Older Workers - The Age Advantage!

Self-employment means starting and running your own business
Self-employment requires that you look at your work and lifestyle skills to determine if working for yourself is a practical solution at this stage of your work life.
Self-employment is a way to use your passion, skills and experience to create a job or business.
Older Workers may find they enjoy using their experience to create a business for themselves after years of working for others.

What this means for the Older Worker

Exploring self-employment means you will look at your needs (for income, work style etc.) as well as examining how the decision to pursue self-employment might affect all areas of your life.
In order to succeed in self-employment you will need to figure out if you are comfortable setting your own schedules, working on your own, making sales calls, doing the accounting for your business and many of the other tasks involved in being in business for yourself.
There are advantages, challenges and risks involved in self-employment and a clear understanding of them is necessary before a decision to start a business is made.
There is a significant time commitment required for self-employment and you will need to assess if you are willing to make it.

Many Older Workers who are looking for work come to realize that starting a business is another option to finding employment. As an Older Worker you may have long hoped to start your own business someday. You may be thinking: "I want to be my own boss"; "It's time I started making money for myself instead of for someone else" or "There are no jobs out there that will allow me to do what I want to do".

As an Older Worker with a lifetime of experience and skills to draw from, you also have the potential to generate business ideas based on personal interests and hobbies. Once you have an idea you will need to test it to see if it has the right stuff to become a successful enterprise that will provide you with sufficient income either as a full-time or part-time business.

Some Advantages of self-employment

Community members look upon Older Workers as having credibility and responsibility when seeking funding or support.
Because of past work and life experiences, you will generally have a wide variety contacts and acquaintances.
As an Older Worker you bring a wealth of knowledge from both professional and private experiences that may be transferred to a small business venture.
Financing may be easier for you to obtain because of existing relationships with a bank or credit union and you may already have assets that could be used in forming a business (i.e.: land, buildings, vehicles).
You have no ceiling on your potential income as only your energy, management skills, and good judgment limit it.
You have the opportunity to satisfy your creative drive. Studies show that small businesses are more creative, productive, and responsive to changing conditions in the marketplace than are large corporations.
You can't be laid off. In that sense, you have job security as long as your business is successful.
You have definite tax advantages over people who are not self-employed.

Some Challenges of self-employment

Your income may be irregular depending on the nature of business, economy, competition, and other variables.
Your involvement with the business is generally very time-consuming, especially during the early start-up years. This tends to have the effect of reducing or curtailing other needs such as time with friends or family, and recreation time.
You will be under pressure to succeed from family, friends, investors, and creditors. Others will rely on you to perform because you have invested so much time, energy, and money.
In most cases, you must commit considerable financial resources towards the operation of your business. This could vary of course, depending on partnership or investor involvement or bank financing. Certain businesses such as home-based businesses tend to require very little start-up capital.
You are faced with the risk of losing all of your money in the business venture due to circumstances within or outside your control. Factors such as health, family, marital, partnership, or competition problems may not always be avoidable or predictable.
You must learn how to deal effectively with various management areas at the same time. In order to maintain proper control over the business, especially in the early stages, you have to assume many different roles.

Is my business idea a good fit for me?

Is this idea consistent with my dreams?
Does it suit my temperament?
Does it call upon my talents and skills?
Will it allow me to use my life experience?
Will it keep me motivated and hold my interest?
Does it energize and fulfill me?
Does it fit with my desired lifestyle?

If you answer YES to any of these questions, you may have a business idea that has potential for you. The next step is to see if the business will work or be viable.

Things to think about

Just because you know how to do something well doesn't mean you will love doing it every day.
Just because someone else has success with a business idea doesn't mean that the same idea is a good fit for you.
A business idea that reflects your passions or interests will offer you the best chance for a satisfying self-employment venture.
A business idea always needs to be tested in terms of whether it has the potential to be successful. Included in this assessment are interest, market, and ability.

Things to do

Make a list of hobbies, interests, and things you've always thought you'd like to do 'someday'.
Working with a friend, brainstorm business ideas for each item on your list.
Look at each idea in terms of the questions listed in the previous section called "Is my business idea a good fit for me?"
Now, spend some time thinking through whether you have a genuine interest in the idea, whether there is a market to buy your product or service and whether you have the skills and abilities to produce or provide the product or service.

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