Many Baby Boomers are starting small businesses
- To pursue an interest or goal they didn’t have time for when they were younger
- For flexibility in work hours or location
- Persistent unemployment. The 55+ age group has the longest period of unemployment before being hired. Do you think there is age discrimination involved?
One important point I came across when researching this post—Don’t lose your retirement money!
You have less time than other age groups to make up your losses, so take less risk. Don’t use funds that you need to live on in retirement.
Here are some helpful small business resources:
- Small Business Readiness Assessment. The U.S. Small Business Administration’s (SBA) online checklist forces you to examine your personality, physical and emotional health, as well as skills and experience. The main strength of the checklist is that it forces you to slow down and really consider the many different factors that are needed to run a successful business.
- “Turning Hobbies Into Profits, With a Little Help” Elizabeth Olson, The New York Times. The article describes the steps two women entrepreneurs are taking to make their ventures a success.
- SCORE, a volunteer resource partner of the SBA, offers free business counseling. Help is available for established businesses, start-ups, and non-profits. Chapters also offer small business workshops. I’m partial to this organization since I volunteer with the Rhode Island chapter.
Visit the SCORE website at www.score.org to find:
A mentor. Free, confidential counseling is available face to face or by email.
Chapters near you. Type in your zip code for a map of local chapters.
Online workshops. Many live webinars are offered in English and Spanish.
Templates and Tools. Over 100 articles are available with advice on small business challenges. For example, I found an interesting article “10 Steps to Protect Your Great Idea.”