Once you take the plunge into retirement you will feel the waves washing over you. Retirement can be like jumping into a pool and forgetting that the water isn’t very warm in June. You are all excited and happy and then you aren’t!
I’ve helped hundreds of people of all ages start their own business or transition from employee to entrepreneur. Baby boomers can be excellent candidates for entrepreneurship and more and more baby boomers are choosing to start their own businesses.
Why are boomer entrepreneurs the faster growing group of new business owners? According to Gallop research, the reason is related to lifestyle. Retiring boomers want more flexibility and independence in addition to increasing their income.
The Small Business Administration reports that Boomer Entrepreneurs are primarily choosing to start a business because it allows them to be Independent (32%), pursue their interests and passions (27%) or increase their income (24%).
Advantages of starting a new business later in life
- A range of life experiences leads to a broader perspective from which to make decisions.
- Older entrepreneurs are likely to have a solid credit history, which is vital for getting new business loans.
- Boomers may have more assets to draw from to start a business.
- Decades of building relationships and business networks are added assets.
- Successful corporate employees have management experience that will help them set up and run their new business more efficiently.
Seven ways to help manage the challenges and maximize the benefits of becoming a boomer entrepreneur:
- Know what is involved. Talk to people who have done it before you. Include those who have succeeded and those who haven’t.
- Understand what resources you need before you start. These include money, time, energy and people.
- Research your competition and find a way to set yourself apart.
- Start small and grow slowly. Slow and steady almost always wins the race.
- Communicate your passion about your business.
- Make sure you have taken a thorough inventory of your highest priorities (personal and professional), so you don’t set yourself up for too many conflicts between the demands of your business and personal life.
- Be sensitive about how your new business may impact your important relationships.
As a business coach I help guide clients who want to start their own business or need help along the way. Based on my expertise in stress and emotions management, I help entrepreneurs with the inevitable fears, frustrations and discouraging times that are par for the course when starting a new business. Successful entrepreneurs are big believers in getting professional help and guidance.
Call me for a complimentary consultation. I’d love to help you!
MarGO!
Blog post written by Margo Geller and Debra Livingston
