.

PS – I would love to hear what you have to say about this arena of business but don’t comment with the idea of recruiting other readers into your business. Those comments will not be posted.

Filed Under: Boomers Helping Boomers, Second Career Tagged With: Babyboomer, Business, Generations and Age Groups, Marketing, People, Retirement

What do you want from your “Chapter Two?”

March 17, 2012 by Dave Wellman Leave a Comment

For so many Boomers these days, the answer to the question, “What do you want from your “Chapter Two?” is a mystery, maybe even a luxury that they haven’t even considered. With the economy the way it is and with the need to continue to make a living so prevalent in our generation, can there even be a “Chapter Two?”

I remember writing about this subject several months ago. I got an emphatic comment back from a reader who said basically that she didn’t have time for what could be a “Chapter Two” because she was so overwhelmed with “Chapter One” and could see no way out of it. Her life was stuck and that was just that!

While I understand her frustration completely, I think that to live life without a vision of what could be condemns us in what is and right now that’s not a very pretty picture for most. Now, I’m not telling you to abandon your current responsibilities or to walk away from the present, but to just take a few minutes a day and see if, at this stage of life, you might want to consider something new.

Think of the who, what, when, where, why, and how of it and see if a vision of “Chapter two” might take shape. Then research what it would take to move you in the direction of that vision and perhaps be courageous enough to take the first step. (Remember the journey of a thousand miles begins with the first step.)

Be cautious, be smart, but also be brave. Our purpose in this world does not revolve around just paying the bills and watching another Star Trek re-run. Your second chapter awaits. What do you want it to be?

Filed Under: Boomers Helping Boomers, Retirement Tagged With: Baby Boomers, Boomers, Chapter two, Second Career, Second chapter, Zoomers

Business Models and Baby Boomers

November 25, 2011 by Dave Wellman 2 Comments

Image by Alex Osterwalder via Flickr

I have been engaged in an interesting discussion on LinkedIn with several people about business models. Which models are viable and which one’s should be avoided. As a Boomer myself, whose desire is to build a strong and successful business for myself as well as for my clients, a conversation like this can be a constructive one (or destructive if you are not careful).

The business models in question in this conversation are not really relevant but the conversation is. Here are my thoughts:

No one business model is right for everyone. In the conversation people have spoken both positively and negatively about every business model in the conversation. Some like the idea of finding that perfect, unique, niche business; some like the comfort of brick and mortar; others like franchise or “franchise-like” businesses. In the end business success comes when you find the business model that works for you and you pursue that!
Everyone considering a retirement business needs to do their own due diligence. Even as a business development coach, I cannot do your due diligence for you. All I can do is to help you search out the facts and help you understand/interpret them. Ultimately you must make sense of the facts and choose the business model that best suits you.
Don’t ever let one person (excited or angry) about a particular business model make this kind of decision for you. For every person who someone knows that has gotten “taken” by the bad people in one model, I can show you someone who was “taken” by the bad people in another model. I once had a car that leaked oil. Does that mean I should sway every person I know from buying that model car? (Even if I don’t tell you about my lack of care for the car as well?)

My point here is that in the world of business, every business model has its pros and cons. What you need to do is assess each model as to how well you could work with these pros and cons. Make your decisions based upon your investigation and due diligence, not based on someones hype or bad experiences!

Filed Under: Second Career Tagged With: Business, Business model, Collecting, LinkedIn, Models, Recreation, Scale