Boomers Getting Business Bug Look to Franchises

One of the larger groups of the U.S. population starting new
businesses is from a surprising demographic -- baby boomers.

This group, which I'll fondly nickname the Aging Entrepreneurs
(AEs ... and don't take offense -- I am one), is doing so for a variety
of reasons. Many simply don't want to completely retire and wish to
keep busy, others have a desire to supplement income and some do it out
of necessity.

I suspect, however, that the vast majority of AEs have quietly
always had a desire to start their own business but have never had the
time, money or opportunity. Now they do.

If you are a boomer and have thought about entering
entrepreneurship, a word to the wise: You'll want to do so carefully.

Younger entrepreneurs have the advantage of having time to
fail and start over again. For AEs, the years work against us, and
failure might be much harder to absorb.

On the upside, the years of experience and knowledge that can
only be gained through time are both beneficial to small-business
success. Boomers have a better tendency to listen to others -- to
accept learning from those who have been there before. That can greatly
enhance success and profitability. Boomers also have a lifetime's worth
of contacts from which to draw.

Here are a few tips and thoughts before jumping into the
water:

• Franchises are an excellent area for potential AEs to
  consider. A good franchise is a successful business model that already
  has name recognition, so one doesn't need to start from scratch.

  The parent franchise is a support organization that already has most of
  the answers, and usually financial assistance to go with it. Franchise
  brokers independently represent many successful franchises and can help
  you find the right fit and offer that assistance at no charge (their
  fee is paid by the franchiser). A word of caution -- be sure to do the
  homework on the franchise. There are a few bad ones out there.

• If you have had an idea for years that you think might
  work and want to head out on your own, make sure you educate yourself
  on business basics. There is plenty of help out there. A call to a
  local chapter of Service Corps of Retired Executives will be valuable.
  That organization is made up mostly of successful retired business
  owners and managers who volunteer their time to help others. Go to www.score.org
  to find the chapter closest to you.
• Many community colleges and universities offer business
  start-up courses through their work-force development or adult
  education units. These courses are likely to be one night a week for
  typically less than 12 weeks.
• The Small Business Administration has a network of support
  agencies. There are more than 700 Small Business Development Centers
  nationwide, as well as centers for women and minorities. Go to www.sba.gov
  to find the agency closest to you.

Here's a quote from another AE you may have heard of:

"I was 52 years old. I had diabetes and incipient arthritis. I
had lost my gall bladder and most of my thyroid gland in earlier
campaigns, but I was convinced that the best was ahead of me."

The author? Ray Kroc, who at 52 bought into the fledgling
McDonald's chain, then went on to make history as one of the world's
most successful entrepreneurs.

May the best be ahead of you.

Stu Neal is CEO and principal of the SMN Consulting
Group in Mechanicsville. He can be reached at (804) 521-4320, at SpeakingBusiness@aol.com
or visit www.StuNeal.com.

Source: Richmond Times -
Dispatch. Provided by ProQuest Information and Learning. Powered by
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