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Here are 7 Key Considerations for Baby Boomers Exploring Business Ownership
As retirement approaches, many Baby Boomers discover that traditional retirement may not fit their lifestyle, goals, or financial needs. Increasingly, members of this generation are exploring business ownership to stay active, generate income, and build a lasting legacy. If you’re a Baby Boomer considering this path, here are seven crucial factors to remember: how a Career Ownership Coach® can guide you through the process.
1. Embracing the “Unretirement” Trend
The concept of retirement is evolving, and Baby Boomers are at the forefront of this change. A study by AARP states that nearly 3 in 5 (57%) workers aged 50 and older envision a phased transition to retirement rather than an abrupt exit from the workforce. This “unretirement” trend drives many Boomers to explore entrepreneurship as a viable option.
How a Career Ownership Coach® can help: A coach can help you assess your readiness for business ownership and align your entrepreneurial goals with your overall life plan. They can provide insights into various business models that suit the “unretirement” lifestyle, allowing flexibility and work-life balance.
2. Leveraging Your Experience and Skills
Baby Boomers bring a wealth of experience to the table. A survey by Guidant Financial found that 76% of Baby Boomer business owners felt their previous work experience was crucial to their current business success. Your years in the workforce have equipped you with valuable skills, industry knowledge, and professional networks – all of which can be powerful assets in entrepreneurship.
How a Career Ownership Coach® can help: Your coach can work with you to identify your transferable skills and determine how they can be applied to various business opportunities. They can help you explore industries where your experience gives you a competitive edge and guide you in leveraging your professional network for business success.
3. Understanding the Financial Implications
Starting a business requires careful financial planning, especially when nearing retirement.
How a Career Ownership Coach® can help: A coach can assist you in evaluating different business models and their associated costs. They can guide you through options like franchising, which often provides a clearer picture of initial investment requirements. Your coach can also help you explore funding options, from using retirement savings (with careful consideration of tax implications) to seeking investors or loans.
4. Balancing Risk and Reward
While entrepreneurship can be rewarding, it also comes with risks. A study by the Bureau of Labor Statistics shows that about 20% of small businesses fail within their first year, and about 50% fail within their first five years. However, these statistics shouldn’t discourage you – they highlight the importance of careful planning and informed decision-making.
How a Career Ownership Coach® can help: Your coach can provide a realistic assessment of the risks associated with different business opportunities. They can help you develop strategies to mitigate these risks, such as thorough market research, robust business planning, and exploring lower-risk options like established franchises or buying existing businesses.
5. Embracing Technology and Innovation
In today’s digital age, technology is crucial to business success. While some may worry that Baby Boomers are disadvantaged, statistics show otherwise. A study by Dropbox found that 51% of Boomers were excited about new technologies in the workplace, compared to 40% of Millennials. This enthusiasm for technology can be a significant asset in business ownership.
How a Career Ownership Coach® can help: Your coach can help you identify business opportunities that align with your technological comfort level. They can also connect you with resources to enhance your digital skills, ensuring you’re well-equipped to leverage technology in your business venture.
6. Building the Entrepreneurial Mindset
Transitioning from employee to entrepreneur requires a shift in mindset. According to a study by the Global Entrepreneurship Monitor, 55.5% of Americans aged 55-64 believe they can start a business. However, developing an entrepreneurial mindset involves more than just confidence – it requires adaptability, resilience, and a willingness to learn continuously.
How a Career Ownership Coach® can help: Your coach can help you cultivate key entrepreneurial traits such as calculated risk-taking, innovation, and strategic thinking. They can provide tools and techniques to help you develop a growth mindset, overcome challenges, and stay motivated throughout your entrepreneurial journey. Additionally, they can help you identify any limiting beliefs or habits from your previous career that might hinder your success as a business owner and work with you to overcome these obstacles.
7. Planning for Succession and Legacy
As a Baby Boomer entrepreneur, it’s essential to consider your business’s long-term future. This includes succession planning and considering how your business fits into your legacy. A survey by Wilmington Trust found that 58% of small business owners still need a succession plan, which can lead to difficulties.
How a Career Ownership Coach® can help: Your coach can assist you in developing a long-term vision for your business, including succession planning. They can help you build options like grooming family members to take over, selling to employees, or preparing the business for sale to an outside party. This planning ensures that your business thrives and contributes to your lasting legacy.
For Baby Boomers considering career ownership, partnering with a Career Ownership Coach® can make the difference between merely dreaming about entrepreneurship and successfully launching and running a thriving business. As you explore this exciting new chapter, remember that with the proper guidance and careful consideration of these critical factors, you can leverage your experience, skills, and passion to create a fulfilling and successful entrepreneurial journey.
About Your Career Revolution
Our mission is to help individuals explore self-sufficiency as an alternative career.
We help them define their Income, Lifestyle, Wealth, and Equity goals and provide education on the best ways to achieve them. We don’t sell franchises – we help people achieve their dreams of self-sufficiency through business ownership. The approach is different, the experience is different. And it works.
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