Does a Halfpreneur need a business plan? It is a question that has no right answer. Yes, No, and Maybe are all correct.
YES!
If you will be applying for a business loan, a business plan will be required by the bank.
You will need a business plan if you are seeking business investment. Potential investors invest in people, their ideas, their track record, the market and other factors. Your business plan will define and explain your business and its potential.
If you will work with partners or a team, a business plan defines the agreements between partners. For a management team the business plan establishes where you are starting off and where you intend to take the business.
Last but maybe not least, you will need a business plan to set a value on your business if you sell your business, when you do estate planning, or if you divorce.
NO!
You may not need a business plan if you are running a small business that you are self-funding.
If your business is based on your hours or space and growing it larger is not in your plans, the b plan may not be needed. For instance many coaches do not have business plans. If you are going to walk dogs, board birds when their owners are on vacation, or make and sell custom quilts, the business plan probably is not necessary.
If your plans to be a Halfpreneur are very temporary, such as you will be doing small home repairs until you find full time employment again, a business plan may not be needed.
MAYBE!
If you are a Halfpreneur who wants to sell a product or service, a business plan provides a structure for outlining what will be important for setting up and successfully running your business. It can help with setting reasonable and measurable goals.
If you are starting off part-time as a trial run for full-time entrepreneur or you do not want your profits completely tied to space in your extra room or the 10 hours per week that you have to devote to your business, then a business plan may be useful.
A business plan can start off just a document to guide you and your new business. It may never go any further than your desk, but it gets you off on the right foot, thinking like an entrepreneur of business person.
A business plan generally includes such sections as: Executive Summary, Company Description, Products and Services, Market Analysis, Strategy and Implementation, and Financial Analysis. It might also include sections on Management Team and Web Use. A copy of your resume is often a part of the Executive Summary or just a part of the plan.
If you decide that a business plan is not necessary, you should at least have a plan that contains short and long term goals that you are committed to being accountable for.
The Plan
www.bplan.com offers information on business plans and starting a business, business plans that you can review for free, and business planning software (not free, but reasonably priced).
Need help setting your goals. The Halfpreneur offers coaching. Contact Mary Ann, the Halfpreneur,at 508-752-2600 (Career Development Services) or at thehalfpreneur@gmail.com
This post is for the aspiring part-time entrepreneur who does not really like computers and prefers animals and the great outdoors to working closely with other people. Well, you cannot totally avoid the human animals, but there are plenty of opportunities to work with animals and/or be outside.
Pets …..
Dog Groomer: LearnToGroom offers a video training course. Learn how to hold dogs and properly use the tools needed to properly clip Terrier breeds, Spaniel Breeds, Poodles, Mixed breeds and other breeds (Old English Sheep dog, Bichon Frise, Maltese, etc). A second course is available if you want your business to be mobile groomin.
Pet Sitter: If you love animals Pet Sitters International can prepare you to be a pet sitter or a dog walker. The PSI Accreditation Program is an in-depth educational coursework that has been tailored exclusively for pet sitters. The curriculum includes topics on Pet Care, Health & Nutrition, Additional Services and Business & Office Procedures (37 informative topics in all). The coursework was developed with input from some of the most knowledgeable professionals in the pet-care industry.
Pet Massage: Massage therapy for people is now integrated into traditional Western medicine and wellness care. Massage Therapy and Physical Therapy may soon play a similar role in veterinary medicine and home-based animal care. PetMassage offers basic training and materials for both in-house workshops and Distance Learning courses. Additional courses in energy work and water work are also available.
Equine and Canine Massage: Equissage is the oldest and leading trainer of animal massage therapists in the world. Since 1991, Equissage has graduated more than 10,000 Equine & Companion Animal Massage Technicians, from every state in the US and 20 different countries around the world. As of March 2008, Equissage began it’s nationwide and worldwide expansion of satellite teaching locations.
Equissage offers on-site program for those in the New England and New York area. The five day intensive program provides certification for Equine Sports Massage Therapy. .
Dog Trainer: The Association of Pet Dog Trainers (APDT) has established a series of standards for professional competence. The site lists the various organizations and links so you can begin working to toward the title of Certified Pet Dog Trainer.
Pooper Scooper / Dog Doo Remover. Yes you can do this professionally. Pest waste is a health problem and many cities and towns have laws mandating that owners pick up after their pets when they are on public property. The Pooper Scooper cleans yards and private property, discarding the wastes in receptacles belonging to the pets’ owners. Generally scooping is scheduled for once a week. This is a business a teen-ager can start. Scoopers charge $12.00 to $25.00 per week depending on the number of dogs. There is even a professional organization. The Association of Professional Animal Waste Specialists
Seasonal or Year-Round Work in National Parks: CoolWorks.com is the Portal for more than 70,000 seasonal jobs in national parks. http://www.coolworks.com/older-bolder is for you if you consider yourself “Older & Bolder” and are looking for a seasonal job in a great place, the employers listed in this area are interested in older, bolder workers. Each position has varied accommodations; some have RV spaces, some offer private rooms, and others have rentals nearby.
Seasonal, Year-Long, or Volunteer jobs for nature lovers and others. (for example work or volunteer at retreat centers) Back Door Jobs offers jobs and learning experiences in ecology, sustainable agriculture, teaching English as a Second Language and more.
Rancher: If your love of wildlife includes the animal variety, consider alpaca ranching. The Alpaca Owners and Breeding Association can provide information and contacts.
Professional house sitters / property managers get free board and sometimes a salary. Live on estates, mansions, farms, ranches, resort homes, retreat centers, camps, hunting and fishing lodges, vacation homes, and even private islands. Great work is you want to do something seasonal or if you are one of the “working retired.” Caretaker Gazette is published bimonthly and informs member of new caretaking and house sitting jobs via an email update service.
Organic Farmer, Landscape Company Owner, Winery Owner, Travel Writer, and Archeologist Yes, you canget paid to go on digs. There are E-books telling you how to get started, priced from $15.00 to $30.00 at http://www.fabjob.com/
Initially you are excited about starting your own business and then the obstacles to self employment begin to emerge. If you are planning a seasonal or weekend business, some of these obstacles will apply but they may be far more relevant for the potential entrepreneur who is starting out part-time with the hope of pursuing their entrepreneurial venture on a full time basis.
Erroneous Advice and Lack of Support
Avoid Negative People
The erroneous advice is most likely to come from people that you care about and people who care about you. You may get a litany of “90 percent of all businesses fail.” “Remember your uncle who did Amway and was left with a garage full of soap.” “You’ll never be able to afford health insurance or save for retirement.” “If you’re no longer making enough money, tighten your belt, downsize your house, move to an area of the country where the economy is better.” “You don’t have enough experience or knowledge to start a business.” “You’ll never find the time.”
Chances are these people want what is best for you and what is best is, at least, for them is SECURITY. It is quite likely that they are afraid of trying new things and therefore you should be afraid, too. These family members, relatives, and friends can throw a wet blanket on your plans and dreams. If you have any fears or doubts about starting a business they may make your anxieties even worse.
Solutions
Surround Yourself with Entrepreneurs
Do not “go public” with your idea too early. Do your preliminary research and surround yourself with people who have started businesses and believe in you and your business. Begin to seek out people who you may need to consult with about skill sets you lack such as web design or accounting. Although a business plan may not be necessary for a small, self-funded business, having a plan may make you more confident when you have to deal with the naysayers. If one of the chief naysayers is your partner or spouse be direct in your communication. Be clear on why you need to pursue this dream and don’t set your relationship up for future resentment.
Lack of Confidence, Fear of Failure
You realize there are new things to learn, skills that you may lack, or that you may fail. If you lack support, your forward movement may be paralyzed and this may set off a vicious cycle of self-fulfilling prophecy
Solutions
Meditate
Pay attention to your thoughts and engage in practices to help you detach from them: meditation, journaling, yoga. Thoughts are powerful and if you become obsessed with the possible problems and obstacles to your success, you will not launch any of your plans into action. Thus you create the self-fulfilling prophecy.
Again, surround yourself with other who are entrepreneurial and who believe in you and your business. They probably have experience with fear and failure as well as with success.
Lack of Finances and Time
If you are starting a part-time business and keeping your full-time or regular job, you need to finance your business but you do not face the financial anxiety of being totally self-supporting. We cannot create more time! To find the time to start and run your business, you probably will have to make some sacrifices.
Solutions
If you goal is to be a full-time business owner, take time to transition into this role by starting part-time.
TIME – Skip TV viewing and cut down on your computer time, especially FaceBook and surfing the web. Use your weekends for your business. Depending on the type of business, get up earlier in the morning, to work on your information product , write your blogs, or your ezines, or your book before the family gets up. Sacrifice but don’t be a martyr! Take time to rest and recharge; take vacations. No breaks from work often decreases productivity.
Have a Yard Sale
– raise some money by selling what you don’t need. Reduce some living expenses, if possible, like what you are paying for telephone and cable TV. Cut back on fast food, eating out, and entertainment. When starting your business, keep your overhead low. Work from home, or a coffee shop, or an office co-op, or sublease your office space. Start off with a website that you can do yourself or with minimum assistance. Weebly and WordPress are fairly easy to use. (I use both – one for my blog and one for my website). Vista or moo.com are sources of inexpensive business cards. Use PayPal or Square with your mobile device to accept credit cards and do your marketing on Twitter, LinkedIn, Facebook, and Yelp.
Self-Sabotage
Self-Sabotage can come from many things: perfectionism, unrealistic attitudes, attitudes about money, lacking a clear business plan, or not thinking like an entrepreneur.
PERFECTIONISM – Don’t wait for things to be perfect. The website, the blog, the information product just has to be good enough.
Solution: Strive for excellence but not perfection.
Easy Money
UNREALISTIC ATTITUDES – If we are looking at self-employment –related websites on the Internet, we are bombarded by sites telling us we can earn a six-figure income and only work four hours a week, just purchase whatever it is that they are offering. It takes time to grow a business. Unrealistic attitudes may also take the form of overestimating your market.
Solutions: Research – Talk to people who in similar businesses to yours or to the one you want to start. Read magazines and journals written about this business.
Invest in Yourself
ATTITUDES ABOUT MONEY – Do you have issues with money? Have you been told that it is the root of all evil? Is it more noble to be poor? Does having money mean your selfish? Does starting a business mean that there is no money to invest in yourself? Not charging what your service is worth is another problem that will bring your business down. Finally, back to finances and on to business planning , you must be willing to work on how you will manage your income and expenditures.
Solutions: Daily mindfulness – become aware of what you are telling yourself about money. Get coaching on this issue. Invest in yourself as well as in your business.
LACKING A CLEAR BUSINESS PLAN – Do not begin your business until you are sure what you are in business to do. A lack of focus and vagueness as to who your business will serve is a recipe for disaster.
Solutions: Assess your passions, interests, strengths, talents, and skill sets. What can you offer to a specific niche? Research similar businesses online, what are their strengths and weaknesses. What do they offer. Join a local Chamber of Commerce or meet-up group to develop a professional network of people who share a similar interest. Dream/imagine what you want your business to look like. Creating a vision board might be helpful. Set short and long term goals for your business or use business plan software that will help you develop your ideas.
Learn to Think Like an Entrepreneur
NOT THINKING LIKE AN ENTREPRENEUR – You are an entrepreneur, even if only a seasonal or weekend entrepreneur. Thinking like an entrepreneur may mean that you will need to give up something called entitlement thinking. No this does not mean that you need to become right-wing and against Social Security and Medicare.
Solutions: According to Barbara Winter, author of Making a Living Without a Job there are a number of differences between how an entrepreneur thinks and the entitlement thinking common to many who work in corporate/state-funded positions. EntrepreneurialThinkingEntitlement Thinking
How much can I give? How much can I get?
Embrace problem-solving Others should fix my problems
I am responsible It’s not my fault
Instigates Waits
I can create my own benefits I deserve lots of benefits
Let me stretch Let me stay in my comfort zone
Work is endless discovery Work is predictably routine
Most people are trustworthy I don’t trust anyone
Flexible Ideas set in concrete
Welcomes change Fears change
Forward-thinking Clings to the status quo
Capacity to shift gears quickly, not Resentful and complaining during driven by economic ups and downs economic downturns
Recently at a lay-lead service at a local Unitarian Universalist church, the lay leader, Don Rawding, gave a sermon on “Change”. After discussing some less than adequate ways of dealing with change such as deny it, lash out at every person, situation and event involved with it, ignore it and hope it will go away, get stubborn and refuse to change, he suggested the best thing to do was FRET: Face reality, Reflect, Evolve, and Thrive.
Job loss and “forced retirement” are changes that many older but not old workers must deal with. Many workers need to have income throughout their 50s and 60s and maybe even into their 70s. Others want to work for a variety of reasons: colleagues, they still enjoy their professional work, their job gives their life meaning, structure. If we have a job at this age we’re advised to keep it since we will see more SSI income if we wait and retire at 70!
Hit with job loss, many do take these less than adequate strategies. “Those higher ups will see their mistake and hire me back in no time.” “It’s all the fault of ______ (fill in the blank).” “I’ll just keep posting resumes on Monster and someone will eventually hire me.” “One of these days my lucky number will come up.”
FRET struck me as a good model for dealing with this change. Face reality. Older workers with great up-to-date, in demand skills do sometimes get new jobs in their fields at pay comparable to their former jobs. But age discrimination is real. Older workers are seen as more expensive, not up-to- date on skills, and 30 and 40 year old managers do not want to hire someone who is the age of their parents! If you want a job, the research suggests that nonprofits are the most likely to hire you, but your skills must still be a good fit.
own your own business
Face Reality – I have a collection of books going back at least 20 years. The advice in almost all these books is that if you lose your job in your late 50s or 60s, start your own business. A few books published between 2004 and 2007 projected that older workers would be needed and ageism would become a thing of the past within a few years because of the smaller generation that is coming along. The authors of these books did not foresee outsourcing, the potential of computers, or the Great Recession.
accomplishments
Reflect – What have you accomplished thus far in your life? What gives you a sense of pride and accomplishment? It does not have to be what you did in the work force? It may be the family you raised or what you have contributed to a church or some other organization. It may be a hardship or a trauma that you have overcome. What skills have you used? Is it important that you continue to exercise these skills? It may be useful to write down your accomplishment s and skills. There is something about seeing things in writing. Is there anything that is unfinished that is still important to complete? Are there areas of life that need to be enlarged? Maybe you were a workaholic and have forgotten what leisure and play feel like!
Evolve – Make some changes in your life. Do you need to develop your computer skills, exercise, lose weight, get training or a certification? Is it time to try something new or go back and enjoy some activity that you have not done in years? You may very well have 20 to 30 years of good health ahead of you.
Thrive – What will happen if you successfully combine the fruits of your reflection and evolving actions.
OOPS – For some individuals, there may be too much of a gap between FRE and T. What if you have no idea what thriving will look like for you? Keep the idea of thriving in mind and add “TING”. Start FRETTING.
sitting meditation
Take Time (the second T) More reflection. Give yourself the time to figure things out. Don’t rush into any decisions. What do you want your life to look like at this point? Where do you want to live? Is it time to downsize to a smaller house? Move to another area of the country or the world. You need or want income, how much do you need or want? How much work time and leisure time do you want? Is there something that you have always wanted to do? Do you have a passion, expertise, talent that can become a new career? Are there problems that you see in your community, your region, your country, the world that you can solve? If you have never figured out what you want to do when you grow up, now is the time! If this is too much to consider on your own, some career counselors, and many life, career, and retirement coaches can help you with your self-assessment.
Innovate. If you do not want to be underemployed, you probably have to consider starting your own business. Consider the problem that you can solve, the service that you can deliver, the craft that you make. What makes it different from the other solutions, services, crafts that are there? How can you make yourself standout? Better service, a more targeted niche? Some type of customization? Check out your competitors on line in and in real time. It is good to have competitors – it means that people are willing to spend money on what you are offering!
Network. Use your virtual and real time connections. There is FaceBook, LinkedIn, and Twitter as well as Blogs. There are the associations and organizations that you belong to in real time. Networking can help you market and sell or get any help you may need.
giving
Give. Give of yourself. Give samples; have a free gift on your website. Let people know who you are. Practice generosity. When you are thriving adopt a charity. Give a percentage of your sales to Trickle Up or a similar organization. According to the psychologist Eric Ericson you are at the psychosocial stage known as generativity, a stage of life characterized by finding meaning through enriching the lives of others. A generative person constantly envisions a better world for themselves, their families, and their society. What do you imagine when you picture the good that will outlive you?
So you want to start a part-time business, but computers and being online or creating informational products is just not your thing. You are creative or like working with mechanical objects. Yes, you should still know how to use a computer, but not all part-time businesses are internet based.
Training and Marketing Ideas for: Artists, Photographers,Speakers, Storytellers, and Writers
artist
Artist or Photographer – ArtShow.com specializes in helping artists and photographers market their work and gain exposure for their art.
Fine Art, Illustrations, Drawings, Digital Painting, Cartoons/Comics, Anime/Manga, 3D Rendering, Photography. ArtWanted.com and its sister sites promote and sell the work of artists looking to break into the art world. Free and paid memberships are available. Artist Rising gives you an opportunity to show and sell your work.
Sell your artonline. Upload your designs, and then create an online shop that sells t-shirts, posters, skateboards, bumper stickers, mugs, tote bags and more.
Create and sell your own designs, photos and images on a wide variety of products: posters, t-shirts, cards, and more. Also allows you to convert writings into publications.
Buy and sell handmade or vintage items, art and supplies on Etsy, the world’s most vibrant handmade marketplace. Buy and sell jewelry, art, clothing, vintage, bags and purses.
Graphic T-Shirt Designs. Threadless.com is a community-based company that prints awesome graphic designs created and chosen by the community. Members of the Threadless community submit t-shirt designs online; the designs are then put to a public vote. A small percentage of submitted designs are selected for printing and sold through an on-line store. Creators of the winning designs receive a prize of cash and store credit.
Photographers. Online photographer portfolios and stock photography catalog for photo buyers and professional photographers who specialize in nature, travel, outdoor and sports photography.
Speaker / Motivational Speaker. Do you have an area of expertise you’d like to share? Find out if public speaking is for you. Join your local Toastmasters group and explore some speaking websites to get a feeling for this career.
Storyteller. An old tradition that is finding new purpose. If you can keep a roomful of people spellbound this might be the new career for you. Two resources are:
Writers, Ghostwiters. Your name never appears, but if you love to write, can handle deadlines, and are a quick study of other’s interests, this can be a flexible, well-paying opportunity.
Resume Writer. “Getting” someone down on a sheet or two for a prospective employer is an art form. Making them stand out from the crowd is a marketing skill. If you can do both and are naturally curious about people this is a low-cost business to launch. If you have experience in business, HR, or a particular field like engineering or High Tech, this gives you additional credibility. AWAI provides basic training and certification is available through the Professional Association of Resume Writers and Career Coaches and the National Resume Writers Association. Resume writers, today, are doing more than resumes and cover letters. Some help clients with their LinkIn profile and other help clients establish a web presence or a better web presence.
Training and Resources for the Inventive and the Mechanical
Inventor. The first step to creating/inventing a new product is prototyping. There are many scammers in the world of inventions, so do your homework. You can readings at:
Piano Tuner. According to the U.S. Department of Labor Statistics, piano tuners can earn very good incomes. In fact, in a recently published almanac on career opportunities, piano tuners were listed in thetop twenty professions out of a total of two hundred. Probably the best kept secret in the world is that now you can join the small and exclusive list of tuners who earn an average of $80.00 to $100.00 per-hour tuning pianos.
If your idea of part-time is seasonal or you are looking for an interesting “retirement” job……
Caretaker
Professional house sitters / property managers get free board and sometimes a salary. Live on estates, mansions, farms, ranches, resort homes, retreat centers, camps, hunting and fishing lodges, vacation homes, and even private islands. Caretaker Gazette is published bimonthly hundreds and informs member of new caretaking and house sitting jobs via an email update service.
With the 2008 recession and it’s effects, self-employment, home-based businesses and an entrepreneurial spirit have emerging as an economic trend. This trend is not new, but it has accelerated in recent years with statistics now showing that 61% of all Americans want to start their own business (Parkinomics, 2010).
If you are in this 61%, how do you make the transition from employee to being your own boss? Websites, books, e-books, and magazines may be helpful or they may leave you absolutely confused. Is it as simple as find your purpose and the money will follow? Do you really need to talk to your lawyer, your accountant, the volunteers at SCORE and then develop a business plan, decide on the legal form your business will take, and choose a domain name before getting started?
It is NOT as simple as just find your passion and the money will follow, but with the Internet, businesses are easier to start than ever before. Of course, if you are buying a business or a franchise then your lawyer and accountant definitely should be involved!
“Businesses are easier to start than ever before!” What if you want your own business but you don’t know what you want to do or where to begin? Get started by considering the FIVE Ps: Passion, Purpose, Problems, People, and Part-Time. For many individuals Passion and Purpose go together. Although they are different issues, the Problems you will solve and the People you will target are related. Your business is YOUR business, and it is your choice as to whether to pursue it on a full-time or part-time basis. If you are just starting out, there are good reasons to begin Part-time.
Passion: Yes, you do need to discover your passions or passions. If you feel that you have no passions or that this word seems too strong, what about your interests, skills, abilities or talents? If you won a lottery that would pay you for life with just one stipulation that you had to “work” at something until you were at least 65, what would you do? Dream a little – If you had your own business what would you be doing? If you can’t envision what you would be doing, ask yourself – would I be working by myself or with others? Where would I be working – from my home? In an office? On a stage? Would I be writing, talking, painting, walking dogs, arranging flowers, designing solar homes? Start off dreaming and brainstorming. Don’t be concerned yet as to how this passion will make money. Figuring out how to monetize your passion is a later step.
Purpose: Do your feel that you have a mission in life? A calling? A purpose? Some career coaches and counselors believe that having a purpose is essential, but it may be that a purpose is only discovered after one has had some life experiences. At this point, maybe you just want to make money, and there are plenty of young wealthy Internet marketers who know that they don’t want to work 40 hours per week. Knowing your purpose may make it easier to discover your passion. Purpose is related to the sense that your life is fulfilling and abundant, but a stool can stand very well on three legs or four legs. You can start a business without knowing your purpose or mission in life.
Problems: Businesses exist because they solve problems. Fixing cars, computers, plumbing… providing food, toys, and electronics from other areas of the world… assisting people to heal from sickness, find jobs, train their dog… Successful business continue to exist because they solve problems better than others do. These businesses or individuals make promises and then they over deliver. The solutions they provide are bigger than the promise that they offer so customers repeatedly return. What problem or problems will you solve? What can you offer that no one else is offering? Try dreaming or brainstorming again or look around your community and to see if there are any problems that no one is trying to solve. Do you have the passion or expertise to solve it?
People: Who, what niche or market, has the problems that you will solve? Do they have a common interest or need such as they need to lose weight or they’re technophobic? Are they members of a particular demographic group – working parents, baby boomers, etc. How will you market to this target group? An important aspect of monetizing a passion is to know who needs or wants what you have. This means your target may not be individuals; rather it maybe small or large businesses who need what you are offering.
Part-time: If you still have a job, build your new career on the side. When it is established, you can jump into it full time, or sell it, or keep it part-time. It’s your business! Starting part-time allows you to figure out whether this business really is for you, test the market for demand, master any web based technologies that you need, attend trainings and conferences that will improve your knowledge base.
In my last post, I mentioned that one thing that the Boomers had not questioned was the concept of work and employment.
This is perhaps because during the last 60 years, we have transitioned from the Industrial or Manufacturing Age into the Post Industrial or Information Age. The industrial world of their parents and the one they might have entered was not the demanding, dangerous Industrial Age but the end of the era when many workers had secure jobs for their entire work lives.
A job in this not so long ago age, was defined as continuous long-term employment with an organization that provided a regular salary, health benefits, a pension plan and the assurance of a continuing need for the worker’s skills. This relationship between employers and individuals was called “the social contract.” Basically it meant that an employer in return for the good service and productivity of an employee, offered lifetime employment with an inherent potential for promotion, regular increases in salary, a good fringe benefit plan and an assured retirement package. It was a given that the organization that offered employment was stable and would be around “forever.”
Since the 1980s corporate America has dramatically altered the context of work and the “social contract” is a relationship of the past. The Information Age (or PostIndustrial Age) is defined by the ease and rapidity of worldwide communication. Wireless communication, computer networks, the World Wide Web make almost instantaneous communication possible.
Manufacturing still occurs even in the US, but it is driven by computer technologies including robotics and nanotechnologies. The stability and long-term endurance of companies is no longer a given. Even profitable, highly regarded organizations can be sold or merged.
If you are over 50, you may remember the “olden days.” If you are over 60, you may have begun your work life expecting the continuance of the “social contract” or a hybrid version of it where employers honored the “social contract” but employees, especially early in their careers, would change jobs several times before settling into a good job and a good company.
So we are now in the 21st century looking for meaning in our work in a work world characterized by: a reduced workforce due to downsizing, a reduced workforce due to outsourcing, a reduced workforce due to automation and robotization, increased customization, increased hiring of temporary employees, a increasingly diverse workforce, globalization, fewer corporations, long-distance collaboration, an emphasis of skills not job titles, and an increased need for continuing education.
As Stephen R. Covey describes it …..
“We live in a new economy that is moving from the Industrial Age, top-down, command-and-control, hierarchical model to the Knowledge Worker Age of empowerment and courage and creativity. We also live at a difficult recessionary time, but that does not mean we a fundamentally a product of our environment. We are not victims of circumstances. We are the creative force of our own lives.
Unfortunately I do not think most of us were raised to think creatively about the economy and the role that we play in the economy. I sense a longing in many of my clients for the so-called good old days when everyone knew where they fit-in in often paternalistic corporations. In an evolving, creative, empowering, what are we supposed to do era, what are our new roles? Will we hold a job or be an entrepreneur or some combination of both?”
With a job loss after age 50, an individual can wait and hope that they will find employment in their field. Many become underemployed taking jobs in retail and telemarketing, Some cannot find work and live off their savings and spouse’s income. Some enthusiastically become the entrepreneurs they always wanted to be while others reluctantly begin to look at their entrepreneurial options.
By age 50, your employment, your leisure time, and your everyday life have given you a wide variety of skills and expertise. To identify potential areas of self-employments, I would interview a reluctant entrepreneur about their skills and expertise.
Here are some questions I might put to them if they are searching for business ideas and a niche.
What opportunities in the market place did you last employer seem to be missing? EG: parts for older models, refurbishing equipment, custom orders
What skills can you sell as a freelancer? EG: project management, website design, accounting, computer programming
Do you have the knowledge and experience to buy out an existing business? EG: gift shop, home security installation, photography studio, print framing shop
Do you have a manual skill that others would pay for? EG: laminate and hardwood floor installation, stained glass design and installation, bricklaying
Do you have a hobby product you can offer as a business? EG: knit goods, jewelry, customized wooden signs, Christmas decorations
Do you have friends who rave about your cooking or baking? EG: ethnic deserts, chocolate specialties, wedding cakes, catering for small groups, pre-cooked meals
Can you sell your talent in a sport? EG: canoeing/kayaking trips, running soccer or tennis camps
Do you possess talent in graphic or fine arts design? EG: Designing websites, designing logos, custom painting clothing or shoes.
Is there a service you need personally but cannot find? EG: taking children to after school activities, driving elderly relatives to doctor’s appointments, locating pieces of silverware or china
Can you provide a product or service your friends can’t find? EG: pet sitter, home delivery of live seafood, genealogical research
Do you do something as a volunteer that others would pay for? EG: teach ESL, transport elderly shopping or to medical visits, visit elder who are home-bound
Do you have experience in importing or exporting? EG: used machinery to India and other countries, scientific equipment to Eastern Europe, craft items from Africa, Asia, Central and South America
What knowledge do you have that you can put into a special report or book? EG: internet marketing, raising a child with ADHD, foreign travel with children
Are you experienced and talented in teaching or training? EG: English or foreign languages, music, job social skills, negotiation and mediation
Do you have experience in “New Age” disciplines or alternative health practices? EG: Tapping (EFT), Reiki, Reflexology, Fung Shui, card reading, past life regression analysis
These two websites document the lives of the long-term unemployed and the lack of interest demonstrated by Congress and the Senate. The jobless rate for those over 50 remains around three million and does not include the underemployed, those who have be forced to take disability of Social Security at 62, or those who have dropped out due to discouragement.
“Set for Life” is an award winning video for sale on the site and the web site also offers more video stories if you click the Videos tab. There are 100 stories of unemployed older persons and a section giving information from the experts. Becoming entrepreneurial is not mentioned. Everything focuses on obtaining employment.
On the tab “Interact” you can read comments from other unemployed individuals. Despite the tough times they are all going through only one mentions self-employment. (at least only one self-employment comment one 7.28.13) Everyone else can only think “JOB”. The Boomer generation challenged many of society’s norms, but they very much bought into the idea of having a job and getting a paycheck and benefits. Of course, many Boomers are starting their own businesses, but my question is “Why are the long term unemployed Boomers not considering self-employment?” At least considering working for yourself seems like an obvious Plan B, that should be considered as one moves past six months of unemployment.
The right side panel lists the tags and entrepreneur is mentioned only twice. Then there are 13 entrepreneurial resources and two do not even relate to the over 50 age group. These articles/resources are also found under the tab “Resources”.
What I found most interesting though were two articles under Employment on why members of Generation Y are better qualified for jobs than Boomers with years of experience. “Why Gen Y Is Better at Your Job than You Are” and “Why Your Business Should Consider Reverse Mentorship.” Why? They have grown up with social media and are more comfortable with all aspects of computers, plus they see the world of work very differently. This includes starting a business out of mom and dad’s basement instead of taking an entry level job or being unemployed.
The message presented in these articles is for halfpreneurs of all ages is: Business today is SOCIAL! Sounds like a topic for another blog post.
If you are starting or running a business, you will encounter stress and problems maintaining your energy. To successfully run your home-based or small business, it is important to make sure you stay relaxed, energetic, and passionate about what you do even if you have many other responsibilities like a family, another job, or health issues.
To stay energetic and meet your goals, you may need some strategies to balance the physical, mental, emotional, and spiritual components of your life.
1. Breathe – Many people are shallow breathers, who are unaware that at various times during the day they stop breathing. Holding your breath is an automatic response to stress that creates a chronic state of mild hyperventilation which decreases your energy and puts a strain on your heart. Take time during the day to check on your breathing and see if you are holding your breath. Look at the quality of your breath – is it shallow and constricted or deep and easy flowing? Take breath breaks and breathe deeply into the lower abdomen several times a day as a way of reducing stress and increasing energy. Remember all the times you were told to take ten deep breaths!
2. Get regular and consistent exercise – Exercise is good for your body and your brain. Develop some exercise strategies that you can weave into your everyday life: walk, use the stairs, go to the gym, dance, ride your bike, get a personal trainer. Physical exercise increases blood supply to the brain and has been found to lessen stress, decrease the incidence of some disease states, and increase mood and motivation.
3. Eat well – Avoid fast food and processed food. Eventually the sugar, salt, and synthetic ingredients take their toll. The typical American diet is too high in fat and calorie content and deficient in antioxidants for brain and body health. How many times have you been told to eat more fruits and vegetables?
4.Have a hobby – If it is physical all the better. (Yoga, a martial art, Salsa) If it is creative or requires thinking even better. (write poetry, do photography, make quilts, play chess) So make the time and take a class or go online and learn something that you have always wanted to learn.
5. Stay energized in your work –. Keep learning. Take classes, go to conferences, read about what is going on in your field in books, magazines, journals, and online.
6. Surround yourself with people who give and take – This means having regular meals with family members; sharing information with other family members so they understand the stresses you encounter in your working life (entrepreneurial and other jobs); establishing support systems such as babysitting, parent-sitting, carpools, and responsibility-swapping to make your workload more manageable; making regular “dates” with each of your children, parents, and friends so you can have relaxed ongoing involvement in their lives.
7. Set boundaries with family members and clients, if you have them. – Have a system so that family members will respect your home-office work time. Close the door, post a sign, wear a special “I’m working cap,” turn on music that indicates that you are not to be disturbed. If you are a coach, consultant, or healer set policies on showing up for appointments, payment, and regular office hours.
8. Practice gratitude – Here are two suggestions. (1) Write a gratitude sheet each day, either at the beginning of the day or at the end. List everything you are grateful for and reflect on your day. (2) Pick a day at the end of the week and make a list of 20 or more things that went well for you during that week or things that you did well. Both methods are a brain dump of gratitude that allows you to reflect on your day/week, see the good, and re-energize.
9. Read, watch, or listen to something motivational and uplifting – Find books, videos, music, or audios that you can ponder or that brings joy to your heart. Uplifting music might be played while you are “on the job,” especially if you write, answer emails, or do some type of craft.
10. Engage in a daily spiritual practice – Don’t let the word “spiritual” get in your way. If the word does not resonate with you find another word or phrase. “A spiritual or growth-fostering practice includes three elements: intention, regular repetition, and presence,” (Nancy Eldridge – Action on Purpose Newsletter) There are many paths of spiritual practice. Some of the most common are prayer, meditation, reflective journaling, chanting, yoga, tai chi, communing with nature, social action, and artistic endeavors. Pay attention to what you feel drawn to do. You might revisit a practice you learned during childhood that you can now bring new meaning to or you may feel drawn to explore new practices.
Wednesdays are R days for this blog: Resources, Reports, Referrals, Reviews, ….. Why ? Because my internet savvy daughter informed me that I should blog at least three times a week. She blogs five to seven days per week (www.thehunchblog.com) and makes money with her Squidoo lens.
Blog at least three times a week??? From September to May, I teach at three colleges and year-round I run my two part-time businesses: www.halfpreneur.com and www.career-development-services.com which is having a Resume Sale from July 17 to August 17. Check out the one great price for all resumes.
Since the writer of this blog is a busy lady, savvy daughter suggested that I do something “easy” on one day. This is the origin of R Wednesdays. The R may come from my work or others. Today’s R is a report from Stephen Beck on starting a “perfect” home business.
Starting a Home Business
Starting a home business can be very confusing. That is why I recommend a few criteria for selecting a home business that you and your family can enjoy. In fact, these are my requirements for the “perfect” home business!
#1 – My new home business must not require debt.
Debt makes everything happen too fast. It puts too much pressure on your new business. And it puts someone else in the driver’s seat of your new business, namely your banker. Debt is the #1 reason most businesses fail in the United States.
#2 – My new home business must be something that can start small.
You don’t want to bite off more than you can chew. If you have never had employees, you do not want to start off with 10 of them! Remember, all things need a chance to incubate before they can grow and your family business is no exception.
#3 – My new home business must include my kids.
The whole purpose in starting a family business is to spend more time with your family. If you start a business in your garage and never involve your kids, what is the point?!?
#4 – My new home business must have a low capital investment.
If you had a ga-zillion dollars, you wouldn’t need to start a home business, right?
#5 – My new home business must require a low time investment.
Again, the point is to not go out and quit your day job…yet! Grow your new home business to the point that it eclipses your day job. One day you will wake up and say, “Why am I going to work? I make more money at home!”
#6 – My new home business must generate passive income.
I can’t start creating wealth until my passive income exceeds my monthly expenses. For a great discussion on this concept, read Rich Dad, Poor Dad. I want to earn money when I sleep (or while I’m on vacation!).
#7 – My new home business must give me high reward for little risk.
Hey as long as we are dreaming, I might as well throw this one in as well. I do not want to large risks, but I do want a huge upside potential!
The only home business I know that meets all 7 of my requirements is an online business. Just think, for $15 a year for your domain name and $50 a year for your web hosting, you can own a home business on the internet.
So next time you are looking at home business opportunities, consider an online business. There is no better bang for the buck! about Stephen Beck
Stephen Beck teaches 7 simple steps to starting a home business. For a free CD explaining those steps, visit Real Home Business
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