Boomer Business Start-Up Strategy #3

Do Your Homework

In past articles we have discussed the plight of so many Boomers who have either been laid off or simply feel unfulfilled in their present career.  Whatever the situation, many Boomers have decided to pull the trigger on their careers and branch out into the exciting world of business ownership.  I say exciting with my tongue in my cheek as so many have shied away from entrepreneurship for fear of the unknown.

For centuries, employers have provided a seemingly secure environment for their employees by covering all of the bases.  Thus, many who have learned a trade working for their employer for many years may conclude that they could run a business ‘just as well as their employer, maybe even better'...maybe.  While that is always a possibility, it is sheer folly to conclude that being a skilled craftsman qualifies one to operate and manage a business.  There simply is more to it than what meets the eye.

Once you have decided to pull the trigger on a career shift, it is always wise to first do your research.  Face it; a little extra education cannot hurt you.  The caveat is that, education alone isn't enough.  The right education, though, includes attitude adjustments so your mindset is prepared for the uncertainties and sacrifices that await you.

Among the items you should research, you will want to make sure of:

• Market conditions (supply & demand)
• Your competition (Will you be engaged in a battle of price cutting to stay afloat?)
• Networking resources (Are there plenty of accessible complementary businesses)
• Is this what I really want to do?

Of course, once you decide to make the move, you will need to commit.  Your commitment will be aided by having first done quality research.  This doesn't mean, however, that you must complete your education before proceeding with your start-up plans.  In fact, you should plan on allocating time and a budget for continuing education in your field.  Most successful professionals do this regularly.

Remember that each time you leave your home, you don't wait for the all traffic signals to show green before proceeding.  Do you?  The same applies with your research.  Some things, while not presently acceptable, will simply have to get worked out in time.