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.