Did you know that 10,000 Baby Boomers retire every day? That's right. It's estimated that of the 76 million people born between 1946 and 1964, 4 million retire every year, which works out to about 10,000 a day. That's really a stunning figure.
I guess I'm bucking the trend, because although I'm well into my 70s, I have no plans to retire anytime soon. I'm having too much fun! Plus, working stimulates my brain, keeps me strategizing and running the numbers, and requires that I stay current with all the technological changes taking place these days.
Are you like me, still working past retirement age? If so, you might enjoy this podcast interview I recently took part in, co-hosted by Richard Henderson and Sherilyn Colleen for Home Business Magazine. Listen in by clicking on the box below:
Thinking about starting a business? 10 things to consider
Here's a summary of some of the things I talked about in the interview.
- First, the times are changing. You no longer need horsepower to work but you do need a lot of available brainpower and that can be tough.
- Second, you need to embrace change. Check out Thomas Friedman's latest book, "Thank You For Being Late," about adapting to change and being a lifelong learner.
- Find something that excites you. Some people work to live. Some live to work. What do you want to do?
- Have a vision, or at least a fuzzy goal. Keep a score card.
- If you are in a startup, be prepared to assume all the roles in the company. At one point in the company I built, I was the CEO, CFO and CMO.
- Be a lateral thinker. Take information from lots of sources, sort, and move forward.
- Sharpen your analytical skills. Data is everywhere and if used correctly, can help steer you in the right direction.
- Assess your desire to manage people. Do you really want to manage a group of people or be in a solo business?
- Be prepared to deal with today’s workforce. Boomers have very different values from Millennials who want ping pong tables in the office and not smoke breaks.
- Finally, find a support group. While it is often your family, it also could be a networking group, but you're going to need someone to talk to while you navigate a new business.
What if I am retired and want to start something?
- If you are starting something new, think about capital. Can you afford this venture? How will you manage cash flow (or lack of)? It will probably affect your retirement funds. Think long and hard about this.
- There is a difference between wanting to be in business and wanting to fill up empty hours. If you can’t make a firm commitment, try something else.
- Don’t go into anything without a specific set of goals and a plan.
- Don’t assume that you have all the necessary skills. I believe that the Chief Futurist at Google said that there have been more inventions in the past year than in the preceeding 21,000 years. So, you need to always be developing skills.
- There are no guarantees in life so if you are afraid of falling on your face, stay away.
Good business plans and strategy
- Make sure your new venture is a "blue ocean." For those who are unfamiliar, a blue ocean is a product or service that essentially has no competition and meets unfulfilled need. It is much easier when you are the one and only…you don’t want to compete in a category where everyone is offering the same thing on each street corner. Examples of blue oceans: Starbucks, Amazon and Uber.
- Hire the best people you can afford. People are your most important asset. Reward them often. And if they don't work out, you need to move quickly to replace them.
- Business plans are no longer written for multiple years. Although everything these days is always in flux, you still need to have a goal or vision. While that will probably change with time, it is important to set your sights on something.
More and more, people are forming businesses at home. What do they need to make their lives easier and more productive? The key is to find the intersection of technology and where you envision your business to be in a reasonable timeframe. Plan for this, invest in the right tools, and you'll be at an advantage vs. those who don't.
Want to learn more about how not to retire? Here are 3 blogs.
- Who Says You Have To Retire? Not Me!
- Can You Successfully Leave Retirement And Launch A Start-Up? Yes!
- The Do's And Don'ts Of Starting A Business Over 50
Wondering how to start a company, in retirement or at any age? Start with a 1-hour consultation with me.
As a serial entrepreneur, I specialize in helping companies succeed. I know how to overcome the many challenges and hurdles of the business world, especially after a certain age. I would like to help you and your business succeed, too. To get started, please contact me for a $100 1-hour consultation. I look forward to it.
Andy Simon, Partner
Simon Associates Management Consultants