WISER: The Definitive Guide to Starting a Business After the Age of 50
By Wendy Mayhew and TBD
()
About this ebook
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 & aft
Related to WISER
Related ebooks
Life Is a Startup: What Founders Can Teach Us about Making Choices and Managing Change Rating: 0 out of 5 stars0 ratingsPortfolio Life: The New Path to Work, Purpose, and Passion After 50 Rating: 3 out of 5 stars3/5Red Thread Thinking: Weaving Together Connections for Brilliant Ideas and Profitable Innovation Rating: 4 out of 5 stars4/5Longpath: Becoming the Great Ancestors Our Future Needs – An Antidote for Short-Termism Rating: 5 out of 5 stars5/5The Power of foursquare: 7 Innovative Ways to Get Your Customers to Check In Wherever They Are Rating: 0 out of 5 stars0 ratingsLive a Life Worth Remembering: Seeing Change as a Process for Achieving Your Goals Rating: 0 out of 5 stars0 ratingsFive Seconds At A Time: How Leaders Can Make the Impossible Possible Rating: 0 out of 5 stars0 ratingsBuilt to Help Each Other: Mentoring in the Life of Richard Caruso: An Uncommon Man Rating: 0 out of 5 stars0 ratingsHow to Read a Nonfiction Book Rating: 0 out of 5 stars0 ratingsThe Art of Risk: The New Science of Courage, Caution, and Chance Rating: 4 out of 5 stars4/5Open to Think: Slow Down, Think Creatively and Make Better Decisions Rating: 0 out of 5 stars0 ratingsSuccessfully Unemployed: The 16 Real-Life Lessons You MUST Learn Before You Quit Your Job and Live the Life of Your Dreams Rating: 0 out of 5 stars0 ratingsUnconventional: Ways to Thrive in EDU Rating: 0 out of 5 stars0 ratingsYour Mark on the World, Stories of Service That Show Us How to Give More with a Purpose without Giving up What's Most Important Rating: 0 out of 5 stars0 ratingsRelationship Fundraising: A Donor-Based Approach to the Business of Raising Money Rating: 3 out of 5 stars3/5The Fun Formula: How Curiosity, Risk-Taking, and Serendipity Can Revolutionize How You Work Rating: 0 out of 5 stars0 ratingsDisrupt-It-Yourself: Eight Ways to Hack a Better Business---Before the Competition Does Rating: 0 out of 5 stars0 ratingsThe Life-Saving Skill of Story: The Life-Saving Skill of Story Rating: 0 out of 5 stars0 ratingsOwn It! Honouring and Amplifying Accountability Rating: 0 out of 5 stars0 ratingsOptimize Your Creative Mindset Rating: 0 out of 5 stars0 ratingsMore Than My Title: The Power of Hybrid Professionals in a Workforce of Experts and Generalists Rating: 0 out of 5 stars0 ratingsTraining on Bedrock: Build Targeted Training Programs Rating: 0 out of 5 stars0 ratingsThe Future You: How to Create the Life You Always Wanted Rating: 0 out of 5 stars0 ratingsDon't Unplug: How Technology Saved My Life and Can Save Yours Too Rating: 0 out of 5 stars0 ratingsThe Blocks Come Out at Night Rating: 0 out of 5 stars0 ratingsMastering the Art of Knowledge Management: Unlocking the Knowledge Vault Rating: 0 out of 5 stars0 ratingsThe Innovative Team: Unleashing Creative Potential for Breakthrough Results Rating: 3 out of 5 stars3/5Wiser | The Definitive Guide to Starting a Business After the Age of 50 Rating: 0 out of 5 stars0 ratingsThe New Builders: Face to Face With the True Future of Business Rating: 0 out of 5 stars0 ratingsThe Mistakes That Make Us: Cultivating a Culture of Learning and Innovation Rating: 4 out of 5 stars4/5
Small Business & Entrepreneurs For You
Overcoming Impossible: Learn to Lead, Build a Team, and Catapult Your Business to Success Rating: 5 out of 5 stars5/5Your Next Five Moves: Master the Art of Business Strategy Rating: 5 out of 5 stars5/5Small Business For Dummies Rating: 4 out of 5 stars4/5Robert's Rules of Order: The Original Manual for Assembly Rules, Business Etiquette, and Conduct Rating: 4 out of 5 stars4/548 Days to the Work and Life You Love: Find It—or Create It Rating: 3 out of 5 stars3/5The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime Rating: 5 out of 5 stars5/5The LLC and Corporation Start-Up Guide: Your Complete Guide to Launching the Right Business Rating: 5 out of 5 stars5/5The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It Rating: 4 out of 5 stars4/5Yes!: 50 Scientifically Proven Ways to Be Persuasive Rating: 4 out of 5 stars4/5Real Artists Don't Starve: Timeless Strategies for Thriving in the New Creative Age Rating: 4 out of 5 stars4/5The Ultimate Side Hustle Book: 450 Moneymaking Ideas for the Gig Economy Rating: 4 out of 5 stars4/5Starting a Business All-In-One For Dummies Rating: 4 out of 5 stars4/5The Whole Body Entrepreneur: A Physical and Emotional Self-Care Bootcamp Rating: 5 out of 5 stars5/5Summary of Timothy Ferriss' book: The 4-Hour Workweek: More time, more money, more life: Summary Rating: 5 out of 5 stars5/5Without a Doubt: How to Go from Underrated to Unbeatable Rating: 4 out of 5 stars4/5Bending Reality: How to Make the Impossible Probable Rating: 5 out of 5 stars5/5How to Think Bigger: Aim Higher, Get More Motivated, and Accomplish Big Things Rating: 4 out of 5 stars4/5Company Rules: Or Everything I Know About Business I Learned from the CIA Rating: 4 out of 5 stars4/5Capital Gaines: Smart Things I Learned Doing Stupid Stuff Rating: 3 out of 5 stars3/5The Side Hustle: How to Turn Your Spare Time into $1000 a Month or More Rating: 4 out of 5 stars4/5Bookkeeping: An Essential Guide to Bookkeeping for Beginners along with Basic Accounting Principles Rating: 4 out of 5 stars4/5Built to Last: Successful Habits of Visionary Companies Rating: 4 out of 5 stars4/5HBR Guide to Buying a Small Business (HBR Guide Series) Rating: 5 out of 5 stars5/5How to Grow Your Small Business: A 6-Step Plan to Help Your Business Take Off Rating: 4 out of 5 stars4/5Feck Perfuction: Dangerous Ideas on the Business of Life Rating: 4 out of 5 stars4/5The Everything Nonprofit Toolkit: The all-in-one resource for establishing a nonprofit that will grow, thrive, and succeed Rating: 0 out of 5 stars0 ratingsThe Start Your Own Business Bible: 501 New Ventures You Can Launch Today Rating: 4 out of 5 stars4/5
Reviews for WISER
0 ratings0 reviews
Book preview
WISER - Wendy Mayhew
Copyright © 2019 Business Launch Solutions
ISBN: 978-0-9881000-1-5 (book)
ISBN: 978-0-9881000-2-2 (electronic book)
All rights reserved. This book or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the copyright owner except for the use of brief quotations in a book review.
Every effort has been made to ensure that the content provided in this book and the additional resources are accurate and helpful for our readers at the time of publication. However, this is not an exhaustive treatment of the subjects. No liability is assumed for losses or damages due to the information provided.
Cover design and book layout by Melanie Vandergaast, Initiate Marketing Inc.
Book formatting by Goran Tovilovic, BookClaw
Editing by Maeve O’Connell, Book Magic
Proofreading by Sigrid Macdonald and Dahlia Liwsze, Book Magic
www.businesslaunchsolutions.ca
This book is dedicated to anyone and everyone who has started a business or is considering starting a business after the age of 50.
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
Lean Canvas
Business Model Canvas
Chapter 5: Legal Requirements
Chapter 6: Customer Experience
MONEY MATTERS
Chapter 7: Accounting Practices
Working with an Accountant
Record Keeping
Chapter 8: Financing Your Business
CUSTOMER CONTACT
Chapter 9: Marketing
Reaching Your Customers
Content Marketing for the Social Era
Branding: Brands that Go Deep Often Go Far
Websites: Everyone Needs a Website
Driving Traffic to Your Website
Social Marketing
Networking
Building Relationships
Networking for Introverts
Networking at Events
UP AND RUNNING
Chapter 10: Sales
It’s Not about You, It’s about the Buyer
Smart Calling, Not Cold Calling
EXITING THE BUSINESS
Chapter 11: Succession Planning
ALTERNATIVES TO STARTING A BUSINESS
Chapter 12: Ownership Options
Buying a Business
Buying a Franchise
Intergenerational Business
ABOUT THE AUTHOR
LETTER TO READERS
FOREWORD
When you think of an entrepreneur, what do you picture? Is it a young, tech-savvy 20-something-year-old with a hot,new idea that is going to revolutionize the world?
Unfortunately, we’ve all been trained to think that entrepreneurship is a young person’s game, but older entrepreneurs are showing that this is not at all the case. In fact, older entrepreneurs are proving that they are truly a force to be reckoned with.
For example, did you know that 30% of Canadian start-ups are run by people aged 50 and older, and more than half (54%) of America’s small business owners are over 50? Or that more than two-thirds (67%) of business owners over 50 say their companies are currently profitable?
Entrepreneurship is not only something older people are embracing—they are succeeding at it. They are leveraging their years of experience and expertise and developing and launching new businesses every day.
Years ago, Wendy Mayhew recognized this trend. She also realized that older entrepreneurs were one of the most under-supported groups of businesspeople. To help remedy this situation, Wendy began to share her own 40 years of entrepreneurship experience and personally support and coach older entrepreneurs. In addition, Wendy also wanted to raise the visibility and value of older entrepreneurs. To do this, she created and launched the WISE 50 over 50 Awards to officially recognize and celebrate 50 entrepreneurs over the age of 50 and their achievements.
I first met Wendy at a conference on aging, where she was presenting on activities and opportunities for older entrepreneurs. We became acquainted and quickly realized that we were both working toward similar goals—to promote and support the value that older people provide. We worked together when Booming Encore became a media partner in promoting the 50 over 50 Awards. Working alongside Wendy, I couldn’t help but be impressed with her enthusiasm and undying dedication to helping and supporting mature entrepreneurs.
This book is a continuation of the dedication that Wendy has to entrepreneurs. By sharing her own experience and knowledge, combined with the voices of business leaders from across the globe, Wendy has compiled some of the best thinking and advice for any entrepreneur—older or younger—who may be considering starting or has already started a business.
This practical guide easily takes a new entrepreneur through the many different phases in developing and launching a business. From transitioning from being an employee to an entrepreneur, to the planning stages, to the financial and legal requirements, and even to managing social media, Wendy has each area covered.
So, if you are an older, budding entrepreneur or even just interested in knowing what may be involved in starting a business, this book was written especially for you. May it help you to move forward with confidence as you join the many other mature entrepreneurs who have taken the leap before you. After all—as I so often ask—if we don’t do it now, then when?
Wishing you much success in whatever new business venture you may take.
Susan Williams
Founder, Booming Encore
www.boomingencore.com
INTRODUCTION
Many people can’t wait to retire and stay retired. Others try retirement and find it’s not for them. Some people have been forced into retirement—sometimes positions become redundant, and people struggle to be rehired because of their age.
Whatever the reason, if you are facing retirement, it’s important not to dwell on the past but to think about what the future may have to offer.
Almost everyone, at some point in their life, has either wanted to be a business owner or has had an idea about a solution to make an existing product or service better. Perhaps you want to do both of these things. These two things have one thing in common: you haven’t done anything to realize your dream yet.
Regardless of age, entrepreneurship isn’t for everyone. It takes time, patience, perseverance, and money to start and run a business. It is a full-time commitment. However, if you decide to start your own business once you’ve retired, you will be joining the fastest growing group of new entrepreneurs in the world.
The internet is full of articles and stories about people who started their first business after the age of 50; however, currently, there aren’t any books which focus on helping you understand what is needed as you consider starting your first business. Is starting a business later in life different than for a younger person starting a business? The answer is both yes and no. The fundamentals are the same; however, there are many issues that older entrepreneurs face that their younger counterparts don’t. One significant difference is the transformation from employee to entrepreneur. Another is that millennials have grown up with the internet and have many skills that older people don’t possess. But older businesspeople also have years of experience to offer that younger people don’t have.
Having been an entrepreneur for 40 years, I started exploring and researching issues and concerns regarding older entrepreneurship several years ago. I knew there was a need for a book on starting a business and WISER: The Definitive Guide to Starting a Business after the Age of 50 was born.
I’m a firm believer that there isn’t any one person who knows enough about entrepreneurship to go deep into what is needed when starting a new business. Knowing that, I reached out to 29 business owners from around the world who are known for their expertise to ask them if I could interview them for this book. Once I told them about the market I was addressing, it didn’t take long for them to say yes. Expert contributions to this book come from countries including Canada, the US, Australia, Ireland, France, and the UK.
Included with your