Businesses are downsizing and many “older” employees are finding their positions cut to make way for younger (usually with lower paychecks) staff members. There is a boom movement in Baby Boomers becoming entrepreneurs — and why not! Sixty is the new fifty and if you want to know how to join the Baby Boomer Entrepreneur crowd, read on for tips to do just that.

Grab your pen and paper and make notes of the unique areas of expertise you bring to the table and how you might be able to parlay those talents or other talents you may have never had time to pursue into a new career as a business owner.

 How To Join The Baby Boomer Entrepreneur Crowd

  1. Delve into your passions. If you had a job that you loved, find a way to continue pursuing that as an entrepreneur. If you have a passion you never had time to follow because you were working, find a way to make that generate income. What do you love? What will people pay for? How can you marry the two? Search your soul for those things at which you excel; write them all down and see if any of those items are something you could see as a business endeavor.
  2.  Put together a business plan. Whether unemployment is looming or if you are already retired. Put your plan in writing. Have a business goal, or more than one. Know what you need to spend for start up costs. Know what you need to make in order to consider the business a success. If you put your thoughts in writing you are more likely to follow through.
  3. What skills do you need to brush up on? If you aren’t as technical as you should be, take a class. Look at your potential business ideas and know what skills you need to hone. If you are starting a business you will also want to build a team of at least an attorney (to have on call for contracts and other legal advice and to assure you’re setting the business up correctly) and a financial person — bookkeeper, accountant, etc. — to assure you’re setting up your accounts correctly and are staying in good standing with the IRS. You need to know what skills you need to hire for and what skills you want to learn.

If you’ve never been self-employed, this could be a worrisome time, but I urge you to embrace this new challenge and let it bring you joy! Do you wonder whether you have an idea that could warrant a business? If you’re unsure of where to even begin, drop us a comment and let’s set up a time to talk!

Share This