Sunday, February 15, 2009

Boomers Mean Business

As the 50 plus age group postpones retirement in lieu of starting a new business, it has become apparent that Baby Boomers are playing a significant role in reshaping the look and characterization of today’s entrepreneurs. A new study on retirement from Merrill Lynch says 76 percent of the 78 million Boomers intend to continue to work into their retirement years.

Although the reasons for continuing to work or branching out on their own may vary, corporate down sizing , unplanned layoffs and diminishing investments are forcing Boomers to look for alternative sources of income.

Another segment of this age group is the “sandwich generation”. These are Boomers who are “sandwiched” between 2 or 3 generations. They may still be taking care of their own children and/or grand children while also tending to the needs of their elderly parents. Many in this situation must continue to work to offset these added financial responsibilities.

A home-based business would seem the perfect fit.

According to a recent study by the AARP, 16.4 percent of the 5.6 million working Baby Boomers aged 50 and older, are self-employed.

In the book, “The Best Home Businesses for People 50+”, the hottest self-employment careers for Baby Boomers are: service and consulting. Another popular trend for Baby Boomers is turning a hobby into income.

For Boomers like me, one of the advantages of a start up business, in lieu of our younger counterparts, is a lifetime of experience such as: people skills, business contacts, management and a strong work ethic.

After a 35-year-career in real estate, I realized the only way I would be able to offset rising inflation and the declining real estate market was to take control of my own income destiny.
I decided to develop and market my own inventions. If you are considering starting your own business, check to see if you have any of these traits associated with successful entrepreneurs.

1) A strong belief in self.

2) A determining drive and a “can do’ attitude.

3) A natural leader. Can you take charge a moments notice?

4) Quick thinker and multi-tasker. Orchestrating multiple projects is second nature to you.

5) Able to delegate when necessary. You can’t be all things to all people.

6) The will to survive. When everything and everyone is falling apart around you, you’re like a dog with a bone. You just won’t let go of the task at hand. NO, is not in your vocabulary.

If a home based business is in your future. Start with your local Small Business Administration and college adult education classes. Many colleges and organizations offer free courses for start-up businesses and cover topics such as: marketing, bookkeeping, computer software and finance.

click here for Free Resources

Live Your Passion, Jean Newell, The Boomerpreneur