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Tuesday, November 24, 2009

The Life of Senior Small Business Owners - Balancing Strategic Planning, Innovation, and Financial Management Between Doctor Visits and Health Issues

From thrift shop owners to RV park manager/owners, seniors who are small business owners balance the challenges of innovation to keep pace with change along with the doctor visits and health issues that come with the senior territory.

Many seniors are still managing successful small businesses. Staying afloat in the present economy means inventing new strategies that are situation specific for the current times. Many seniors enjoy the independence and challenges of owning their small businesses, instead of retiring or working for someone else.

One 93 year old woman I met was still going over to do maintenance tasks at the apartment building she owned and managed for college students' housing. She would arrive to visit with the student renters who might be around, change light bulbs or fix garbage disposals and other things. Students would often come over to her house a mile away to drop off the rent check and stay for visit with her. She was a little like a grandmother to some of them. She finally did have a relative who had power of attorney to share the responsibities, and a caregiver to drive her over and assist. But she continued her activities until she was almost 100, when she passed away. It was a way of life she preferred. A life of watching TV or sitting at home was not for her.

Other seniors start a retirement business at home. One friend of mine offers knitting classes and has a yarn and textile shop attached to the house. Another teaches ceramics and does the same thing. Lots of seniors go into real estate, but at this time of course that's a difficult occupation in this economy. A drive around the area where I live shows many signs in front of homes for country crafts, welding, handyman, gardening, a cabinet maker, beads and jewelry making, antigues, organic vegetables, knitted scarves and caps, and pet sitting.

Other seniors I know are owners and/or managers for rental units, RV parks, vacation rentals, computer resellers/repairs/tutors, thrift shop owners, caregiver agency owners, writers, and artists.

For many seniors the current economy has devastated hopes of earlier retirement. Investments made for retirement are suffering, and the working years are extended.

Seniors who are small business owners may be rethinking their future, and planning to continue the business challenges indefinitely. Between joint replacement surgeries or heart surgeries, they may be dreaming up new business strategies with hopes for success. Some, who like challenges, say this is part of the fun.

To many, being in the business is like a lifestyle choice they prefer over the boredom, stagnation and loneliness that can occur.

The challenges to be met are more difficult than ever in the current economy, but the other options can make it a necessity or preferable to continue in business.


camilynn said...

Very thoughtfull post on"The Life of Senior Small Business Owners".And I would like to say that I'm living my dream of owning my own business and working from home earning equally or more than the regular jobs by using

Edwin- Own a new business

nursing home UK said...

There are lots of people in market who are running their business for years and they are quite successful as well. Everybody is happy with a profitable business.