One of the most significant issues many baby boomers face, in light of current pension and social security concerns, is how they will finance the 20 to 30-plus years of life ahead of them. As a solution, many boomers are considering generating additional income through starting their own businesses.
“For most boomers, starting a business is a new adventure full of excitement and financial opportunity. But this route also presents new challenges, fears and many, many questions,” says Jeff Williams, a business start-up expert who specializes in 50+ clients, and the founder of Bizstarters (www.bizstarters.com).
Bizstarters guides those 50 and over to plan and launch successful businesses through its self-study courses, coaching and telegroup programs based on Williams’ award-winning live workshops and training programs. This month, the company also launched a new DVD, titled “Start Your Own Business At 50 And Beyond,” which permits aspiring 50+ entrepreneurs to share the interactivity of Williams’ live workshop in the comfort of their homes.
Williams has helped over 4,000 clients create sound business start-up plans. On his new DVD, he answers the ten most commonly asked questions about starting a 50+ business, including:
·What kind of business should I start?
·How can I make money doing something I love?
·How do I ensure I’ll still have time for all the other things I want to do in my 50s and beyond?
·Is there a market for my business idea?
·How can I best apply my corporate or other working experience to make my business successful?
·Where do I start…and what do I need to do from a legal, financial and tax standpoint?
“I understand from first-hand experience the financial challenges many of my peers are facing,” says Williams. “Like more than 50% of the U.S. work force, I’m not eligible to receive a pension. My retirement security comes from the income and savings produced by my own 50+ business.”
But Williams is quick to point out that boomers are looking for more than just a supplemental income to finance their longevity: “They also want to do work they enjoy and create a business that fits with their lifestyle.”
As soon as the smoke of the first Gulf War cleared, Hasan Kazi was on the ground in Kuwait to re-start the local Federal Express facility.
A top operations executive for Fed Ex, Hasan was accustomed to the high-energy pace of traveling the world setting up and perfecting the much acclaimed Fed Ex distribution system.
But in 2004, as with many Fortune 500 firms, Fed Ex decided it was time to advance a new cadre of younger managers, and offered retirement packages to Hasan and hundreds of his age-peers.
“I’d always wanted to try my hand at running my own freight handling operation,” says Kazi, and although Fed Ex provides an attractive retirement package, it seemed smart to me to reduce my use of my retirement assets for a few years by producing income from my own business.”
With the guidance of Jeff Williams and the Bizstarters staff, Hasan planned and launched his own freight forwarding company, Central States Transportation, in Fall 2004.
About Bizstarters
Bizstarters guides those 50 and over to plan and launch successful businesses through its self-study courses, coaching and telegroup programs based on Founder Jeff Williams’ award-winning live workshops and training programs. During his career as a business start-up expert, Jeff Williams has coached and trained more than 4,000 new business owners. A fifty-plus business owner himself, Jeff specializes in showing his peers how to start a business that will inspire and reward them. For more information, please visit www.bizstarters.com.
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