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Businesses for Boomers BSC Rise Austin 2012

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One of the fastest growing groups of people starting businesses are boomers — 50+. Some business models are better than others for those who want to do more than just have a job. Here's what to think about & what others are doing.

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Businesses for Boomers BSC Rise Austin 2012

  1. 1. 1 ©Business Success Center, Austin, TX 2012. All rights reserved.
  2. 2. YOURSELF & 2HELP OTHERS: START OR BUY A BUSINESS With Jan Triplett, Ph.D. CEO, Business Success Center © 2012 Austin, TX © Business Success Twitter Hashtag: #HelpYourselfLAMPCenter, Austin, TX 2012
  3. 3. Who We Are3  National & international awards & recognition  Provide sales & financial management advice, strategy & implementation  Started in 1981; Inc. in1982  Survived 6 downturns  High tech to no-tech product & service clients from A-Z  Built businesses that last  Global experience  City of Austin Certified Green Business © Business Success Center, Austin, TX 2012
  4. 4. Who Are You?4 Employee or Former Employee? Owner, Manager, Freelancer? © Business Success Center, Austin, TX 2012
  5. 5. Our Jobless Recovery5 Wages decreasing as % of the Economy (GDP) Less demand for labor results in less jobs & income for workers. © Business Success Center, Austin, TX 2012
  6. 6. Where do jobs come from?6 © Business Success Center, Austin, TX 2012
  7. 7. Who Said This?7 “God helps those who help themselves.” Hint: Not the Bible © Business Success Center, Austin, TX 2012
  8. 8. Ancient Greek Proverb8 σὺν Ἀθηνᾷ καὶ χεῖρα κίνει, Sỳn Athēnâi kaì kheîra kinei “Along with Athena, move also your hand.” © Business Success Center, Austin, TX 2012
  9. 9. Islamic Haddith9 “Trust God, but tie your camel.” © Business Success Center, Austin, TX 2012
  10. 10. Don’t Just Sit There10 © Business Success Center, Austin, TX Do something for yourself and 2012 others. Start or buy a business.
  11. 11. Ownership, a Personal Dream11 © Business Success Center, Austin, TX 2012 2/3 Think about it. 6% Do something about it. Be a doer. Not just a dreamer.
  12. 12. Top Logical Concerns12 1. Timing 2. Money 3. Legal Concerns © Business Success Center Austin, TX 2012
  13. 13. Current Texas Boom & Bloom13 © Business Success Center, Austin, TX 2010
  14. 14. Former Busts14 Texas downturns starting in the 80’s Oil & Gas Savings & Loan Real Estate & Technology Banks So do something now knowing it will happen again. © Business Success Center, Austin, TX 2012
  15. 15. Getting Money: No Free Lunch15 © Business Success Center, Austin, TX 2012
  16. 16. Dining Room Business (or bedroom or garage)16 According to the U.S. Bureau of Labor Statistics, the number of home-based businesses in the U.S. exceeds 18.3 million businesses. © Business Success Center Austin, TX 2010
  17. 17. The American Nightmare — Failing17  Most businesses don’t fail  10 year study of 800K businesses  50%+ do something different than when they got started © Business Success Center, Austin, TX 2012
  18. 18. Being Legal: Rules and Regs18 © Business Success Center, Austin, TX 2012
  19. 19. Top Small Business States19 © Business Success Center Austin, TX 2012
  20. 20. Buy or Start: Non-Profit or For Profit20  Franchise  New  Existing Buy  Product or Service  Virtual  Brick and Mortar © Business Success Center, Austin, TX 2012
  21. 21. Plan For Your Future21 OR Sell © Business Success Center, Austin, TX Die 2012
  22. 22. Top Personal Concerns22 1. Feeling Isolated 2. Being Overwhelmed 3. Do I have what it takes? © Business Success Center Austin, TX 2012
  23. 23. Austin Area Small Business23 Number of Firms of Austin Area Businesses by the Number of Employees <20 20-99 Firms with more than 20 employees: 5,730 100-499 Firms with 20 employees or less: 500+ 31,002 © Business Success Center, Austin, TX *LCMI Figures at twc.state.tx.us 2012
  24. 24. Austin Area Small Business24 Employment of Austin Area Businesses by the Number of Employees 123,489 <20 314,612 170,916 20-99 100-499 177,047 500+ © Business Success Center, Austin, TX *LCMI Figures at twc.state.tx.us 2012
  25. 25. Fastest Growing Groups Starting a25 Business US Census Bureau- Survey of Business Owners  Over 1/3 of % of Business Owners as Age Groups business 12% 11% >64 owners in the 55-64 survey were 20% over 55 25% 45-54  Only 1% of 35-44 business 32 <35 owners were % under 25 © Business Success Center, Austin, TX 2012
  26. 26. 50+ Entrepreneurs26  Bostons Putnam Research reported that some 7 million previously retired Americans had returned to work  According to a recent USA Today/Gallup poll, 63% of non-retired adults in the US plan to work in retirement; two-thirds say enjoyment of work is the key reason.  2005 study by Boston College, showed that workers 50+ are more likely than younger folks to own their own business.  According to the Labor Department, baby boomers make up 54% of self employed workers  Boomers 55-64 start approximately10,000 new businesses a month © Business Success Center, Austin, TX 2012
  27. 27. 50+ Entrepreneur Companies27  Online Business  Consulting  Franchises  Home-Based Business © Business Success Center, Austin, TX 2012
  28. 28. Austin Business Owners28 Michael Dell © Business Success Center, Austin, TX 2010
  29. 29. Austin Business Owners29 Virginia Rogers © Business Success Center, Austin, TX 2010
  30. 30. Austin Business Owners30 Your Name Here © Business Success Center, Austin, TX 2010
  31. 31. Austin Business Owners31 © Business Success Center, Austin, TX 2010
  32. 32. © Business Success ‹#›Center, Austin, TX 2010
  33. 33. © Business Success ‹#›Center, Austin, TX 2010
  34. 34. Ask Yourself the Right Questions34 But don’t get overwhelmed © Business Success Center, Austin, TX 2012
  35. 35. What Is Important? Define Success.35  Money  Prestige  Creativity  Independence  Giving Back © Business Success Center, Austin, TX 2012
  36. 36. Why Do This?36 Lifestyle Build Wealth (Income Stream) (For Self, or Others) VS. According to the I.R.S., most millionaires own their own business © Business Success Center, Austin, TX 2012
  37. 37. What is My Passion?37 © Business Success Center, Austin, TX 2012
  38. 38. Who or What Do I Care About?38  Choosing your customers  Balancing life & work  Family 1 st  Having a good time © Business Success Center, Austin, TX 2012
  39. 39. What Do I Have To Contribute?39  Address a Problem  Create Opportunity  Maintain Status Quo © Business Success Center, Austin, TX 2012
  40. 40. How Hard Do I Want To Work?40 © Business Success Center, Austin, TX 2012
  41. 41. Do I Have A Support System?41 People who believe in you and resources you can call on  Family/Friends  Strategic Alliances & Partners  Strategist/Coach  SBA — Third Wed Session  City of Austin  SBDP  BIG  UT/ACC classes  BSC B2B Meetup & others  RISE (March 26-30) © Business Success Center, Austin, TX 2012
  42. 42. Do I Have The Right Stuff?42  Money  Stamina  Drive  Willingness © Business Success Center, Austin, TX 2012
  43. 43. Take our Ownership Success43 Quiz © Business Success Center, Austin, TX 2012
  44. 44. Bibliography44  Blue Ocean Strategy  By Chan Kim & Rene Mauborgne  Easy to Be Green  By Jan Triplett & Chris Pasch  Handshake Strategy (Coming in 2012)  By Jan Triplett  Long Tail  By Chris Anderson  Neanderthals at Work  By Albert Bernstein & Sydney Rozen © Business Success Center, Austin, TX 2012
  45. 45. Next Possible Steps45  Give me your email address & I will send you a link to the slides.  Take my business card & e-mail me with questions.  If serious about starting or buying business, meet with me. 1st meeting is free.  Participate in Owner’s MBA program.  Read, talk, visit with other Owners. © Business Success Center, Austin, TX 2012
  46. 46. Here’s To Your Success! Twitter Hashtag: #HelpYourselfLAMP © Business Success Center, Austin, TX 2012 Triplett@runitright.biz Ownersview.com (blog)Follow Jan:
  47. 47. Other Greeks in the Act47 Euripides "Try "No good eer comesPersians Sophocles, first thyself, andThe the in God; Aeschylus in his play after call Aesop’s fable Hercules & of leisure wrote,to the workera man makes haste, God too For "Whenever God himself lends aid." purposeless; And heaven ne’er helps the men Waggoner © Business Success Center, Austin, TX 2012
  48. 48. Business Plan vs. Strategic Planning48 © Business Success Center, Austin, TX 2012
  49. 49. The Right Business Vision49 Entrepreneuria Proprietorship Guild l Entrepreneur © Business Success Center, Austin, TX 2012
  50. 50. Handling Money50 Pricing Collections Projections © Business Success Center, Austin, TX 2012
  51. 51. The Bottom Line51 Be Prepared, Not Afraid © Business Success Center, Austin, TX 2012
  52. 52. The Nitty Gritty52 © Business Success Center, Austin, TX 2012
  53. 53. 53 ©Business Success Center, Austin, TX 2012. All rights reserved.

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