Free of the time demands associated with raising children and confident enough to find work that inspires them, these women are turning their hobbies, passions, or professional expertise into businesses of their own.
But this will not be ?business as usual.? In a fast-changing and turbulent world, Baby Boomer women are ready to create greater meaning in their own lives and in the lives of others through their entrepreneurial initiatives. Many are committed to doing "well" by building a successful business, while doing "good" in the world at the same time. Success to many Baby Boomer women involves working in a business they are passionate about, not just one that can pay the bills or provide luxury items.
While the majority of entrepreneurs may start their businesses with big financial goals, there are more important aspects involved in a Baby Boomer business plan. Here are Five Cs that can be used to clearly define the priorities of many Baby Boomers in how they will build and operate their own businesses:
* They have Concern for the world in which we live, and their business will reflect that concern.
* They make Connections with others, and have a need for socializing and networking.
* They build Community.
* They express themselves Creatively, and are not afraid to think outside the box or take actions that are a bit outside the ordinary.
* They value Character in making decisions.
Although serious about earning a living and generating a profit, Baby Boomer women see transitioning into self-employment while still maintaining their current career, or after their retirement, as a way to give back to society and to make a difference. At this stage of life, they strive to live their values and use their strengths to create a business that reflects their authentic selves.
No longer is it contradictory for businesses to do well and do good. Watch for a growing number of Baby Boomer women-owned businesses that change the nature of our business community by leading the way with businesses that:
* Strengthen our economy
* Enrich our communities with meaning
* Address society's social problems and work to provide solutions
* Model a new way to live life after 50 that doesn't necessarily include long hours in the rocking chair on the front porch
For companies that want to serve the ever increasing market of women baby boomer business owners, it's important that their motivations at this mid-life stage of their lives are understood. Although this is a diverse group, be mindful of the general tendency at mid-life to have a strong desire to give something back, participate in activities and events that are meaningful and to create a legacy. Speak the language of this market to gain their attention and understand their passions.
Women Business Owners In
When did you last take some time off? And what happened when you did? Did your business operate as if you were still there? And how many hours do you work? Too many?. So answer this question: "Do You own a Business or a Job with overheads?" If the answer was "a Job" keep reading to find out how to turn it into a business.
In my experience, too many owners, after investing their time and money, have not got a fair return from their business. Sure they are making ends meet (well some are). But are they getting what they deserve for the effort they make? Think about it this way. Take the money you have put into your business, and take the time you have put in as well. If you had invested those funds wisely, and got a nine-to-five job, would you be better or worse off? And how about all the sleep loss?
So what should be a reasonable return on your business? After you pay yourself a wage, you should be making at least 25% of your investment in your business. What that means is that your business should be worth over 4 times your annual earnings. But too often, the business owner is the business, and if they were to leave it for even a short time, there would be a sharp fall in profitability. Who would buy a business that is totally dependent on the current owner being there.
If you are in this situation, here are some steps you can take to increase your business efficiency and make your business operate without you:
-Firstly recognise that if you change nothing- nothing will change.
-Make a commitment to yourself that you will act now to make a difference to your business and your life
-Start to separate yourself from your business
-Set goals for your business, create a business plan
-Set in place a regular formal review of your progress against your goals.
-Map your workflow process and seek opportunities to make it more efficient
-Re-organise your business to reflect your processes
-Look for ways to outsource parts of your business
-Manage your business by reports
And last of all- don't try to do it all by yourself! Everyone who has achieved success in their business or their life will freely admit that somewhere along the line they have received assistance from somebody else. They may have paid for assistance, or else have found a friend or associate who was willing to guide them.
These steps are about creating a Business System. By systematising your business, you make your business more efficient, reduce your costs, and ultimately, make your business run without you. Even if you are a one-man-band, there is still a lot you can do to separate yourself from your business, by creating passive income streams, and leveraging your knowledge.
Business Owners who own a job, already know they do. (Don't you!) They know they spend all their time working in their business, not on their business. And their reason for not doing anything about this, is that they say they are too busy. But, guess what, if they knew that by taking a particular course of action they could multiply their profits, do you think they will make the effort! So, work out what the benefits, both financially and personally are for you when your business runs without you, and then the time WILL become available. If they still can't find the time they should never again complain about their business running their lives, as it is clearly not that important!
Both Amy Grossman & Greg Chapman are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Amy Grossman has sinced written about articles on various topics from Women in Business. Amy Grossman teaches baby boomer women how to turn their interests, strengths and experience into a business of their own to generate an income, find meaning in their work, and live a balanced and fulfilled life. Click for FREE tips on how to. Amy Grossman's top article generates over 1600 views. to your Favourites.
Greg Chapman has sinced written about articles on various topics from Brakes, Cars and Air Filters. Dr Greg Chapman is the founder and editor of the and the director of the. Greg Chapman's top article generates over 40500 views. to your Favourites.
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