Boomers, Seniors, Retirees: Need to Replace Income Lost In Recession? Have You Discovered How to Get “Linked In” to the Social Networking Sites to Assist In Your Job Search?
Does the Recession Find You with a Decimated 401(K), Your Savings Tanked and – Worse – Forced to Look for Work?
If so, you’re not alone. That’s what happened to one of my daughter’s co-workers, a guy we’ll call “Ron.” Perhaps you’ve known someone like Ron, or had a “Ron” at your office, too. If so, he’d be the guy who’s famous for taking penny-pinching to the “nth degree.”
According to my daughter, Ron scrimped and saved his whole life, building up a huge stock portfolio – with the intent of leaving his former college and several charities major endowments on his death.
She tells me Ron was the epitome of financial prudence. While she’s no slouch when it comes to being economical, she says this guy could one-up anyone when it came to scrimping and saving.
For example, he:
- Rode a bicycle to work
- Always ate lunch at his desk – PB&J’s and an apple – every day
- Never went out for after work drinks with co-workers or ate dinner at nice restaurants
Beyond that, Ron:
- Lived in a tiny house he inherited from his grandmother
- Spent his vacations doing home improvement projects
- Mowed his own lawn, and used a push mower to boot. (“Good exercise and saves the environment,” Ron said.)
- Never bought clothes unless he had to — and only then on sale
- Didn’t have a TV, so no pricey cable bill, either
- Read a lot of books, but never bought them. He was a great patron of his local library
- Excelled at coupon-clipping…
Yes, Ron was well-paid, and he was a saver. He had big plans for his nest egg, too. But there’s a sad ending to his story:
- In order to get the most return for his money, it seems Ron invested all of his personal savings into the stock market
- And lost it all this past year
- The mental distress these losses caused him was so great Ron began verbally abusing his co-workers
- And eventually became so disruptive his supervisors dismissed him
- To add insult to injury, the firm’s 401(K) hasn’t performed well recently. So Ron doesn’t have much to show there either, due to the timing of his separation from the company. He’s pretty much left to rely on his Social Security and whatever severance pay he might have received.
- The only ray of hope I see is that knowing how scrappy Ron is, I am hopeful he can get back on his feet again soon…
Wow! What a tale of woe. Hopefully, your personal losses aren’t as huge as Ron’s.
But regardless, you know that because of this economic downturn, many Boomers, seniors and retirees suddenly find themselves faced with an unanticipated need for funds. Unless you feel up to starting your own business, this means you need to figure out how to return to the workforce…
It’s time for a job search. And though that may be daunting, especially given your concerns over ageism, the good news is that we’ll end this post by discussing some new social networking tools that are guaranteed to help you succeed. Which is a really good thing. After all, you’re concerned that:
- You’re searching for work during a time when global unemployment is on the rise
- You’re up against gigantic odds – especially if you’re factoring in any potential for age discrimination and technological shortcomings
- Not to mention your concerns over generational conflict in the workplace. (You know, hostility you may face because younger workers believe that older workers who refuse to retire are grabbing jobs that should have gone to them – or even to new college grads…)
Don’t Despair. There Is Some Good News. First Off, Boomers and Seniors Actually Have Some Support in the Human Resources Department
Based on experience, HR people – whose job is to make the best hiring decisions possible – know that workers in the plus-50 age range are:
- Generally more conscientious and harder working than younger workers
- Less likely to take sick leave; even more unlikely to require maternity leave
- Usually more perceptive, emotionally stable and motivated
- Just as capable of learning (which means that a bit of training will negate any concerns related to technological challenges)
- More capable of evaluating decisions, due to experience
- Much less prone to making rash/”off-the-cuff” decisions which have to be overturned later
- Often willing to sacrifice earnings in favor of a pleasant work environment and/or the gratification that comes from making the world a better/safer/kinder place
- Steady workers, not overly interested in climbing the career ladder at this point in their lives
Secondly, There Are Some Bright Spots On the Job Search Horizon
Steve Pogorzelsko, former president of Monster North America, the company which runs the employment site Monster.com, says the country is already experiencing a shortage of workers in some areas. Particularly:
- Health-care workers
- Car mechanics
So if your talents fall into those areas, you’re much more likely to find organizations anxiously looking to hire you.
Beyond that, if you’re reading this in the United States, President Obama’s Stimulus Plan is also about to start generating jobs. Monster.com has just published a useful job search list for those positions. Apparently, in addition to jobs in construction and the trades, there will be jobs created in dozens of other fields, including:
- And even in “softer” areas, like travel, tourism and hospitality…
Third, You Can’t Ignore the Generational Tension Created By the Tug-of-War Over Who Gets Today’s Jobs – But You Might Be Able to Use It to Your Advantage
Ellen Goodman, columnist for The Boston Globe just wrote a very interesting piece on generational conflict and how the recession is sending mixed messages to older Americans seeking employment. Her piece begins:
“Let me see if I have this right:
Older Americans ought to keep working in order to lighten the burden of Social Security and assorted benefits on younger generations.
Older Americans ought to retire in order to make room for younger generations with their noses pressed to the closed window of the job market...”
A few paragraphs later she says:
“… But if the downturn comes with the seeds of generational conflict over jobs, it also carries packets of social change. There is a chance for the boomer generation to make a virtue – or a revolution – out of the necessity of working longer.
We already know that a growing corps of people in their 50s and 60s are more interested in renewal than retirement. Marc Freedman of Civic Ventures talks about “encore careers” for those who want to leave their midlife jobs and move into work with social value.
Now, he says hopefully, “The one benefit of this economic crisis is to drive home the reality that longer working lives are going to be necessary and desirable. If we can give people a sense that contributing longer is not another set of years at the grindstone but an opportunity to do something they can feel proud of, we’ll have accomplished something significant…”
Speaking of Social Change, Renewal – And Working Toward Significant Accomplishment: Why Not Start Using Some of the New Social Networking Tools to Enhance Your Reach, Increase the Opportunity for Job Search Success?
Of course you already know to use traditional social networking.
It’s as natural to you as breathing, right? As soon as you decided it was time to pull out your resume and start updating it, you no doubt started your networking campaign, letting your contacts know that you’re looking for work, so that they can assist you with your search. That network includes your:
- Former employers
- Former co-workers
- Former classmates
But Did You Know That You Can Reach a Lot More of Your Resources – Faster – Using the Outreach Techniques Offered By Some of the New Social Network Websites?
Currently, the three best job search-related resources are Twitter, FaceBook and LinkedIn. Additionally, you can create a blog, and blog about your expertise and things you feel passionate about. This will also lead you to previously unanticipated income opportunities.
So let’s talk a bit about those three sites: If you haven’t previously used them, don’t hesitate to jump online and take a look. As you get to know and understand them, you’ll see that while they’re similar in some ways, each has each has a unique role to play in your job search efforts.
Though they are all focused on social networking, it might help you to think of them in terms of your more traditional social networking experiences. You know, sort of like this:
- Twitter = A connection you make at a cocktail party.
- FaceBook = A conversation you have in the hallway at work. Potentially a casual connection, but still potent…
- LinkedIn = A traditional business meeting. When you’re using LinkedIn, you’ll want to (figuratively) wear your best suit, carry your business cards – and shine your shoes.
Got it? Then let’s talk some more about how you can use LinkedIn:
You Need to Use LinkedIn As Your Professional Networking Site, Where You’ll Post Your Work Experience, and Start Connecting with People Professionally.
Currently LinkedIn.com boasts over 35 million professional users and focuses on a business demographic. It operates with three levels of separation. You can connect to people you know directly, as well as people you might be able to connect with on a secondary and tertiary level.
You can also connect your blog to it, once you’ve got one set up, and send your tweets there, too. (Tweets are the comments you make from your Twitter account.)
Once You set up your LinkedIn connections you’ll suddenly find yourself connected to millions of people. As for current users of LinkedIn, here’s the demographics:
- Average Age – 41
- Average Years of Experience – 15
- Average Household Income – $109,000
- 46% of its users are Decision Makers
- Includes profiles of executives from all of the Fortune 500 firms
After you’ve joined and set up your profile, dig into the LinkedIn platform to find and join “groups” of people with common interests or backgrounds.
It’s easy to find existing groups. Here’s how:
- First, log in to your LinkedIn account
- Next look for and click on “Groups” in the left hand navigation bar
- When you do that, you’ll see a new screen, where “Groups Directory” and “Create a Group” options show up in a box in the upper right hand corner.
If you click on “Groups Directory, ” you can do a comprehensive search for existing LinkedIn groups related your current affiliations, including:
- Your Alma Mater – For example, mine – the University of Wisconsin-Madison – has an alumni group which I joined. So do Cornell, U of Michigan, Northwestern, CalTech, UCLA, UC-Berkeley, etc. Likely your school does too, as there are thousands of college alumni groups listed. If you school is not there, you can start one by clicking on the “Create a Group” tab.
- National or Local Civic Groups – I joined a group of Chi Omega Alumni, my national collegiate social fraternity.
- Non-profits or Charity groups – There are literally hundreds of groups here, including Christian Professionals, World Wildlife Fund, Ubuntu Users, American Heart Association, YMCA. No doubt one you’re affiliated with already exists and is happy to network with you…
- Professional Organizations – There are over 62,000 professional organizations represented in LinkedIn. Everything from Automotive Aftermarket to Republican Professionals, to the World Tourism Network. As a marketing and PR professional , I joined the PRSA (Public Relations Society of America) Counselor’s Academy group.
- “Employer Alumni” Groups – These are active groups of former employees interested in networking, and there are thousnds of them listed. I found HP Alumni, Milwaukee Journal Sentinel IT Dept alums, and something like 64 different flavors of AT&T/Bell Labs alums. Not to mention GE, IBM, Oracle. It’s a long list…
- Special Interest Groups – I joined Baby Boomer Marketing Group, Marketing & PR Innovators, ProMarketers, and Relationship Marketing 101. What are your special interests?
- Groups for Your Ideal Target Market – I found Encore Entrepreneurs, Boomer Nation…
- Conference Groups – If you ever attended a major conference, like TED, Black Hat Briefings, Dallas TechFest or Defcon, you’ll be delighted to know there are over 4,000 LinkedIn groups related to conference attendees.
Being a group member allows you to see other group members and to reach out and build relationships. It’s sort of like your local Rotary Club on steroids…
No doubt you’ll want to search for groups for your areas of professional expertise, as well as within the areas where your best referral sources participate. Not to mention groups related to the sources of your best clients.
There’s More to Successfully Marketing Your Skills Via LinkedIn, Of Course:
For example, you can do some advanced searching in the “People” tab at the top of every LinkedIn. It allows you to find like-minded people and see where they are affiliated – both online and offline. This means that you can discover what groups your connections belong to and “Join” them as well. Which is a great way to position yourself as an expert in the appropriate communities. Something you want to do when your in job hunting mode. It allows you to showcase your expertise, becoming the “Go To” professional in those groups.
If your curiosity is piqued and you want to know even more about how to leverage LinkedIn here are a handful of recommended books, all handily available at Amazon.com, which will help you better use LinkedIn to succeed in your job search:
- 42 Rules for 24-Hour Success on LinkedIn: Practical Ideas to Help You Quickly Achieve Your Desired Business Success by Chris Muccio, with David Burns & Peggy Murrah
- The LinkedIn Personal Trainer by Steven Tylock
- I’m on LinkedIn–Now What???: A Guide to Getting the Most Out of LinkedIn by Jason Alba
- Social Media is a Cocktail Party: Why You Already Know the Rules of Social Media Marketing by Jim Tobin and Lisa Braziel
- Social Media Marketing: An Hour a Day by Dave Evans and Susan Bratton
In closing, if you’d like to take a look at my LinkedIn account as an example of how to set yours up, go to Anne’s LinkedIn page.
And if you’d like to connect there, just send me an invitation, noting that “BoomerLifestyle” is how we know each other.
Finally, if you’re still feeling mystified by social networking, but would like some coaching on how to use it, drop me an email, giving your name, email address, phone number, particular challenge, and best time to call. I promise to get right back to you so we can discuss how I can best help you.
Are You Worried, Fearful the Recession Will Bust You? Don’t Just Wait for Obama. Why Not Motivate Yourself to Start a Business That Creates Your Own Economic Stimulus Plan?
My friend Kathy has been a motivated and highly successful Realtor in beautiful and historic Galena, Illinois – a community whose lifeblood is tourism – a for about 30 years. Regularly one of the top selling agents in her MLS, she loves her work and has lived through boom times and bad with the knowledge that everyone needs to have a home. Hers has always been a business marked by sales awards and steady growth.
- But, along with almost 100% of the Realtors in the country, she found 2008 to be a real financial challenge. With little or nothing she could personally do to turn things around.
- Which is probably why she sent out Christmas cards this year featuring a photo her husband took of her with Barack Obama back in 2004, when he was in town, campaigning for the Illinois senate. (She’s what you’d call a long-term Obama fan.)
- For the past year, her hopes have been that he’d win the presidency and turn the economy around – and that he could take action quickly enough to get people confidently buying real estate again.
- Naturally, she’s delighted Obama’s presidency is off to the fast start the whole world has been praying for…
Financially, We’re Not Out of the Woods Yet, Of Course. This Recession is Just Too Deep to Turn Around in Less Than a Month.
Obama may be a man with a plan and a compelling vision of hope. But even Kathy knows he doesn’t have super-powers. Nor did he come equipped with a fairy godmother and a magic wand… And we still live in the real world. There’s still a lot of hard work – and painful decisions – ahead:
No Doubt That’s Why You’ve Heard President Obama’s Cautionary Soundbites On the News This Past Week:
- “We are in the worst economic crisis since the Great Depression”
- “2009 will be tough”
- “Things may get worse before they get better”
- “We must take dramatic action now, with regard to the American Recovery and Reinvestment Plan, the economic stimulus package, tax cuts…”
- Back at the ranch
- Over in your neck of the woods
- Or wherever in the world you like to hang out
January – with its excitement of the new year and the inauguration – has segued into the chill of February. And the hot dragon breath of recession and economic crisis no doubt continues to flick at your ears, as:
- More Americans filed for unemployment in January than at any time in the last 26 years
- A recent New York Times editorial opined that there’s “no guarantee that today’s battered 401(k)’s will rebound powerfully. People close to retirement don’t have time for a do-over. Even for those still far from retirement, there’s no telling how stocks will perform in the future. “
- Big companies around the globe continued to announce plans to lay off tens of thousands of workers. A quick analysis of world headlines finds the following major firms announcing personnel cutbacks:
- Caterpillar (20,000)
- Sprint Nextel (8,000)
- Home Depot (7,000)
- Boeing (10,000)
- Macy’s (7,000 workers cut, plus they cut their quarterly divided, and said they’re integrating all divisions into a single unit, as they expect 2009 to remain very tough for retail)
- Starbucks (announced plans to close 300 under-performing stores worldwide and lay off 6,700 workers, mostly in the US )
- The anticipated Pfizer Wyeth merger (which will result in a net loss of 8,000 jobs)
- Caterpillar (20,000)
As Ann Landers Used to Say, “It’s Time to “Wake Up and Smell the Coffee:”
The question you must now ask yourself is “What have YOU planned to do in 2009 to keep yourself financially solvent??”
In case you were too busy to take action earlier due to:
- The year-end holidays
- The election or
- Your own personal financial implosions
You need to know this: It’s not TOO LATE for you to RESOLVE to spend 2009 focused on generating income via consistent activity related to your skill sets and your big ideas!
Especially if You’ve Recognized That 2009 is Not Just the Chinese “Year of the Ox,” But Probably Also the “Year You Must Become Self-employed.”
And why wouldn’t you be starting to realize this? Obama may be quickly putting solid plans in play, but you’ve been around the block a few times. You’ve heard all the cautionary talk, and you know you don’t have time on your side:
Most people agree that it’s going to take at least two years – possibly longer – to get our economy straightened out again.
And, as a Boomer, someone who might have had plans to retire in as few as two years, you know you’ve got to take action. You can’t just wait for the “man from the government, who’s here to help” – even when he brings with him as much hope as Obama does…
With so much to do, and so little time, your first step has to be to resolve to get motivated to take some action – after you chart your own personal recovery and reinvestment plan!
>Not Sure If Now Really Is the Time to Start Your Dream Business?
The truth is, 2009 is the perfect year to start. Done right, the economy can actually help you break all kinds of records for a start-up business generating sales, revenue and profits. Which is why there has not been a better time in the last 70 years to go out and build a business. You know why?
Because everyone else is pulling back! That means, for instance, that ad rates are cheaper now, so it costs you less to find buyers – provided you have pinpointed the messaging that is going to resonate with your ideal prospects…. and you’re absolutely clear about where you’re going with your business, and how you’re going to get there.
What? You’re Panicked and Not Buying This Concept?
Well relax. Fear and panic won’t get you anywhere. But strategic planning accompanied by proper motivation will.
As proof, take a look at the front page of Advertising Age for January 26, 2009. Hone in on the article that says, “Marketing’s New Red-Hot Seller: Humble Snuggie”
- You know what product they’re talking about: those slightly silly-looking blankets with arms that have been advertised all over TV these last few months… You can probably recite the commercial from memory, so you know they come in 3 colors and you can get two of them – plus two book lights – for $19.95 plus shipping and handling…
Here’s how popular this item is:
- Not only has Ellen DeGeneres jokingly worn one
- Fox News actually honed in on a woman wearing one at Obama’s inauguration
- And the product has inspired more than 200 parody videos on YouTube – as sure a sign of success as anything
Now Think About It: Haven’t YOU – At Least Once or Twice – Had an Idea for a Product As Simple – and On Target – As This One?
Thought so. Most people have. Problem is, too few take action to turn these personal flashes of genius into income-generating products.
Now’s the time to review those great ideas you’ve shelved somewhere in the back of your head and dust off any that might fit a similar mold. That is, products that are easy to produce and fill a need.
Especially if – like the Snuggie – they are product ideas that can help people in at least one of these four crucial ways:
- Save money
- Make money
- Relieve pain, or
- Do something they have to do – no matter what the economy – (except, of course, that you can show them how to do it better, faster, easier, with less trouble)
Add to That the Concept of: Do What You Love And the Money Will Follow
Whether you’ve been laid off, are anticipating that a layoff might happen to you later this year, or are simply trying to figure out how you’re going to be able to retire in a few years, now’s the time to take a clue from experts like Loral Langemeier and figure out how to make some additional money doing what you already know how to do. Especially if it’s something you love to do AND it fits the criteria listed above.
- Just getting a new job isn’t going to do it for you right now.
- Nor will panic and fear get you anywhere.
- Your best option today, no matter whether you’re “still employed but worried,” or just lost your job, is to start figuring out how you can generate some new money. Money that will allow you to recession-proof your income.
But What If You Can’t Afford to Spend Money on a Great Business Coach to Help You Get Started?
No doubt there’s a lot of work you’ll have to do to get your business off the ground. The fastest and quickest way to do this is to work with a counselor or coach.
- But that takes money, which is something you’re no doubt short on right about now…
- Your next best option, instead of hiring someone to coach you one-on-one, is to find a reliable online coaching program that’s readily available and free.
- Gina Gaudio-Graves has a great one: Take a look at her 30-Day IM Challenge. Luckily for you, the latest challenge is just about to start. You’d be smart to take a look at what she’s offering.
The 30-Day IM Challenge is Packed With Hundreds of Pages of Solid Information – All Free – And Since It’s a Contest, There Are Even Prizes to Further Motivate You!
According to Gina, the biggest problem people have with completing the challenge is staying motivated to keep up with all of the training. Of course, you can work your way through it slowly. But since your goal is to get yourself into a position where you are generating some new money as fast as possible, taking it slow isn’t the best option. Especially if you want to with the prize, which is a free one-year coaching program with Gina, worth over $5,000.
Here’s something guaranteed to help you focus and stay motivated, so you can keep up with the 30-Day IM Challenge and win:
It’s Gina’s fantastic Miracle Motivational Package.
You owe it to yourself and your future to find out what’s included in this program. Especially since just reading Gina’s story will motivate you!
Can you imagine:
- A car accident ended her legal career
- Doctors gave her 12 months to live
- When doctors said there was no hope – she used motivational techniques – which she shares with you – to save her life. She not only overcame her paralysis, learn to walk again, and figure out how to pay for $9 million in medical bills –
- She also dedicated her life to helping one million people learn how to live the life of their dreams
Discover How Gina Turned Her Life Around – And How You Can, Too!
- Learn to motivate yourself to overcome everything that’s dragging you down right now, including this recession and your current financial frustrations!
- Grab her Miracle Motivational Package today.
- And don’t forget to sign up for the upcoming 30-Day IM Challenge!
One month from now – when everyone else is moaning about how the recession has only gotten worse – you’ll be so glad you did!!
Need to Generate Income? What if You Could Enter the Growing Home Health Care Field to Financially Benefit From the “Uptick in World Aging and Chronic Disease?”
There’s no two ways about it: The fact that we humans are all getting older every day is as sure as the inevitability of death and taxes.
Your challenge is to figure out how to use this to your advantage… And do it in a way that will make you money. One big idea is to develop a home health care oriented business related to helping people deal with chronic health conditions. And do it now:
- Don’t be like, Vivian, one of my former coaching clients, a 60+ physical therapist, who had an idea for a product to be used by Alzheimer’s patients.
- It was a great idea: Simple, elegant, effective, dignity-enhancing, and inexpensive to manufacture.
- A product that, if developed, would have sold like hotcakes, and made her a wealthy woman.
- Sadly, she was so bound by fear that her idea would be laughed at that she waited a decade to seek help in bringing her idea to fruition.
- In the end, just as I was aiding her to explore the manufacture of her “baby,” she was diagnosed with stage four breast cancer, and didn’t survive her treatment. Talk about a tragedy.
So as you’re sitting there, wondering what sort of business you can get into that will help you successfully ride out this current recession, think about the obvious:
- What is it that people will always need, no matter what the economy is doing?
- What resources can you personally access to serve these needs?
- How might you be able to set things up to provide yourself with an ongoing, recurring monthly income? One that can be grown, but that won’t likely be discontinued, once you acquire a customer?
Your answers to these questions are crucial: They could help you develop a recession-proof business that will fund your retirement.
Actually, these are the very same question the “big boys” of industry are currently asking. Based on their answers, they’re taking action – they’re shedding old businesses that don’t support the answers they’ve arrived at, and acquiring new ones which do.
Need proof? Check out this recent article from the New York Times, “Royal Philips Sheds Old Businesses for New Directions,” which notes that execs at the Dutch industrial giant have become convinced of two things:
- The population is getting older and
- It is becoming more interested in becoming “greener”
The article notes that these two trends – aging and greening – are guiding Philips as it transforms itself, reorganizing its divisions and jettisoning (non-compliant) product lines while picking up others. (For the purposes of this article, we’ll stick to the aging aspect and save going green for another day…)
Of course this is worth our attention. After all, Royal Philips is a well-known a manufacturer. By the way, we’re not talking about the folks who bring you Milk of Magnesia or the petroleum company. We’re discussing the firm previously known for its manufacture of home electronics products, including:
- Magnavox televisions
- DVD, Blu-ray and home theater surround-sound devices
- MP3 players, home appliances and portable music accessories
- Philips incandescent light bulbs
- Norelco shavers
- Sonicare power toothbrushes
“Uptick in World Aging”
These days, Royal Philips is selling off its home electronics businesses and instead delving into the business of selling hospital and at-home scanning and monitoring equipment and high-tech light bulbs made with light-emitting diodes.
- “We were a technology-driven company,”said Gerard J. Kleisterlee, the chief executive of Philips. “But that is only one element. Now we are focusing on care cycles. ‘Health and well-being’ is a common theme that everyone works on.”
- Or, as the company’s chief financial officer, Pierre-Jean Sivignon, puts it: “An uptick in world aging and chronic diseases will drive our business.”
To support this new business direction, Philips has acquired a number of existing firms: First, they bought Lifeline, a home health care monitoring system, perhaps best known to millions of Americans for an old television commercial whose tagline was, “Help! I’ve fallen and I can’t get up!”
Dozen of comedians had with that line, but despite the fun, the fact is, almost 40% of all seniors fall each year, and protecting them when they do, is big business. Look at these facts related to falls and medical helplessness at home:
- Falls are one of the most serious health risks among seniors over the age of 65, affecting more people than stroke and heart attacks combined.
- Falls are the leading cause of death due to injury in those people 65 and over.
- 95% of hip fractures are caused by falls. 40% of those hospitalized for hip fracture do not return to independent living and 20% will die within a year.
- More than half (55%) of all falls by seniors take place in the home. An additional 23% occur outside but near the house. Lifeline can intervene in close to 80% of all falls.
- Most falls go unreported, but it is expected that 35-40% of people over the age of 65 fall each year.
- Those who fall are 2-3 times more likely to fall again.
- Additionally, many other chronic medical conditions place millions more seniors at risk.Cardiovascular disease, pulmonary disease, arthritis, diabetes, osteoporosis, diminished hearing and eyesight, and Parkinson’s all leave seniors vulnerable to helplessness at home.
No wonder Lifeline currently keeps track of 720,000 elderly or infirm at-home customers in the United States and Canada. Doubtless the number of people who subscribe to this service will continue to grow as our world population continues to age.
The Importance of Developing Recurring Income
- Most noteworthy is that Lifeline uses an intriguing business model, which you might do well to consider: they give away their products and charge a monthly fee for their use.
- Explains Ronald Feinstein, Philips Lifeline president, “I don’t want to sell blood pressure cuffs and defibrillators, I want to give them away and charge a monthly fee.”
- Currently, customers pay $35 to $45 a month, for use of a pendant or a TV set-top box that connects to Lifeline. If they experience a medical problem, they push a button on the device to summon help.
Not surprisingly, considering that their target market is people who are aged or infirm, the company does lose about 35 percent of its subscribers to death each year. But you might wonder whether they even notice: After all, since the world continues to age, they have been able to grow their subscriber base about 10 percent a year.
- At this point, the company estimates it owns 60 percent of the home-monitoring market in the United States.
- The final addition to their home-healthcare monitoring revenue stream: the 250 installers who show the subscribers how to use the devices also sell them other products, like fall detectors and automatic pill dispensers.
- But to round out their presence in the medical monitoring field, Philips also sells cardiac home monitors that transmit data to a doctor’s office, home defibrillators and a variety of out-patient monitoring systems for assisted living operations.
Chronic Health Conditions Require Regular Treatment
Next up, Philips bought Respironics, the home health care firm which is best known for their positive airway pressure (PAP) machines and accessories used to treat sleep apnea and other sleep disorders.
- As with Lifeline, Philip’s Respironics business uses a business model which charges a monthly fee for use of their equipment.
- And finally, Philips entry into the Home Medical Equipment field means that they can roll out ancillary products, such as oxygen therapy, light therapy and respiratory drug therapies. You can also develop ancillary products, once you get your business started…
Home Health Care Future Is Bright
Philips Healthcare anticipates great successes ahead with their home health care businesses: Says John L. Miclot, CEO of Philips Home Healthcare Solutions:
- “By leveraging our strengths as Philips Home Healthcare Solutions, we will improve quality of life for at-risk individuals through better awareness, diagnosis, treatment, monitoring and management of their conditions – in the home.”
- “We are looking to a bright future as part of Philips Healthcare. We’re expanding our efforts to simplify healthcare by providing innovative solutions for the home that connect patients to their providers and support independent living for at-risk individuals.”
Should You Try For a Slice of the Home Health Care Pie?
- A Dog-Walking Service for the Homebound? – Pets are great companions, of course. But those who are physically challenged may have difficulty exercising their pets, washing them, trimming their nails or getting them to the vet. This business is similar to the pet care services provided for people on vacation, but would give you the benefit of regular repeat business.
- A Personal Shopper/Delivery Service? – “Have car, will shop or run your errands.” Many physically challenged people would appreciate having access to a service that runs errands and even does grocery shopping. Alternately, offer a service where you pick up and deliver meals from restaurants which don’t normally offer delivery. Anyone who has difficulty getting into and out of a car would be a prospect. Also, home-based business people who are busy would likely appreciate this sort of personal assistance.
- An On Call Barber/Beautician/Massage Therapist Service – Again, the concept is that you take your service to the client, and do the work at their home, saving them from the physical challenges of having to leave their home.
Not interested in providing an in-the-home service?
There are still thousands of other options. How about:
- A service where your clients call in daily, to confirm that they are OK, and receive some message or benefit in the process. Similar to the Lifeline service, this concept requires that your clients call you daily – at a pre-arranged time – to confirm that all is well. Of course, you can augment and personalize the service Lifeline offers in many ways. This would be a service many Baby Boomers who live far from their parents but have concerns over them would find beneficial.
- Or you might offer a subscriber service where prepare you deliver a daily blog post or podcast on a topic of interest – possibly even something as simple as reading aloud a chapter of a book each day.
- Another concept could be running a group call or teleconference on a daily or weekly basis.
- A “virtual book club,” for example.
- Or a specialized virtual support group – could be for people with a specific disability, like fibromyalgia, for example.
- Or possibly a support group for Alzheimer’s caregivers.
- These virtual groups have the benefit of not being limited by geography. You could actually have people calling in from all over the country – your only limitation to a world group being time zones.
- Videos are great too!
- Could you create a series of exercise videos specifically designed for people with physical limitations of one type or another?
- What about a book, workbook, video and journaling program to assist people recovering from stroke or other life-altering illness to relearn skills they’ve lost? Possibly how to survive hip replacement surgery, for example. Or maybe how to learn to love your C-PAP machine – for those newly diagnosed with sleep apnea?
- Finally, my favorite: An Ombudsman Service for people who are challenged by working the American healthcare system. If you’re good at details and cutting through red tape, there’s a huge need for this service. And in some situations – such as arguing with insurance companies – you can do the work from home!
What Makes a Great Concept for This Type of Business?
- Ideally, your new home health care business will not be labor intensive: You are able to do it once, and get paid repeatedly. A subscription service, for example. Or a book you write once and sell many times. Possibly a combination of both…
- A service you provide that insurance companies will cover is also ideal, because it limits your customers’ out of pocket expense and means your payments can be automated.
- Look at your skillsets and figure out whether you can offer a product or service that is unique, solves a problem, and does not require you to “trade hours for dollars.”
- A product or service that is based on your own experiences and your concern for helping others overcome a challenge you have faced. The personal aspect really shines through! This then might be something you market through doctors or clinics which work with people experiencing the same medical challenge.
- And don’t forget the lesson Royal Philips teaches us: Strongly consider a product you can give away, which then allows you to charge a monthly fee for service or maintenance!
Now it’s your turn!
Put on your thinking cap, assess your life experience, and come up with some business concepts and ideas. Then develop a business plan that will put you in the game!
What are you waiting for? Go! Do! Now! The world is aging, and it needs your help!
Whether You Call It Your Craft, Your Calling, Your Profession, Vocation, or Career: Are You Blessed To Be Doing Work You Love? That Is, Have You Found Your Dream Job?
Are You Lucky Enough to be Making the Money You Desire While Simultaneously Working at Something You Love?
Or – after all these years in the workforce – do you still find yourself wishing you were able to support yourself and your family while pursing a career path you love; something that feeds your soul and excites you to the point that you can’t wait to jump out of bed in the morning?
Not to mention that it affords you ample opportunity to richly enjoy the lifestyle you deserve?
If You’re a Baby Boomer Still Looking for Your “Dream Job,” the Good News is That it’s Not Too Late to Find Your True Calling.
You can still find fulfillment by following your dreams into your second – or maybe even third – career.
Here’s one Boomer woman’s story as proof:
In 2002, Mary Sheahen, a registered nurse with oncology as her clinical specialty, was a busy Chicago-area healthcare executive who frequently found herself wishing there was some way she could do something related to the wellness side of the healthcare industry.
Which is why when she lost her CEO role in a corporate reorganization, she didn’t see it as a personal failure, she saw it as a chance to do something new and different, something for which she has real passion. As she puts it:
“I’d wanted to be on the wellness side of health care. And – having visited a few spas – I believed that a spa – done well – would serve that need. After all, as a nurse, I had seen the results of stress on illness!”
Mary followed her muse, and in July 2003 she opened Wild Clover Day Spa in the historic community of Galena, Illinois. The spa is conveniently located within the cozy and inviting Irish Cottage Boutique Hotel.
In developing her Wild Clover facility, Mary’s goal was to create a full service day spa – including a hair salon – that is a place her clients will happily seek out in order to get away from the stresses of life.
Her aim was to create a place where clients of all ages would be able to:
- Rejuvenate their minds
- Care for their bodies
- Improve their spirits
And anyone who’s ever visited Wild Clover immediately knows how well she’s succeeded:
- “We offer all traditional spa services: massage, skin care, nail services, wraps and scrubs, hair care and group services” (Typical groups they serve include couples looking for romantic getaways, girlfriends seeking weekend escapes, families searching for fun ways to relax and rejuvenate and bridal parties, as well as occasional special programs for breast cancer survivors and victims of domestic abuse.)
- “We are open seven days per week and focus on both health and beauty. “
- “We consider spa services as a way to care for yourself.”
Here How Mary Summarizes Her Efforts to Get Her Spa Business of the Ground:
- At the time I was planning Wild Clover, I was on the front end of the spa “boom”. There was just one other spa in Galena and it was struggling to establish itself. As Galena is a resort community, where people are already coming to relax and rejuvenate themselves, I felt the opportunity was there!
- I found a consultant to assist me and believe this investment was worth every penny.
- At the time I was doing my research (2002 and 2003), I was on the front end of an emerging business trend so finding a consultant took some work. There are many more spa consultants available today.
- In true business start-up mode, I created a business plan with the traditional projections for growth. It was helpful and as it’s a living document, we have continued to modify it as we have gone along.
- Be sure your significant other is on board with you, especially if you are spending communal money – or your retirement funds. My husband is a big part of the spa and we could not do it if he were not.
- I have learned so much: you have to have guts, persistence and discipline to stay the course when you can and to recognize when you need to course correct.
- Five years later, I now know so much more than I did then. These days, given my experience, I could actually be a spa consultant!!!
As For How She Overcome Any Fears Related to Taking Her Retirement Money and Using It to Get the Business Started:
“I had a conversation with a good friend who told me that so many people get to the point of launching and then back off and regret it later. He came along at just the right time. I had decided that I would continue planning until something told me to stop…and here I am!”
If You Daydream About the “What If’s” in Your Life and Long to Finally Launch the Career of Your Dreams, Mary Offers This Advice:
- “Go for it!! The second and third iterations of your career can be the most fun.
- You have no doubt learned a lot and using those skills will help you in following your dream.
- Know where your money is coming from.
- Starting your own business takes guts but is well worth it.
- I could sell the spa anytime and feel really good about it. We have been open over 5 years and have an excellent reputation…that means the world to me.”
But What About You? Are You, Like Mary, Thriving in a Career That’s A Perfect Fit? Or Are You Still Searching?
- Even though you’re Baby Boomer chronologically, do you feel sort of like Peter Pan? Still trying to figure out what you want to be when you grow up?
- Do you have a great job and a fine paycheck, but still find it hard to drag yourself out of bed on workdays?
- Perhaps you’ve been laid off, or believe you’re facing the potential of a layoff?
- Or maybe your retirement plans just went down in flames due to the recent economic meltdown?
If Any of Those Scenarios Describe You, Don’t Fret.
If you believe that “work” should not be a four-letter word; that your job should not just put bread on the table but also put a smile on your face, now’s the time to identify your dream job and the career path that will help you make the change.
Especially since, like so many Baby Boomers, you are now realizing that you’re not interested in a traditional retirement lifestyle, too boring. No, since you’ve likely still got thirty more good years ahead of you, you’ve recognized that you’d really rather continue to be productive and contribute to society. Given ths crucial revelation, it’s not too late to make time for yourself, to FINALLY go after what you really want in life.
Are You Ready to Launch Your “Second Act” Career But Not Sure Where to Start?
One of the first steps is to do your “due diligence.”
Just as Mary Sheahen did, you should find a coach or consultant to assist you. Remember, she mentioned that her investment in a consultant was worth every penny.
I’d have to agree with her. As a coach, I’ve many times been called in to help “pick up the pieces” after people struck off on their own, launching businesses without doing the requisite soul-searching, strategizing and planning. Inevitably these folks have ended up totally miserable, when they absolutely wouldn’t have had to, had they done their research.
Generally, “calamity happens” when people select a business that doesn’t match their skill-sets or interests. This is a tragedy that doesn’t have to happen, but too often does.
Here are a few examples:
- A former faculty member at a medical college decided to buy and run an Indian restaurant.
- He was Indian, so that part made some sense.
- But unfortunately, his personality is a bit abrupt, and he’s not at all comfortable with activities like greeting guests and making sure they are comfortable, happy and satisfied.
- Nor did he enjoy crucial tasks like planning menus, ordering food or chef-ing.
- (Apparently, he went for the idea because he likes eating in good restaurants and there wasn’t a good Indian restaurant in his town!)
- Obviously this is NOT a good enough reason to become a restaurateur!
- Another case with an equally unhappy outcome involved an antiques dealer who bought a bed and breakfast, because she fell in love with the beautiful historic home and wanted to live there and decorate it.
- The only way she could afford the mortgage was to continue running it as a B&B…
- Fast forward a year and she’s learned that she has absolutely no interest in or aptitude for the business end of of inn-keeping.
- Especially the parts that have to do with being a host and short-order cook for a half dozen strangers on a daily basis.
- Not to mention the requisite changing of bed linens and swabbing of toilets!
- Or the marketing effort required to even have guests to serve…
- (Cash flow – which she had never investigated – was not such that she could afford a staff to handle these tasks. Not too many B&B owners can… )
- And in a third case, an author client decided to start up a magazine because she loved to write and had great ideas for content.
- She used an inheritance to rent on office, buy equipment and hire writers and photographers.
- Sadly, her capitalization plans were totally inadequate.
- (They relied on ad sales which didn’t happen.)
- That scenario ended in bankruptcy.
These Examples Are Not Here to Dissuade You From Pursuing Your Career Dreams. On the Contrary, They’re Here to Persuade You That You Really Must Do Your Research:
- At a minimum, start by talking to people who own the sort of business you want to start. Find out if they would do it over again, as well as what they see as the potential pitfalls, and how you might be able to learn from their experience.
- Better yet, try “job shadowing” someone in the area where you want to start your own business. Quite often, you’ll find business owners who are willing to let you work in their business for a month or two, while you “learn the ropes.”
- Alternately, checkout a company called Vocation Vacations, which allows you to “test drive” new careers while on vacation.
Actually Vocation Vacations is a fascinating resource for you, since its sole reason for existence is to help people like you figure out what’s next, careerwise:
- Founder Brian Kurth offers dozens of business owner coaches you can work with to “test drive” the new career of your dreams, while on vacation, and…
- If you’re not sure what your dream job is – or want help to understand where your strengths and interests lie – and how to use them to find the job and lifestyle of your dreams, check out their coaching package that includes the Myers-Briggs Type Indicator® (MBTI®) Complete Assessment PLUS working with a professional career coach who can help you evaluate the results and determine your course of action.
- If you’re not ready to invest in one of Vocation Vacation’s mentored vacations, there are a number of free resources on their web site, as well.
- Or, you can read Brian’s newly released book, “Test Drive Your Dream Job: A Step-by-Step Guide to Finding and Creating the Work You Love“. This book is both a fascinating chronicle of Kurth’s personal journey to creating his own dream job AND a hugely useful sourcebook. You’ll find it especially helpful if you’re not in a place where you can afford a mentor or if you would prefer to set up your own new career “test-drive.”
- Best of all, the book gives you:
- Lists of questions to ask potential mentors
- Charts to help in establishing an action plan
- Reality-checks about money, health insurance and the impact a life-change might have on your relationships.
(All Really Important Stuff!)
Kurth also includes anecdotes about successful dreamers and profiles of people who needed a dream-adjustment. Again, this is hugely useful information.
In fact, this book is so important to your finding the perfect second career that – if you do nothing else after reading this post – I urge you to grab a copy of this book and read it cover to cover! “Test Drive Your Dream Job: A Step-by-Step Guide to Finding and Creating the Work You Love.”
What have you got to lose? Especially when you remember this life affirming mantra: “It’s OK for me to want to be doing work I enjoy that also makes me money!”