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Boomers on the Brink

Boomers Break Out!

I’m a Boomer, how ‘bout you?
Maybe you’re a Boomer too.

Heading for the big five-O,
Watching your investments go.

Will I have a job tomorrow?
Will I have to beg and borrow?

Tired of rat race corporate speak,
Fear of lay-off made me weak.

Land of opportunity?
Not for Baby Boomer me.

Look at me; I’m out the door!
My dreams aren’t mainstream anymore.

More and more Boomers are feeling like the author of this ditty. They worked hard and saved for retirement all their lives only to find themselves at middle age, no longer highly valued employees, at the same time that their investment portfolios have fallen to less than half their peak values.

Forced retirement, laid off, downsized or out-sourced at an age when potential employers prefer younger, more affordable, new blood, has driven many to the brink of despair.

Of course, some do find other comparable employment and maintain their standard of living. However, more end up under-employed, unemployed and depressed. Dreams forged over of a lifetime of hard work and saving fall by the wayside.

But it doesn’t have to be that way. Like the author of the poem, you can set your sights on new opportunities and, not only can you survive your reversals, you can replace or exceed your prior income level!

You need imagination, research and hard work, but not necessarily a lot of capital. At your age (don’t be offended, I’m a Boomer too!), unless your area of expertise is in high demand, you should consider your own business – perhaps even one you could operate from your home.

There are many advantages to operating a home business: tax deductions on something you’re paying for anyway – your residence; savings in commuting and business clothing; flexibility; being your own boss; but perhaps most important – the freedom to choose something that really brings you pleasure as well as income.

The best time to start making the transition is while you still have a job. The start up of any new business requires a lot of soul searching and research. It doesn’t happen overnight.

If you’re able to keep your day job at least until you’re ready to launch your new work from home business, great. But it’s even better if you can hang on until you’re reasonably certain that you’re onto a good thing.

What Turns You On

Your first challenge is to identify what it is you want to do, what turns you on. You are more likely to be successful if you pursue something you really enjoy and are knowledgeable about.

Try this simple exercise. Quickly jot down a list of 10 things you enjoy doing. Be quite specific. For example, don’t list something as general as “exercising”; instead write “coaching weightlifting” or “taking aerobics classes”.

Put that list aside and make a second list of 10 things you would like to have more time or money for. Now go back and rank order each list.

The first list identifies income-generating opportunities that really engage you and bring you personal satisfaction. The second reveals two things:

First, some of the things you wish you had more time or money for may match up with the top items of what you enjoy doing, confirming what course you should pursue.

Second, the cost of items on your wish list will help you determine your income goal and the feasibility of starting a business that will meet it.

With the results of your lists, start to brainstorm how you can connect the dots between what you enjoy doing and what you wish you could do more of.

Analyze the market for your area of interest. How much demand is there? Where is it? Is this demand already well met? You’re most likely to succeed if you identify a need that is not well met in the marketplace.

Identify Work at Home Opportunities

Affiliating with Established Companies

If you decide you prefer to affiliate with an established company that allows you to work from home, beware of get rich quick programs. Many work at home schemes are nothing more than scams.

Some require you to invest a large amount of money to get started. You may be quite shocked when the chintzy merchandise or materials you are required to buy arrive.

Check out any “work from home opportunity” as thoroughly as you can before sending any money. Use the Internet and the Better Business Bureau: ask the company for referrals, but don’t be fooled by shills – people the company refers you to who are paid to help close the deal.

If you think multi-level marketing (MLM) may be for you, be aware that in most MLM systems only the people at the top make much money. The rest end up acquiring products for their personal use at “wholesale” prices, while slaving to build a “downstream”.

I’ve looked into a lot of these companies trying to build “multiple streams of income”. Every one that I have run across requires an “investment” that runs from several hundred to several thousand dollars, plus monthly fees or minimum purchases that also add up to quite a bit, quite rapidly.

In most, you cannot “recruit” a downstream unless your join at some higher level, which, of course, requires an even higher investment. Usually the products are either overpriced or really irrelevant to the whole purpose of the company, which is really to run a pyramid scheme.

Worse yet, you may need to purchase a large “inventory” of products, even if you are going to be selling over the Internet.

I have read over and over again that the people who succeed at MLM marketing are the friendly garrulous types, who can easily start conversations with complete strangers and who can work their MLM pitch quickly into the conversation. Clearly, not everyone can do this. If you can't, look elsewhere.

I don't think the internet makes MLM recruitment any easier. You have to spend a lot of time working with prospects to build up their trust, which I believe will quickly evaporate once the real purpose of your efforts is revealed.

MLM is not for me, but if you're interested in MLM be sure you affiliate with a reputable company and resist being pressured into stocking lots of inventory.

Providing a Service

If you have a skill you enjoy using that is in demand, it could be your ticket to financial independence.

For example, if you like working with numbers and don’t mind filling out income tax forms (especially when they aren’t your own), check with your area’s leading tax preparation firms to see if they hire extra preparers during the tax season. You’ll get training and you can work nights (keeping your day job) while you learn.

If your skill requires certification and the field you would like to move into is somehow related to your current job, you might be able to get your current employer to subsidize your training. Look into adult education and community college courses.

Don’t be limited by your day job. If you like animals consider pet sitting. If you like to cook, try catering. Many times you will find that a talent you take for granted is worth something in the marketplace. Home business opportunities surround you.

Produce Something Yourself

If the list of things you like to do includes making a product or providing a service, you may be in a good position to start a grass roots home business completely on your own and see how it grows.

Perhaps you can bake gourmet cookies (or dog biscuits), make personalized greeting cards, build wonderful dollhouses or sew beautiful quilts.

You may already have some inventory and may even have sold a few of your products to friends. You can grow this “hobby” into a serious home business with some careful planning and market research. Visit the pages of the For Profit section of this website to get more ideas and advice about starting your own work at home business.

No matter what your product, the same rules will apply. You can grow from selling to your circle of friends; to selling at craft fairs and other expos; to filling corporate orders and/or exporting; to selling on the Internet; to hosting your own website. I know because I’ve done it all. If I can do it, so can you!

Go Boomers!

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All is not lost! Here are some work at home business opportunities to consider, none of which require a lot of capital to get started.

Affiliate Selling from Your Own Website
Earn commissions pre-selling goods for other merchants, such as Amazon or Sharper Image.

Make Decorative Art Stamps
For those with artistic talent and knowledge of computer graphics. Tap into the crafts market by making quality original decorative stamps.

Drop Shipping
Using mail order, online auctions, virtual stores or your won website, sell products that will be shipped directly to your customer in your name by the wholesaler.

Glass Etching
Purchase kits that allow you to make beautiful etched glass pieces.

Real Estate Appraisal & Home Inspection
Learn how to become a professional real estate appraiser or home inspector. Also find materials to help evaluate real estate if you are an investor.

Self Publishing
Share your knowledge and experience with the world. Information products are some of the biggest sellers on the Internet.

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