What are your reasons for starting a business? Many businesses fail because the owner can't answer this simple question. If you don't know why you want to be an boomerpreneur, then you won't be able to set goals. And without goals, the roadmap for your business success, you are apt to get lost along the way. Your why can even help determine the type of business you start!
You may have more than one why. That's fine. Most of us do. I started because I needed to care for my dad. So one why was the ability to control by own schedule. But I also needed an income. So another why was money. But my main reason was the control. If I had been able to find a job that allowed me the schedule I needed, I would probably still be working for someone else today.
What's your why?
Are you like me? Do you need or want more control over your work schedule? If so, then you will need to ensure your business does not depend on the schedules of others. Businesses like online auctions/ebay, internet marketing, and blogging are some examples of the perfect business for you. You can build your business regardless of the hour - day or night. Goals for you might be increasing sales in your online store or the number of subscribers to your blog.
Are you in it for the money? Do you simply need cold, hard cash? Then you want the types of businesses where you can make a profit fairly quickly without a large investment. Business such as child care, pet sitting, house or business cleaning don't require a lot of money up front and have the potential to produce fast cash. Your goal may be as simple as find more clients - or as grand as building a business large enough to employ others.
What if your why is to leave a legacy? Many boomers have all the money they want or need. Many are retired and have the time to do what they please. But they dream of leaving something behind. Financial freedom for their families. A business to pass on to their children and grandchildren. If that is your dream then you must keep that in mind when choosing your business. I don't foresee leaving Boomer Business Coaching to my daughters or grandkids. It is a business based around me. But my online tshirts and gifts are another story. Some of the grandchildren have already shown an interest and a talent for design. I can already see one of them taking over one day. My goal for this business - teaching them the skills necessary to become successful entrepreneurs.
The tshirts also fulfill secondary why for me - the need to be creative. Now we all know I can't draw. But that doesn't mean there isn't a wanna-be Monet buried deep inside. So while I can't do the actual art work, I do get much satisfaction from creating the idea or concept for our next design and then letting another boomerpreneur with a creative why, PopArtDiva, do the actual artwork. Are you the creative type? Businesses like interior design, landscaping, graphic artist, catering, or photography are perfect for you.
What if none of these fit. You have time. You have money. You have already provided for your family. You are not particularly creative. But you are BORED with retirement. Perhaps your why is simply the desire to do something new, exciting and challenging. As long as your business provides you with enough stimulation, you can do almost anything! What are your interests and passions in life? How can you turn those into a thriving business?
So...what's your why? Determine exactly what you hope to achieve from your business before you start. It may mean the difference between success or failure.