Seniors in Business
Seniors are in business. Retirement jobs
come in two forms: employee and self-employed. The latter sometimes
requires outside funding, and that's where the problems come in.
Who's kidding who? When seniors
in business go after funding, it's immediately assumed that they won't live
long enough to pay off the debt.
There's a real advantage to knowing this: you
know what you are up against. And, knowing that, you can devise strategies to
overcome it.
Strategy #1: Live
longer.
No kidding. Being in good health, and looking
it, will go a long way in any retirement job, including employing yourself.
I lived the first 60 years of my life mostly
in California, where anyone over 25 was considered middle aged. You bet I know
about age discrimination.
I'm in the list of people on the left. That's me,
through a very fuzzy lens, with lots of hair color.
Whatever it takes for you to feel younger, do
it. (Well, almost anything.) Do yoga. Swim. Read comics. Run a marathon. Get
alive. That feeling needs to project to any potential lender, in the printed
business plan presentation, the online business plan, and the face to face
presentation, no matter how much or how little funding you are looking for.
Were you looking for a traditional retirement job, I offer the same advice.
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Here are only two of
your business options.
Click on the book covers
for more information. |
Strategy #2: Strut
Your Stuff
One of the real advantages to being a senior
in business is that you have lots of skills and lots of experience to bring to
any retirement job. Flaunt it.
Lenders claim they want experience. Give it
to them.
When going after funding, emphasize those
skills in your business plan. If you are developing an organic vegetable
business, emphasize the skills needed to make that business successful. It
matters very little if you ran a million dollar business division for an
international corporation -- your ability to grow and sell organic vegetables
is far more important. However, that business division probably helped you
develop skills in leadership, planning, financial accounting, advertising, and
any number of other things.
Strategy #3: Go co-op
with other Seniors in Business
All lenders like to see that secession is in
place. For younger folks, it may be a son or daughter, or a senior staff
person.
For older folks, it just might be each other.
A single senior might have trouble raising
funding for a child care center. A group of seniors in business working on the
same project would have a much better chance.
The co-op notion neutralizes a lot of
problems for retirement jobs. It allows time off for family or doctor's appointment, for instance.
And it draws upon the skills of many people, ensuring that all shifts and all
departments are covered -- no small accomplishment.
And, it ensures succession. What more could
any lender ask for?
Strategy #4: Look to
the government
We are not the welfare generation, if indeed
there ever was one. We have worked to become successful, independent people.
So how can I tell you to look to the
government for help in establishing your retirement job? Because you will likely find it there.
The SBA has some great lending programs, all
of which are available to seniors in business. There's a microloan program
that works well for small businesses, women's
programs, veteran's
programs,
minority programs of all sorts. Use them -- that's what they are there for.
Also look to local government and industry
for assistance. Many local agencies and companies would love the great public
relations boost for helping seniors in business. So give them a chance to be
nice. The more your business impacts the agency and the community, the better.
Okay. So what kinds of
businesses can seniors in business pursue?
Well, just about anything. Consider these
options:
If you are by yourself and are computer
literate, a web site is hard to beat as a retirement job. It's flexible, challenging, fun, and
lets you make money at your hobby. Most web sites won't make a fortune, but
they can provide a nice supplement to retirement funds.
Other options for retirement jobs and businesses
might be to sell door to door, baby sit, edit books, review books, create
artwork for weekend art fairs or consignment sale, mend clothes, design
clothes, run errands, be a tourist guide, tend pets, start a butterfly farm,
be a tutor, do business consulting, refinish furniture, breed fuchsias or red
roses. Mostly, avoid running a complete retail or wholesale business by
yourself -- the hours are murderous, and that "secession" notion
will pop up to bite you real soon. Also check out Business
Ideas for Home for an inspiration or twol
With other seniors in business, the sky is
the limit. Whatever you can dream, you can do. Pool talents and divvy up the
tasks. Do make sure you have a fair operating agreement in place that defines
each person's risks and each person's reward.
Then go for it. And, please let
me know how you fare. I would love to hear your stories.
Also see:
SBA
loans come in all shapes and sizes and ages. With no age discrimination
allowed, there are real options for seniors in business.
There are a lot of sources that seniors might
consider, including business
grants.
Take a look at 101
free business plans for ideas on what to do, and how to present your
business concept.
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