If you’re 50 or older, the thought of launching a new venture may seem overwhelming, especially in the current economy. While time are challenging, there are tools to help you succeed. The good news is that you already possess most of them, says Jeff Williams, CEO of Bizstarters.com and a nationally-recognized expert in starting and growing a business after 50.
“Many baby boomers are electively choosing to become entrepreneurs or are becoming reluctant entrepreneur because of downsizing or other circumstances,” explains Williams, whose Bizstarters.com was selected by Kiplinger’s Personal Finance magazine as “The Best Entrepreneurial Guide for People over 50”.
“By cultivating contacts, skills and resources they have built over the years, they can turn a good business idea into a great business,” says Williams. He calls his planning approach the “Ultimate Boomer Business Start-Up” with four essential steps for boomers to boost an existing business or build a new one.
Step 1 – Start with what you know.
“The vast majority of small businesses today primarily sell a combination of two things – knowledge and experience,” says Williams. “If you want to launch a new business, start with something that is a demonstrated ability. It is so demanding to succeed in business. If you are weak in the skill level, you almost have no chance of survival.”
Step 2 – Think of ways to sell what you know.
Williams instructs boomer business owners to think about the knowledge they have and create a list of ways to repackage and repurpose that knowledge to generate revenue.
“Instead of getting discouraged,” he says, “take that knowledge and spin if off in dozen different ways, such as a Web site, book, workbook, newspaper column of blog, or as a consultant or expert speaker. Imagine a wagon wheel where the hub is your original knowledge and the spokes are your revenue streams.”
Step 3 – Identify the resources you need to bring your ideas to life.
While writing a column for a local business weekly many take only time, creating a workbook or Web site requires investment and staff.
Think creatively about finding resources. For example, instead of hiring additional full-time employees, Jeff advises building a more cost-effective virtual support team.
“There are people in your community who have left the corporate world, but still have the same skills. Some are full-time freelancers; some only want to work 15 hours a week. Others are virtual assistants who used to work in top administrative positions, but now run businesses where they work from a distance. My virtual assistant is in Texas while I am in Illinois. I have never met her face to face.”
Step 4 – Spread the word.
“There is not a better way to build a business than word-of-mouth advertising, and the way to get word of mouth is publicity,” Williams adds. “Be committed to getting at least one publicity mention per month, every month of the year.”
Williams believes that the easiest way to generate word-of-mouth promotion is through client referrals. He explains, “Some of us are so bound up in what we are delivering that we forget to do one simple thing: ask for a referral from each satisfied client. There are two things that really get you maximum profitability in a small business – the two R’s: repeat business and referral business.