One of the larger groups of the U.S. population starting new businesses is from a surprising demographic -- baby boomers.

This group, which I'll fondly nickname the Aging Entrepreneurs (AEs ... and don't take offense -- I am one), is doing so for a variety of reasons. Many simply don't want to completely retire and wish to keep busy, others have a desire to supplement income and some do it out of necessity.

I suspect, however, that the vast majority of AEs have quietly always had a desire to start their own business but have never had the time, money or opportunity. Now they do.

If you are a boomer and have thought about entering entrepreneurship, a word to the wise: You'll want to do so carefully.

Younger entrepreneurs have the advantage of having time to fail and start over again. For AEs, the years work against us, and failure might be much harder to absorb.

On the upside, the years of experience and knowledge that can only be gained through time are both beneficial to small-business success. Boomers have a better tendency to listen to others -- to accept learning from those who have been there before. That can greatly enhance success and profitability. Boomers also have a lifetime's worth of contacts from which to draw.

Here are a few tips and thoughts before jumping into the water:

• Franchises are an excellent area for potential AEs to consider. A good franchise is a successful business model that already has name recognition, so one doesn't need to start from scratch.
  
  The parent franchise is a support organization that already has most of the answers, and usually financial assistance to go with it. Franchise brokers independently represent many successful franchises and can help you find the right fit and offer that assistance at no charge (their fee is paid by the franchiser). A word of caution -- be sure to do the homework on the franchise. There are a few bad ones out there.

• If you have had an idea for years that you think might work and want to head out on your own, make sure you educate yourself on business basics. There is plenty of help out there. A call to a local chapter of Service Corps of Retired Executives will be valuable. That organization is made up mostly of successful retired business owners and managers who volunteer their time to help others. Go to www.score.org to find the chapter closest to you.

• Many community colleges and universities offer business start-up courses through their work-force development or adult education units. These courses are likely to be one night a week for typically less than 12 weeks.

• The Small Business Administration has a network of support agencies. There are more than 700 Small Business Development Centers nationwide, as well as centers for women and minorities. Go to www.sba.gov to find the agency closest to you.

"I was 52 years old. I had diabetes and incipient arthritis. I had lost my gall bladder and most of my thyroid gland in earlier campaigns, but I was convinced that the best was ahead of me."

The author? Ray Kroc, who at 52 bought into the fledgling McDonald's chain, then went on to make history as one of the world's most successful entrepreneurs.

May the best be ahead of you.

Stu Neal is CEO and principal of the SMN Consulting Group in Mechanicsville. He can be reached at (804) 521-4320, at SpeakingBusiness@aol.com or visit www.StuNeal.com.

Source: Richmond Times - Dispatch. Provided by ProQuest Information and Learning. Powered by Yellowbrix.

Considering a franchise? Use caution.

Find out how boomers become self-starters.

What's everyone talking about at ThirdAge? Find out with twice-weekly issues of our Community Connections newsletter, where real readers like you voice their opinions!