Thursday, June 4th, 2020

The Fifty Plus and Fabulous Entrepreneur

By Karen Dodd on Jun 28 2011 • Filed under New Clients by Design

A growing number of 50+ women are becoming entrepreneurs (Photo)

Have you ever had that nagging feeling that you were meant to serve at a higher level or make a bigger contribution (after all, isn't that why we're here?) but you can't quite put your finger on what that is?

I've totally loved coaching and speaking to small business owners and entrepreneurs for well over 20 years, but I've been aware that what I'm doing and for whom, isn't quite "it." That's a weird place for me to be because I teach how critically important it is to be 100% crystal-clear on your niche and your ideal client within that niche. I even go so far as to have entrepreneurs give their ideal client a name, a lifestyle and really consider them their invisible friend as they craft their irresistible and compelling marketing messages.

Your Compelling Story

I'm fond of saying that either you choose your particular niche or your niche chooses you. In either case, the market that you serve or the problem that you are best known for solving, usually comes from your personal experience. I say usually because it does occasionally happen that someone is simply in the right place at the right time to take advantage of an opportunity and they just kind of fall into their business. But more likely, what you do best and with the most passion comes from your compelling story.

Senior- and Boomer-preneurs

When considering my own compelling story, I realized that the majority of my clients and those with whom I resonate the most , are —guess what? They're just like me!  Have you noticed that as well? Then, when I started to do more research, I discovered that the fastest growing segment of the small business market is entrepreneurs over the age of 50.

As a woman in the 50+ category, I hesitate to refer to myself as a "senior-preneur." I could live with "boomer-preneur," but when my partner in success and VA, Tracey Ehman, came up with 'Fifty Plus and Fabulous,' I thought, "that's it!"

Who Is That 50+ and Fabulous Woman?

She could be an empty-nester, transitioning in her personal relationship, or considers herself a late-bloomer. She's someone who, in the second chapter of her life, isn't willing to live one more day with her music still in her. She wants to fulfill her life-long desire to share her passion with purpose and profit.

Depending on where she falls in the roughly three-decade age spread, she could have been a freedom fighter (okay, not literally but she still had a ways to go in dealing with Neanderthal male bosses) or a "wisdom rider," simply in a place of knowing and of grace.  She often has sacrificed what she'd really like to do in order to raise a family, stayed in a job just to pay the bills, or has taken until now to determine what her real passion is.

Support, Inspire and Educate

In researching this segment of women, I found that she is being quite well served in the areas of health, wealth, diet and lifestyle. But, there doesn't appear  to be so much in the area of entrepreneurship.  Would your product or service contribute to this particular woman's goals and aspirations? Professions that come to mind that could be of support in her entrepreneurial quest could be: professional organizers, image consultants, bookkeeping and accounting, career counseling, web and graphic designers, social media and SEO consultants, and of course, coaches. I'm sure you could add to this list.

I believe that our strengths and our weaknesses are very close together. For example, one of the 50+ woman's strengths  is definitely her experience and wisdom. Her corresponding weakness can come from the fact that she learned to communicate in a very different way than is necessary today, with the emergence of the Internet. So, all of the professions  I  just  listed (and more) can be critical to the success of the 50+ entrepreneur.

Affluence and Commitment

I didn't actually go to college until I was in my thirties, where I had to take time away from my business and finance myself as a "mature student." I noticed very quickly that the few of us older folks who were spending our own precious time and money, tended to take our education very seriously. We didn't skip classes, not do assignments or laze around just taking up a seat.

Similarly, it's been my experience when working with the more mature entrepreneur that she is more likely to have the funds to invest in herself and she is very committed to getting the support she needs to launch or grow her business. She also has what I call a greater "sense of urgency," because she doesn't want to take the ten years that her younger counterparts took to build their businesses. If you provide any of the peripheral services needed to run a business, you can help the 50+ woman to greatly shorten her learning curve.

With 65-95% of jobs in the world being provided by small and medium businesses, and one in five being owned by the 50+ entrepreneur,  the segment of "wise women" within that, definitely deserves more than a cursory glance.

Until next time, remember to market authentically and attract new clients by design!

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