[vc_row full_width=”” parallax=”” parallax_image=””][vc_column width=”1/1″][vc_column_text]Author, speaker, coach, and “solopreneurship” expert Jackie Peterson started her career late in life. Apparently this isn’t unusual because, as she explained, more people over 50 years of age are starting businesses than any other age group. Much of this is the result of middle-aged workers who were downsized from larger companies. When you’re in your 50s or 60s it can be hard to find a new job and, if you do, it will tend to be low-paying and/or part-time with an uncertain future.
Citing an AARP article on retirement, Ms. Peterson listed four reasons that older people come out of retirement to start a new career. First and foremost is the fear of retiring into poverty; most people want to maintain or improve—rather than lower–their standard of living in retirement. Another reason is that fewer than half of companies offer pensions. Then there’s the recent economic downturn when some people sold assets at the bottom of the market, leaving their investment nest eggs less than ample to carry them through old age. Finally, most people won’t get enough Social Security to continue living comfortably and will need to supplement this retirement income.
Reasons for needing additional income are numerous including the fact that, as a result of better public health (cleaner water and air, better healthcare, etc.) people are living longer. Many of us will receive a “longevity bonus” which is the length of time between retirement and frailty. This time before we become truly old may be characterized by having a wealth of energy, curiosity, and creativity. We still can—and want to–contribute.
Most of us know what “entrepreneurship” means. Ms. Peterson talked about what she calls “solopreneurship:” a movement toward self-employment. About 30 million people in the US are self-employed and 40% of these are baby boomers. By the year 2019 it is estimated that 50% of the workforce will be self-employed.
In her work as a coach, Jackie helps people identify and overcome fears that may stop them from realizing their career dreams. The number one fear is that they’ll need a lot of money to start a business. Jackie immediately dismisses this saying that many people can successfully launch a business using crowd funding or other resources. However, a large amount of start-up money for a bigger enterprise may require a lengthy business plan and venture capital. Secondly, people fear that they’ll have to manage a staff. Jackie’s answer to this fear is outsourcing or subcontracting. Lastly, we’re afraid we don’t have the skills to do a good job. Ms. Peterson encourages everyone launching a new business to “monetize” their skills. “We know stuff,” she said, “and people are willing to pay for it.” What we know is our basic capital.
In May 2013, Harvard Business Review published the article, “Why the Lean Startup Changes Everything.” Citing statistics that 75% of all start-ups fail, the author explained another methodology that can make the process of starting a company less risky: “It’s a methodology called the “lean start-up,” and it favors experimentation over elaborate planning, customer feedback over intuition, and iterative design over traditional “big design up front” development.
Jackie also suggests a list of ideas and tasks to keep a new “solopreneur” moving forward:
- Focus where passion, talent, and money intersect.
- Specialize so you can charge more for your services. As an example, she talked about an interior designer whose business was in jeopardy when the downturn hit. The designer changed her focus to a niche market: designing interiors that allow people to age-in-place.
- Stay on track.
- Articulate your unique value proposition.
- Treat it like a real business
- Market to your target.
- Market every day.
Using these tips, you can do what you love AND make money!
Jackie Peterson is a CPA, Business Coach, and author of the workbook, “Better, Smarter, Richer.” She is also the author of the webinar series, “Best Beginnings.” She has a BA in economics and an MA in organizational management.[/vc_column_text][/vc_column][/vc_row]