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Making Lemonade: Starting a Business After following a career
What do you do when the money starts tree sprouting lemons?
It is increasingly common these days to find middle-aged, middle-level managers suddenly faced huge changes in circumstances. Down-sizing, bubble bursts, the plant closure and consolidation are just some of the forces of creation a class of blow-solo entrepreneurs.
At 50-something you face particularly difficult challenges in finding employment. Your level wage is high. Your network is decent after all these years, but jobs at your level are rare. You've been there, done that, and thought you were finished with all that New tower-learning.
A big upset as the loss of jobs can provide a change in perspective – an opportunity to the point. What is really important? What do you want to continue on this point in your life? Is being your own boss the way forward?
I talked with several Silverbacks to share the wisdom gleaned from these life changes with a new member of the pack.
Dean turned 50 in January 2005. In May, he was dismissed from his post as director of marketing for a high tech company. He is angry against the ease with which an employer can let go.
"The control is a big problem for me. Do I really want to have someone say what, where and how? It I think I work a lot but do not benefit. If I were myself I would have all the benefits and risks. "
Dean decide whether to find another job in the security of a regular salary and benefits, or create his own company. It contains information on the Internet helpful, but wished there was a Big Brother-like program pairing people and businesses to help sort through the options.
Carl was 51 when plant order when he was head of security has closed its doors.
"I had many friends in the business. I could easily have picked another job, but I had to move across the country. I did not do. "
Bob was an engineer whose position was eliminated after 23 years with the firm. That sent him into a deep depression that lasted for months.
"I could not even drive."
With the help of his psychiatrist, Bob recognized what was most important in his life, his wife, his son and his hobby throughout the bird watching.
"My doctor told me to go birdwatching daily. While there on the wetlands I had a vision. I could not return to the life of the company. "
It takes endurance and confidence to move forward with plans for a business. Carl spoke about his state of mind at once:
"I was not afraid. I am a survivor. I screwed up when I was younger, went bankrupt, lost a lot of material things. A good thing is that it gets you more than the fear of failure. You learn from your mistakes. "
The two men have done much research, internal and external. Bob decided he loved birds, children, nature, education, photography, and the environment. Everything must continue to engage. Once he was clear on the essentials of the procedure has landed on Bob's lap.
"I saw an ad in a magazine to call for candor. My mind immediately took off with the possibilities. I started looking for spaces retail thinking 'I wonder how this place would work? I saw the ad on a Saturday. On Tuesday, I called the company. On Thursday, I had the package and the following Tuesday they were back. "
Carl took his time looking at the options. Values included a love of people and the desire to create a positive environment.
His plans started with a casual conversation.
"My buddies owned this building. There had been a restaurant years ago but had been mismanaged. And somehow the idea of starting another was raised. Initially we were the clown, yucking it up over a few beers, but then we started getting more serious.
Bob made use of the infant, but the internet still useful in 1995. Carl used lower tech methods to estimate its market.
I spent 15 days 4:00 a.m.-11: 00 count cars at this intersection. I am so we could get a large enough percentage of them to stop we would be in the company.
Bob used a book entitled, The Insider's Guide to Franchising [Webster, B. 1986 Amacom, New York] to help revise its offer. Carl has been framed a friend of success in the restaurant industry, which helped him think. They have developed their business plans and opened their doors.
The first year was difficult for both companies. Miscalculations and errors sent two owners reeling.
At first, Carl knew nothing of preparing and serving food.
"The restaurant was overstaffed and overpaid. I felt held hostage by people who worked me. Things were pretty shaky there for some time. Some days I wondered if we could open the doors. "
Bob got overwhelmed screwed up the paperwork and accounting records.
"The more I'm mad at Vendormart. I bought four times as much stock as I would. Today, the franchise stores successfully and novice pairs, so that does not happen, but these safeguards were not in place at the time. "
In stores September Bob will celebrate its tenth anniversary. It has been recognized three times among the top 30 stores the most progress. In February and June of this year, his store was number 2 on 320 in overall sales.
Carl was informed that he would know if the restaurant would he within four years. It was clear after three that they had. Today, after seven years they want to develop.
"We're not getting rich, but we are self-supporting, and relationships are invaluable."
What advice have they declined Dean and other like him?
Bob says: "Find what you love and create your opportunity. Be prepared to change-be retooled. Do not get stuck in a rut. And you must have another source of income when you're from. "
Carl adds, "We grossly underestimated the working capital we needed. And if I had to do more I owned the building. There are improvements I would like to but I am limited by the owner. "
If Back to the dean, who seeks to buy an existing restaurant, if it decides not back to marketing. Where will you be in a year? What will you say when I come back you?
"I made the right choice. I am doing exactly what I must and I'm excited about it.
About the Author
Liz Sumner of Find Your Way Coaching specializes in mid-life reassessment. Are you happy with your direction? Do you feel good about yourself? Are you fearless? Joyful? Energized? You could be. Visit http://www.findyourwaycoaching.com or call 603-876-3956 for more information.
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