It seems like all my millennial colleagues have a side business. In fact, a couple of them have more than one ‘side hustle’ going on in addition to their full time job! I don’t know where they get the energy, but it is actually a very smart idea. Millennials grew up with social media. This allows them to market and sell products and services with very little overhead. Their day job often pays most of the bills. But their side business provides both supplemental income and allows them to pursue their passions. Pretty smart if you ask me.
An article I read in Forbes recently indicates there is a parallel between millennials and baby boomers when it comes to small business – who knew?! Ms. Lesonsky indicates baby boomers are starting small businesses as the next phase. “Retirement is far from this generation’s minds. Instead of getting ready to slow down, the 50-plus crowd is tapping into their experience in the workplace, their expansive professional networks, and their stable financial positions to become successful business owners.”
Believe it or not, more than half of America’s small business owners are over age 50. Only 15% started their business after losing their jobs. Almost 80% opened a business in order to pursue their passion and/or because ‘the opportunity presented itself.’ Where is everyone getting the financing? Until recently I had never heard the term ROBS (Rollovers for Business Start-Ups). Turns out, if you create a C-Type business you can use money from your 401K to finance your new venture, without incurring the traditional penalties.
If you aren’t ready to quit your day job and start a new business, maybe a side hustle is a good place to begin. When you are ready, don’t retire but devote yourself to your business! Ryan Robinson provides ’10 Steps to Start a Business While Working a Full-Time Job:’
- Make the Commitment
- Inventory Your Strengths and Interests
- Validate Your Idea
- Create a Competitive Advantage
- Set Detailed, Measurable and Realistic Goals
- Build a Road Map to Launch Date and Beyond
- Outsource Your Weaknesses
- Actively Seek Objective Feedback
- Don’t Blur the Line Between Work & Your Business
- Reach Critical Mass Before Quitting (or retiring!) Your Job
I admit, I am intrigued with the idea of moving out of corporate America in the next 5-10 years and pursuing my passion. I would love to be my own boss after working for others for 30+ years. As we found out in the recent FabAfter50 survey, most of us would like to work at least part time once we retire from a traditional workplace. Unfortunately, the majority of us are not currently following our calling .
A few weeks ago I read an article that sparked an idea. My husband and I have a shared passion and are considering turning it into a small business. We have made the commitment. We have inventoried our strengths and interests. Over the next 6-12 months we will be working to both validate our idea as well as determine how to create a competitive advantage. This idea may not be the one. But I won’t give up. Starting a small business isn’t something that will happen immediately, but it feels really good to be shaping our own future.
As we move forward in this journey I will share my experiences. If you own a small business or already have a ‘side hustle’ I would love to hear about your experience! Remember, set your life up so you have choices. And always remember, be strong!
INTERESTING!!!