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I’m Over 50: Is Being My Own Boss Right For Me? :

I’m Over 50: Is Being My Own Boss Right For Me? Presented by Jeff Williams


We want to work differently: We want to do work we love every day We want a better balance of work and leisure We want to help others – give back We want to boost our retirement income


In 2014 25% of all new businesses were managed by someone over age 55 The Kauffman Foundation


How Being Entrepreneurial Can Provide The Kind of Work We Want You turn work you enjoy into income Age is no barrier when running your business You have more control over your work schedule Your ambition is the only limit to your income You can live and work in your local community You can keep working as long as you wish


“Starting a new business later in life is terrific: Older entrepreneurs have more experience, often have better funding and frequently enjoy a more well rounded perspective.” Mary Liz Curtin Leon & Lulu Seen in the Wall Street Journal

The Truth: It has never been less expensive to run a business:

The Truth: It has never been less expensive to run a business What you want to know “Isn’t it expensive to run a business?”

Typical Monthly Expense Budget :

Typical Monthly Expense Budget Accounting fees - $150 (includes cost of annual tax return prep.) Website hosting - $8 E-mail marketing - $15 Other Marketing & promotion - $150 Cellphone - $150 Office supplies - $35 Online services - $35 Bank fees - $10 Health insurance premium - $400 TOTAL $ 9 53 If you sell craft item at $50 each, need to sell 20 per month to recoup. If you sell consulting at $150 per hour, need to sell 7 hours per month to recoup.


What you want to know “Do I have to risk my retirement assets to start a business?” No, many new businesses need start-up investment well below $10,000.


What you want to know “Can I work to solve a social problem?” Yes, two ways Run non profit full time Run for profit and give back time to a cause


What you want to know “Do I have to figure out all of the business start-up steps all by myself?” No, there are three important sources of help: Online information sites, eg SBA small business centers – around 20 in Chicago area. Business Coaches – Kiplinger’s Personal Finance selected as “The Best Entrepreneurial Guide for People over 50”.


What you want to know “How do I find a good business idea?” Find a problem you can solve Describe your solution Figure out how much money you can make Calculate your desired personal income Reality check: Can I do this on my own?


What you want to know “How do I run my business by myself?” Business technology + Online Services + Contractors = your support team


Tech Examples WordPress Website Design Same tools Fortune 500 use Skype Inexpensive international phone calls Constant Contact E-mail marketing. Starts at $17 per month F reelance work for as little as $10 per hour


What you want to know “Isn’t there more security in a job?” Typical new job lasts 18 months. 60% of new businesses last at least two years…many five years or more.


What you want to know “How do I find customers?” When you’re over 50, you have a lot of people to sell to… 75 million fellow boomers 43 million 70+


What you want to know “Jobs come with benefits, self-employment doesn’t” Last 5 years more than 35% of new jobs have been temps and freelancers – lower wages, no benefits.


What you want to know “How can running a business help my retirement funding?” Over age 50, IRS lets you defer taxes on more than $40,000 of annual income [SEP-IRA, Profit Sharing, 401(k)]


The “New Generation” of Small Business in America


We work from home – no rent greatly lowers expenses…and risk. We work without employees - get work done with online services and contractors. We sell globally – Web, e-mai l and Skype let you connect around the world. We promote inexpensively – E-mail marketing, Web-based publicity and social media are high-impact, low cost. We can make a lot of money selling information – self-publishing, e-books, DVDS, teleseminars.


Six Low Cost, High Profit Ways to Run Your Business

Sell a Consumer Service Online or Offline:

Sell a Consumer Service Online or Offline

Offer Consulting Services:

Offer Consulting Services

Offer a Local Business Service:

Offer a Local Business Service

Turn a Hobby to a Web Store:

Turn a Hobby to a Web Store


Sell Knowledge & Information


Present Teaching & Training


Want Help?


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