WISER

The Definitive Guide to Starting a Business After the Age of 50

Wendy Mayhew, TBD

• Publisher: Business Launch Solutions
• Year: 2020
• eBook ISBN: 9780988100022
• Edition: 1
• Topic: Business
• Subtopic: Small Business
• Index: Business

About the Author

Wendy Mayhew is an author, speaker & entrepreneur, with over 40 years' experience successfully launching & managing businesses. She founded the communications agency Mayhew & Associates, which grew to sales of $3 million with one employee. Based on her own experience & after seeing the need for practical business support amongst older demographics, Mayhew launched WISE: Seniors in Business, to support entrepreneurs through panels, online resources and the 50 over 50 Awards.

 

CHAPTER 1
 
Transitioning from Employee to Entrepreneur

Most people who leave a workforce that has been part of their lives for years find it challenging to change from employee to entrepreneur. After all, in the past, they were surrounded by fellow employees who they leaned on for advice; these colleagues were sounding boards for ideas and decisions or people to grab a coffee with.

If you are like most new older entrepreneurs, you are starting your first business and doing it by yourself. You may experience new levels of stress, but stress helps you grow and strengthen. The issue is always about managing the amount of stress and where it shows up in your life.

During your career, you were able to say, “That’s not my problem. Another area looks after that.” However, you own everything in your business. You will have challenges and be responsible for all the problems that you may have. Just like when you worked for someone else, you will still have highs and lows.

The first thing you need to understand is that you can’t do it alone. You also need to understand that you are now in a different space; the people who you may have depended on during your career probably won’t understand the challenges you are having as an entrepreneur because they have never faced the same challenges. You need to find different connections who understand the same problems and fears that you are now having.

Finding these connections isn’t as difficult as you may think. Firstly, before you leave your place of employment, make sure you take your Rolodex with you. As an employee, you probably had many outside contacts—people you could trust. Some of these acquaintances may be business owners themselves or can refer you to other entrepreneurs for help. You should also look for a business coach and attend networking events. (Business coaching is covered in Chapter 3: “Consulting, Coaching, Advising, and Mentoring.”) If the thought of networking is pretty scary for you, you’re not alone. There are three different sections in this book to help you make meaningful connections (“Building Relationships”, “Networking for Introverts”, and “Networking at Events”).

Don’t be afraid to ask for help; entrepreneurs are known for wanting to share their experiences and help you along the way. Listen to what people have to say, but don’t be bullied. Take everything in your stride. What may have worked for them may not work for you. Listen and let people guide you; don’t be told what you have to do, and make sure the person advising you is someone you can trust.

 

 

To access an audio interview with Trefor Munn-Venn on the topic of transitioning from employee to entrepreneur, please register for an account or login at www.wiser.guide and click on the relevant chapter.

 

 

 

 

 

 

The key is, when you try something, you often can surprise yourself—right? I’ve heard this time and time again, and I’ve seen it time and time again when I work with people on this. People can often have self-discoveries—not massive ones, but even minor ones that are very meaningful to them.

Andy Molinsky, Ph.D., Professor of International Management and Organizational Behavior, Brandeis University International Business School, and Author of Reach: A New Strategy to Help You Step Outside Your Comfort Zone, Rise to the Challenge and Build Confidence

 

 

CHAPTER 2

Stepping Out of Your Comfort Zone

Many of us are comfortable in our lives and careers. We like spending time with friends we made years ago, and we thrive when working with colleagues and associates we’ve known for a long time.

The thought of change can be uncomfortable and cause anxiety and fear. Don’t worry; everyone feels insecure from time to time. Regardless of age, doing something different is challenging for most people. However, embracing change will have a positive impact not only on your health but on the success of the business you want to start.

If you are passionate about your business idea, you will need to step out of your comfort zone. Start by taking baby steps and continue one step at a time. A good place to start is by planning. Write down everything that you need to do to change your direction and follow your dream. Some things to consider are:

• Who can I talk to about my business idea? What if they don’t like it?
• Where can I go to meet like-minded people?
• How can I get introductions to helpful contacts? How should I start networking and obtain referrals?

Do you notice something familiar about this strategy? It is likely the same approach you used during your career. No doubt you have worked closely with, shared your knowledge and expertise with, and—in return—reciprocated help from your colleagues, associates, management, and perhaps suppliers. You already have a toolkit of knowledge to help you on your way. You’ve worked on projects with timelines and budgets. You’ve received and given feedback, both positive and negative, about work. You’ve been introduced to others with whom you’ve formed working relationships. You’ve had coffee and lunch with co-workers. You’ve talked about everything under the sun. You might even have socialized with these people outside of the workplace. These are your champions who congratulated you on your successes and challenged your work.

Starting a business can be overwhelming, and you need to make sure that you find the information and support you need to get started. This will help to keep concerns about the future at bay. To tackle some of your anxiety, remove the words “starting a business” from your vocabulary, and instead use the word “project.” Make a list of everything you need to do. Then, break down each step, and include timelines for each area of your project.

Here is an example:

Project step #1—spread the net: Start by searching for small business organizations in your area. These organizations are there to help you with your start-up. Arrange a meeting with them, and arr...

Table of contents

• Title page
• CONTENTS
• FOREWORD
• INTRODUCTION
• ACKNOWLEDGEMENTS
• Getting Started
• CHAPTER 1 Transitioning from Employee to Entrepreneur
• CHAPTER 2 Stepping Out of Your Comfort Zone
• CHAPTER 3 Consulting, Coaching, Advising, and Mentoring
• CHAPTER 4 Business Planning
• CHAPTER 5 Legal Requirements
• CHAPTER 6 Customer Experience
• MONEY MATTERS
• CHAPTER 7 Accounting Practices
• CHAPTER 8 Financing Your Business
• CUSTOMER CONTACT
• CHAPTER 9 Marketing
• UP AND RUNNING
• CHAPTER 10 Sales
• EXITING THE BUSINESS
• Chapter 11 Succession Planning
• ALTERNATIVES TO STARTING A BUSINESS
• Chapter 12 Ownership Options
• ABOUT THE AUTHOR
• LETTER TO READERS