Writing A Business Plan:
Seniors in Business

Seniors in business used to be less common.  Now seniors are in business, whether they want to be or not. 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.

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.

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.

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