Baby Boomers: Know the Basics before Starting Your Own Business in the Golden Years

By Anna D. Banks, GCDF

So, here at last are your golden years! After enjoying the honeymoon period of holidaying and chilling out, you could be wondering what to do next. Maybe you are toying with the idea of starting your own business, not only to keep yourself occupied, but also to bring in some extra income. If that is so, then here are some basics you need to take into consideration in order to make it a success.

All successful businesses are based on a single factor – a good business idea. A good idea is the best launching pad for any kind of business. Once you have that idea, and you are eager to get started, you will have to channel that energy in order to get started with the business. Getting a business started is not complicated if you know the basics.

One of the first considerations you will have to take into account is the marketability of your business idea. Will people buy the product or service you want to sell? Examine the market closely and find out what kind of competition there is. If you think there is too much competition out there, then you could think about narrowing your idea to fit a particular niche. Determine which area requires your product or service the most, and make it your target to promote and sell your idea.

The next thing you need to do is find out about your state’s laws. You will need to ensure that you have the correct certification and licenses to sell your product or service. For example, if it is a day care center you are opening in your house, it may need to be inspected by the state. Special papers may need to be filled out. Obtaining a license to start your business will be required in many areas. Find out from your municipality about what you will require. Business licenses are generally not expensive.

Creating a business plan is another thing that is advisable to do. It lets you set values and goals for your business. Concepts that may be useful later can also be written down on paper. It lets you see how your business will be run and what you will do for it to grow. A business plan doesn’t take a lot of time to write, and yet it is one of the best tools to bring your business into fruition.

Assessing your financial requirements is the next thing you need to do. You need to find out what the costs of operating your business will be, and whether you will need to get a business loan to get it started. If you need investors or require loans, you will certainly require a business plan.

Another important aspect of getting your business running is advertising. This is about the only way your customers will get to know that you exist. Creating a website is one of the easiest and cheapest ways of advertising your business. The Internet these days has become the primary source for people to get information about products and services, hence having a website has become essential and is not an option any longer. You can create a rudimentary website that does not cost much if you are on a budget. But if it is a high quality website that you want for your business, it is best to hire a website designer.

By advertising, you also put yourself out in the market, promoting your business constantly. Become a member of networking groups and mail out flyers. If you can afford it, place ads in magazines and newspapers. Although it is not required to do everything all at once, however, always look for chances to promote and expand your business.

Take enough time for building your business in the right way. It is most probable that you are excited about your business scheme; however, you need to turn this excitement into productivity in order to get your business up and running.

© 2008 Anna D. Banks, GCDF
________

Author's Note:

Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Please email your questions to me at Anna@AnnaBanks.com.

Baby Boomers - Turn your Creative Practical Hobbies into a Business

by Anna D. Banks, GCDF


The retired life

The baby boomers are those who were born in the mid 1940s to the mid 1950s and are now retired and living the cozy life. But is it cozy? If you were to ask any one of these retired individual how they are enjoying being retired, you would get a response saying they enjoyed it initially but now they are bored, with lots of free time and nothing to do. Adjusting to a retired life can be difficult for some, especially those who are used to being active and working. How much golf and sailing can one person do any way?

One of the biggest disadvantages of being retired is the fact that there is a problem of money. You are retired and do not have a monthly income coming in, so playing golf, sailing or just going shopping may not be an option to those who have money constraints.

Pick a hobby

Every single person, man, woman, teenager or child has a hobby. Something they enjoy doing when they have free time. It could be reading, singing, swimming, dancing, painting, gardening, shopping, and decorating…. the list is endless. Hobbies help people relax and distress. When we get involved in our hobby we forget all our troubles and worries.

Each one of us is talented and enthusiastic about our hobby. Wouldn’t it be great if our hobby could help us make money? This is what most of the baby boomers are doing. They are converting their hobby into money making ventures. But do not confuse this with a quick money making scheme, because it is not that simple. It involves hard work and dedication.

Make your hobby work for you

Once you have decided that you are going to use your hobby to make money and get an extra income, then comes the time to make your hobby work for you. Before you start with earning money through your hobby, you have to evaluate whether or not your hobby is marketable. You need a hobby that is marketable or you need to think of a way to make your hobby into a marketable resource.

If you enjoy collecting books, open up a small library with a monthly subscription. If you are a woman who enjoys shopping and is aware of the latest styles and trends then become a personal shopper for those who need it. If gardening is your forte then write a book on gardening or create a website that generates money on gardening. If you like writing, then work with a magazine or a local newspaper.

If you love kids, open up a crèche at home or start teaching or helping out at the local kindergarten. If you enjoy cooking, start a small catering business or work with a restaurant. If you are poetic, then get in touch with a greeting card company and help create the copy for greeting cards. If photography is your passion, make that work for you. If you are interested in tarot cards, then become a tarot card reader. There are so many options and so many avenues open for you.

© 2008 Anna D. Banks, GCDF
________

Author's Note:
Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Email your questions to me at Anna@AnnaBanks.com.