A Two to Five Year Retirement Plan

May 18, 2012 by Leave a Comment
Retirement

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?

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Filed Under: Boomers Helping Boomers, Gen-Xers, Second Career Tagged With: , , , , , , , ,

If Not a Job then What?

April 2, 2012 by Leave a Comment
Question mark

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Last week I wrote an article asking the question, Do You Really Want a Job? Nearly all of those who responded said “NO” they would prefer to not count on the uncertainties of a job in this current economic climate. This necessarily leads to the next logical question, “If Not a Job then What?”

I mean the obvious answer to “what” is a business. However, that is a awfully broad answer and one that needs a bit of consideration before you just jump in and start!

To begin with, since somewhere around 80% of people say that they hate their jobs. Around the same number of working Americans saying that they are looking for a different job. So, trying to start a business in your current field might not be a great idea. Having a business you hate doing is way worse than having a job you hate!

Here are a few practical steps to help you answer the question and find the right business for you:

  1. What is it that you absolutely love to do? Loving what you do certainly makes “building your business” a much more pleasant thing to do.
  2. Who are your potential customers? In other words, are there enough people who both need and want what you have to sell to make your business a success?
  3. What kind of business do you want to be? Home-based, mobile office, or brick and mortar? “Franchise-styled,” direct sales, or service oriented. Choosing the right kind of business both in location and type can be the difference between success and failure.
  4. How will your new business effect your life plans. Many people jump into a business trying to escape the efforts of a job only to find that a business requires more of them than they a willing to give or worse yet they give it more than it deserves and the rest of their life falls apart around the business.
  5. How much time and resources do you have to develop your business? It is rarely a good idea to quit your day job until you are reasonably certain your new venture has the capacity to replace your current income.

I personally agree with the majority of the comments that the advantages of a business far outweigh those of a job, but I also understand that reasonable steps must be taken to assure the success of your start-up business. Be careful, be creative, and be successful!

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Filed Under: Small Business, The Dream Tagged With: , , , , , , , , , ,

Do You Really Want a Job?

March 26, 2012 by 9 Comments

According to a Forbes magazine article, “Cloud computing will potentially generate at least 14 million new jobs across the globe within the next three years.” While I readily admit that these numbers are impressive (albeit speculative), my question is, “Do you really want a job?”

Being an entrepreneur at heart, the thought of having to trust someone else for the direction of my life and the quality of that life, just doesn’t appeal to me. I would much rather test the waters myself and look for a self-reliant way of living out my life purpose than to trust the speculations of someone who might well let me go at any time for the benefit of a friend, relative, or someone the thinks might make him more money than I can.

I sat with a man one day last summer who was in just such a situation. He was, as I recall, either the number one or two salesman in his company. The owner came in one day and simply said, “we are cutting back and you are out.” The man I was having coffee with said he left that day with no job, and no paycheck. (By the way he had to call for a ride because the company took his company car keys as well!)

I have personally come to the conclusion that the kind of pressure that a job creates is way more damaging to me than that of creating a dream business that allows me to live out my life’s purpose every day.

What do you think? Is there a better option?

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Filed Under: Small Business Tagged With: , , , , , ,

What’s Simple Isn’t Always Easy

March 10, 2012 by Leave a Comment

In my last post I wrote about mirco-business start-ups and how they were the wave of the future. As is the case with most posts I had some good comments and some push back. I wanted to take a couple minutes this morning to respond to the push back which centered around the idea that starting a micro-business was not as easy as I made it sound.

A Picture of an Staples, Inc. easy button

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Three things came to mind as I read that comment:

  1. There is a difference between simple and easy. In my mind something that is simple is something that is not complicated. Take for instance the putting stroke in golf. It is a very simple motion, back and forth with the putter face square at impact. But, if you have ever tried it for yourself you know that putting for a birdie with the pressure of winning a round is a lot harder than the simplicity of the stroke would indicate. The fact is that what’s simple isn’t always easy. The carefully thought out steps to establish a micro-business is not complicated, but the application of that simple process is not always easy.
  2. Anything of value in life requires both effort and commitment. Personal health comes from proper diet coupled with exercise (neither are easily accomplished). Creating a successful business requires planning and execution (again not easily accomplished). However, as with personal health, the effort needed and the commitment required are worthy of the outcome. So it is with starting a business. The outcome of being in business for yourself and living your passion is worthy of the effort and commitment it takes to get there.
  3. Business creators thrive on the challenge. I for one will readily admit that I am a terrible employee. My life desires have always tended to the creative and most employers don’t really like their employees being creative. Those employers already have a business culture and don’t particularly care for someone coming into it and trying to change things. The challenge of starting a business and creating a culture that matches who you are is what makes the efforts worth the struggles. Entrepreneurs thrive on overcoming obstacles and turning their dreams into working businesses.

Now I understand the struggles that come with micro-business ownership, but I personally would choose any other life. It is part of what gets me up in the morning and what keeps me up late into the night (sometimes at least). It’s what makes me tick. That said, I know that what’s simple isn’t always easy!

 

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Filed Under: Local Business Success, Small Business Tagged With: , , , , , , , ,

When Should You Start Working on Your Second Career?

October 4, 2011 by 4 Comments

I had a wonderful conversation this morning with someone I just met today. She and a friend have partnered together to create a very successful non-profit that any aspiring entrepreneur would be proud of. As we talked, she said that as far as the planning and preparations were concerned, she and her partner had to treat the formation of their non-profit just like anyone starting a for profit venture.

As she talked, she said that they worked for  months in their research and planning. This before they would even speak openly about what they were planning. And of course in those nine months of research and planning, no money was made to compensate them or their charity.

That said, the question comes to mind, “When should you start working on your second career?” The simple answer is, “Way before you need it to make you any money!”

The more educated and responsible answer would likely have three aspects:

  1. You need to start while you are still making an income from your first career (or your non-retirement career for you well traveled Boomers.) These ladies put nine months of research and planning in before they ever decided to make the leap.
  2. You need to give yourself sufficient time to begin to show the kind of income you have decided is necessary in order to leave your current career for your retirement career. Don’t let one or two good months allow you to leave that regular paycheck too soon. Create and show consistency before you leave.
  3. You need to take stock of the time requirements for your retirement career. If you are going to have to spend more time than you would like to create the kind of income you are looking for, you might want to re-think your choice. The worse thing that you can do is to create a business that you hate and have to live off the income from that business for the remainder of your life!

My program teaches a two year retirement model. The first year falls under the category of education, research, and preparation, while the second year includes the launch, branding, client building, and systems tweaking. In this two year period, profits will come at a premium, but by taking right amount of time to create and grow your second career, you will be more comfortably able to leave your current career for a relaxing and productive retirement life!

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Filed Under: Boomers Helping Boomers, Retirement, Second Career Tagged With: , , , , , , ,

Four Seldom Used LinkedIn Features

September 26, 2011 by 4 Comments
This is icon for social networking website. Th...

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I personally think that LinkedIn is the best B2B and/or job search social media site currently available. It has a set of features that I think bring all that an existing business, someone looking to start a business, or someone looking to for employment needs to find what is right for them.

That said, I also think that very few people take advantage of all the features available to them and, by not doing so, limit the effectiveness of this wonderful platform. Today I want to talk about four seldom used LinkedIn features and how to make them work for you:

  1. First let’s begin in the “Groups” section. LinkedIn allows you to join 50 groups. This makes it possible for you to get noticed by a lot of people who have similar interests, knowledge, and passion as you. Many people join these groups, but my experience has been that very few take advantage of them. These groups give you a voice, they afford you a way to get your knowledge out, they can open doors if you will spend some time in them regularly. You outta give them a try!
  2. Next, consider the “Companies” section. Here you are able to follow companies in your industry (even your competitors) or even one’s you would love to work for. By following these companies you will know what they are saying, where they are headed, and in some cases what they are planning to do next. You can gain industry insight and, if you are looking to work for one of them, you might even find a solution for a problem or an idea that might move them forward (looks great on a job application).
  3. Have you ever explored the “Answers” section of LinkedIn? There are thousands of people asking questions about every subject under the sun. It is a place where you can let your knowledge and skill set shine. If I were looking for joint venture partners, answers to questions plaguing my business/industry, or an employer looking for answers that I have knowledge of, this is where I would start.
  4. Reading List is my fourth choice for seldom used features. This feature allows you to look at reading lists from people in specific industries. This not only allows you to see what is being read, but it gives you insight into the problems that some may see in that industry and allow you to position yourself as the one with the best solution.

There you have it. My list of four seldom used LinkedIn features that could make LinkedIn not only a compelling platform for you but could also make you a sought out expert in your industry!

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Filed Under: LinkedIn, Networking, Social Media Tagged With: , , , , , ,

The Boomers the Economy Forgot

August 9, 2011 by 28 Comments
Unemployed men hop train. Canada.

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As I have watched the economic news over the past few weeks, I was startled by a statistic. It indicated that boomers are one of groups that stay unemployed the longest and who find it the most difficult to get a new job that pays similarly to the job that they lost. Now, I know that there are many factors that make up this statistic, but it still seems to be a difficult one for me to swallow.

As an example, I was talking with a woman who told me she was recently laid off from one job, hired and then laid off from a second and just didn’t want to go through that process again. Her answer was to start a home-based business that gave her the freedom to set her own hours, meet her family’s needs, and make “a decent income.”

I have talked a lot about developing a “second career” and how that would benefit the boomer in their retirement years. But, for these out of work boomers, the thought of “retirement” or of a “second career” might seem like pipe dreams or hollow promises. What they need is a job that pays the bills or a business that is simple to start and inexpensive to operate. They need the boomer community to rally around them, look for them, make use of their experience, and help them to a better now and a great future.

What do you think? How can we boomers help our fellow boomers in these trying times? Shouldn’t we remember the boomers the economy forgot?

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Filed Under: Retirement, Second Career Tagged With: , , , , , , , , ,

Your Second Career – When Should You Start?

August 2, 2011 by 2 Comments
"Boomers on Wheels" at the CREHST ( ...

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So many boomers have recognized that they both want and are going to need to have a second career after they retire from their first. The question then becomes, “When should you start that second career?”

While, there are certainly some contributing factors that would make every situation different, I think that there is are a few guidelines concerning this question:

  1. Your investigations should start sooner rather than later. My recommendation is that you should begin considering your options at least two years in advance (more time is better).
  2. When you find some things that appeal to you, you need to “get your feet wet” to see if these options have the kind of personal satisfaction and income potential that you are going to be looking for in your second career.
  3. Once your research and dabbling has led you into a particular niche, you can begin on a very part-time basis to create, market, and build your second career. By the time you are ready to end your first career and launch your second, you will already be building something that reflects your essence and provides the kind of income that will secure the kind of retirement income you are looking for.

If you take the time to plan ahead, test the waters, and then build in your extra time, you will be able to walk away from your first career with anticipation and excitement for what lies ahead!

What has been your experience? Have you already begun that second career? What have you learned that could help the rest of us?

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Filed Under: Retirement, Second Career Tagged With: , , , , , , ,

What do you want in a second career?

July 28, 2011 by 11 Comments

I was talking with a new friend just yesterday about “what I do.” When I told him that I help boomers transition into a second career doing the things in life that make them happy, he looked at me with a strange look. I think the look is indicative of many who don’t equate work/career with something that you want to do.

Yet, so many boomers these days do want to do something in their retirement years that revolves around the establishing of some sort of business enterprise. The question for many is, “What do you want in a second career?”

Some folks want to explore something completely new and foreign to anything they have ever done before while others want to elevate a hobby into a career/business. Still others want to remain in their current industry/market but doing so as a free-lance consultant or trainer. There are lots of options and lots of questions that need to be asked and answered.

Time considerations, location, travel, family, and amount of income to be drawn from the new business all play a part in making the right decisions. In the end, you have to choose. You have to decide what you want in a second career. You have to think, talk, plan and prepare. If you do making the right choice for you will be much easier than you think!

What do you want? Any ideas about how to find the answers? How did you come to your decision about your second career?

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Filed Under: Retirement, Second Career Tagged With: , , , , , , ,

How to Start a Second Career

June 25, 2011 by Leave a Comment

This is the third 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.

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?”

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Filed Under: Entrepreneurialism, Retirement, Second Career Tagged With: , , , , , , ,
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