retirement

Solopreneur or Entrepreneur – what’s the difference?

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When you hear about people starting their own business, they are often referred to as an entrepreneur. But there’s another term that although it’s not new, it’s become more popular as of late – solopreneur. Many entrepreneurs start out as solopreneurs, meaning they are the only “employee” of the company, but if you plan on working by yourself forever with no plans to add staff – Yup, you are a solopreneur. The terms are often interchangeable but there are some very distinct although subtle differences between the two.

To be clear, neither solopreneurship nor entrepreneurship is better or worse. Neither is easier or more difficult. These are two very different, but equally valid, ways to build a business.

Buying vs. Building. When it comes to building a business, many entrepreneurs are happy to put in the blood, sweat, and tears, but they usually aren’t as attached to the business as a solopreneur. Many entrepreneurs build their business with the plan of selling to a larger company or hiring someone else to run it so they can move on to the next idea. Entrepreneurs have no problem building a variety of businesses over the course of their career. Once it’s running smoothly, they often exit to start another venture.
Solopreneurs start businesses to fit their desired lifestyle and, in many cases, to pursue a personal passion. They usually have little interest in creating an empire or looking for a buyer to sell to. They are usually tired of working for someone else and want flexibility and control. Solopreneurs tend to work on just one company consistently.

Working In vs. On. While both types work hard on the business, solopreneurs are usually more focused on working in the business to get the work done. Entrepreneurs are usually happy to leave some responsibility with the team and spend more time out doing sales, networking, and just getting the word out. It’s not that solopreneurs can’t be great networkers, as well, they can and are, but they are solely responsible for the work getting done.

Delegating vs. Doing. Entrepreneurs enjoy managing others and building their team. Even if they start as a solopreneur, an entrepreneur is waiting for the day they can start building their empire – they are comfortable leading and relying on a team of people to accomplish their goals. Solopreneurs have a harder time outsourcing or delegating work, they prefer to handle most if not all of it themselves. They enjoy being knee deep in all the workings of what it takes to complete projects. Solopreneurs are workers by nature.

Entrepreneurs are more likely to also have an office outside of the home – a place to network, take meetings, and have employees work. Not that solopreneurs can’t have space outside the home, but most are more than happy to work from a home office. Unless you are at Red Barn – we are 100% virtual – no brick and mortar.

The distinction between a solopreneur and entrepreneur can be difficult to see, especially since so many entrepreneurs start out working alone. But the mindset of a solopreneur and entrepreneur are subtly different and noting those differences can help professionals determine the long-term direction they’ll take with their businesses.

Solopreneur or Entrepreneur – what’s the difference? Read More »

Solopreneur or Entrepreneur – what’s the difference?

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Operations, Small Business, Uncategorized / By / / , , , , , , , , , , , , ,

When you hear about people starting their own business, they are often referred to as an entrepreneur. But there’s another term that although it’s not new, it’s become more popular as of late – solopreneur. Many entrepreneurs start out as solopreneurs, meaning they are the only “employee” of the company, but if you plan on working by yourself forever with no plans to add staff – Yup, you are a solopreneur. The terms are often interchangeable but there are some very distinct although subtle differences between the two.

To be clear, neither solopreneurship nor entrepreneurship is better or worse. Neither is easier or more difficult. These are two very different, but equally valid, ways to build a business.

Buying vs. Building. When it comes to building a business, many entrepreneurs are happy to put in the blood, sweat, and tears, but they usually aren’t as attached to the business as a solopreneur. Many entrepreneurs build their business with the plan of selling to a larger company or hiring someone else to run it so they can move on to the next idea. Entrepreneurs have no problem building a variety of businesses over the course of their career. Once it’s running smoothly, they often exit to start another venture.
Solopreneurs start businesses to fit their desired lifestyle and, in many cases, to pursue a personal passion. They usually have little interest in creating an empire or looking for a buyer to sell to. They are usually tired of working for someone else and want flexibility and control. Solopreneurs tend to work on just one company consistently.

Working In vs. On. While both types work hard on the business, solopreneurs are usually more focused on working in the business to get the work done. Entrepreneurs are usually happy to leave some responsibility with the team and spend more time out doing sales, networking, and just getting the word out. It’s not that solopreneurs can’t be great networkers, as well, they can and are, but they are solely responsible for the work getting done.

Delegating vs. Doing. Entrepreneurs enjoy managing others and building their team. Even if they start as a solopreneur, an entrepreneur is waiting for the day they can start building their empire – they are comfortable leading and relying on a team of people to accomplish their goals. Solopreneurs have a harder time outsourcing or delegating work, they prefer to handle most if not all of it themselves. They enjoy being knee deep in all the workings of what it takes to complete projects. Solopreneurs are workers by nature.

Entrepreneurs are more likely to also have an office outside of the home – a place to network, take meetings, and have employees work. Not that solopreneurs can’t have space outside the home, but most are more than happy to work from a home office. Unless you are at Red Barn – we are 100% virtual – no brick and mortar.

The distinction between a solopreneur and entrepreneur can be difficult to see, especially since so many entrepreneurs start out working alone. But the mindset of a solopreneur and entrepreneur are subtly different and noting those differences can help professionals determine the long-term direction they’ll take with their businesses.

Solopreneur or Entrepreneur – what’s the difference? Read More »

Not ready for retirement? Maybe it’s time to start a consulting or coaching business

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Starting your own business isn’t exactly for the faint of heart, but with so many talented executives trying to figure out what’s next – for many the next logical step is to join the world of Entrepreneurship. We’ve been doing a ton of research lately on what is holding people back from starting their own businesses – specifically people who could easily transition from working in Corporate America to becoming a coach or consultant. From what’s holding them back to what they think the perks will be – the information was enlightening.

Leave behind a legacy. For many, it’s not about the money but about leaving something lasting behind for the next generations to benefit from. Sure, they’ve left an impact at the companies they’ve worked for, but that’s just not enough. They want to share their knowledge and experiences with the world. Becoming a coach or consultant allows you to mentor and help others achieve what you have.

Ease into retirement. For many people who have worked a 9 to 5 job in Corporate America for longer than they will care to admit, adjusting to retirement just doesn’t sound appealing. They still want to contribute to society, have a purpose, and feel like they are making a difference. We find many individuals create a “Side Hustle” working as a consultant on a part-time basis while they ease into the work free world.  Truth be told – some just keep on working because they love it!

Work with who you want. When you work for someone else, choosing who your coworkers are and what clients you serve probably isn’t your decision. BUT when you start your own coaching or consulting firm, it’s on your terms. In addition to choosing your own hours, you can also decide if you want any employees or prefer being a one-person show. You also get the freedom to choose who your clients are, what you want to charge, and what the terms are. It’s a Win-Win.

Fear of failure. This is an interesting one. Regardless of how old or how much scar tissue you have, fear of failure just doesn’t go away for some. Of course, starting your own business is scary, but for most, they just don’t know where to start or never really thought it was something they could do. With so many resources out there to help, is regret really an option?

It’s all who you know. Many executives don’t realize that they already have a gold mine of connections that they have amassed over their decades in their corporate career. For some, even working as a consultant for their current company may be an option. Once you spread the word on LinkedIn and in your networking circles, you may be surprised just how many people want to work with you.

It’s never too late. Starting a business doesn’t have an age restriction. Bob Parsons started Go Daddy at age 47, Charles Randlett Flint was 61 when he started IBM, and Colonel Sanders was 62 when the KFC franchise was born. As the saying goes, age is just a number. It doesn’t prevent you from going after your dreams or goals, and it certainly won’t prevent you from starting your own business. After all, those decades of experience count for something!

Did you know that people spend 80% of their life building someone else’s business? So why not spend some time building yours? Create your own legacy and do it on your terms. And if you need a little help along the way, or even getting the business off the ground, we are here to help hold your hand through the process and maybe even give you a nudge every now and again.

Are you ready for your next adventure?

Not ready for retirement? Maybe it’s time to start a consulting or coaching business Read More »

Not ready for retirement? Maybe it’s time to start a consulting or coaching business

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Small Business, Uncategorized / By / / , , , , , , , , , , , , , ,

Starting your own business isn’t exactly for the faint of heart, but with so many talented executives trying to figure out what’s next – for many the next logical step is to join the world of Entrepreneurship. We’ve been doing a ton of research lately on what is holding people back from starting their own businesses – specifically people who could easily transition from working in Corporate America to becoming a coach or consultant. From what’s holding them back to what they think the perks will be – the information was enlightening.

Leave behind a legacy. For many, it’s not about the money but about leaving something lasting behind for the next generations to benefit from. Sure, they’ve left an impact at the companies they’ve worked for, but that’s just not enough. They want to share their knowledge and experiences with the world. Becoming a coach or consultant allows you to mentor and help others achieve what you have.

Ease into retirement. For many people who have worked a 9 to 5 job in Corporate America for longer than they will care to admit, adjusting to retirement just doesn’t sound appealing. They still want to contribute to society, have a purpose, and feel like they are making a difference. We find many individuals create a “Side Hustle” working as a consultant on a part-time basis while they ease into the work free world.  Truth be told – some just keep on working because they love it!

Work with who you want. When you work for someone else, choosing who your coworkers are and what clients you serve probably isn’t your decision. BUT when you start your own coaching or consulting firm, it’s on your terms. In addition to choosing your own hours, you can also decide if you want any employees or prefer being a one-person show. You also get the freedom to choose who your clients are, what you want to charge, and what the terms are. It’s a Win-Win.

Fear of failure. This is an interesting one. Regardless of how old or how much scar tissue you have, fear of failure just doesn’t go away for some. Of course, starting your own business is scary, but for most, they just don’t know where to start or never really thought it was something they could do. With so many resources out there to help, is regret really an option?

It’s all who you know. Many executives don’t realize that they already have a gold mine of connections that they have amassed over their decades in their corporate career. For some, even working as a consultant for their current company may be an option. Once you spread the word on LinkedIn and in your networking circles, you may be surprised just how many people want to work with you.

It’s never too late. Starting a business doesn’t have an age restriction. Bob Parsons started Go Daddy at age 47, Charles Randlett Flint was 61 when he started IBM, and Colonel Sanders was 62 when the KFC franchise was born. As the saying goes, age is just a number. It doesn’t prevent you from going after your dreams or goals, and it certainly won’t prevent you from starting your own business. After all, those decades of experience count for something!

Did you know that people spend 80% of their life building someone else’s business? So why not spend some time building yours? Create your own legacy and do it on your terms. And if you need a little help along the way, or even getting the business off the ground, we are here to help hold your hand through the process and maybe even give you a nudge every now and again.

Are you ready for your next adventure?

Not ready for retirement? Maybe it’s time to start a consulting or coaching business Read More »

The Post Retirement Entrepreneur

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“I’m ready to retire, but not ready to stop working, stop using my brain, stop… doing.”

When you have spent most of your life in Corporate America – leading teams, driving change, mentoring generations – retiring to Boca or moving to the Villages isn’t always an easy transition for some.

In fact, many recent retired execs I speak with feel lost but, more importantly, feel the need to take what they’ve learned and do something meaningful with it – they want to leave a legacy, they want to make a difference.  This mindset often results in joining a board, volunteering, or even opening their own company and working as a consultant or coach OR all the above.

It all makes sense.  Many retirees live 20-30 years post retirement and if they truly loved their career why not continue working and giving back, sharing knowledge, and padding the “fun fund” while they’re at it.

Here are some interesting facts I’ve discovered about my fellow Boomers who are opting to be entrepreneurs for the first time. (note this is based on my personal connections – not some deep market research!)

  1. It’s not about the money – it’s about the meaning, the mission, and the legacy.
  2. Speaking of money – most don’t NEED to match their corporate salary, in fact, most shoot for 50-100K per year.
  3. Most opt for service-based industries – such as coaches or consultants because the startup cost is not huge and the transition is seamless. They aren’t learning new skill sets.  YET – some opt to go in a completely NEW direction including retail.
  4. More often than not – they prefer to go solo. No employees but bringing in contract workers if needed since many managed large teams for decades.  “Been there done that” is the mantra.
  5. Flexibility is important. They don’t want stress, they want to work when they want and vacation when they want.  They are “retired” after all.
  6. If they are consultants – they are insanely picky about who they will work with. It goes back to enjoying the journey not building an empire.

If you are approaching the magical sixties and aren’t really ready for retirement, but are ready to exit your current job – perhaps entrepreneur life is for you.

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Changing Career Gears

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Thanks for following our blog, we have a special treat for you today, a guest blogger. Bill Cox is a local Realtor and a recent graduate of our Business Success Framework course. Enjoy Bill\’s blog and POV on how to handle changing careers after 32 years of teaching!

Fifteen or so years ago, while still in the role as a public school teacher, I remember reading about life in the private sector.  Subsequently, I spent hours in conversation with those actually living the life outside of the school walls – how was their career experience different than mine?

The point-of-departure for that difference seemed to be the fact that they would have two, three, or more careers during their working lives, whereas I knew (at the time) that I would be a teacher for 32 wonderful years, and then simply retire.  Life was fairly status quo as a teacher, sure we got the new stream of eager students each year, the biggest changes for those of us at the school would be which grade we taught in a particular year; perhaps which district school we would be assigned to; and often, which zany, empty-suit principal would be making the speeches.  You can tell I loved the kids far more than the establishment, but that is another story.  I’m an old rock and roller.  A trombonist who back in the day donned long hair and (gasp) wore bell bottoms.  I was probably the student my then empty-suited principal would shake his head at.

So eventually, retirement came.  I had the proverbial party and all was grand until it wasn’t.  I was bored. After seven years of retirement it dawned on me that I needed a challenge, I needed to exercise my brain again.  Here’s what I knew: I loved to work and learn new things.  I loved meeting people,  I love helping people through change, and I love helping by supplying creative solutions to whatever the problem is.

I wasn’t really sure how to use my previous experience – how to find the “right” thing to get me energized. Remember, I had the same career for 30+ years and no, I did not have a resume!  I really needed to get over being at-all tentative and look for some like-minded types.

Who was like me?  Who loved all those things I loved?  He or she needed to be outgoing, imaginative, and absolutely fearless about the unknown.  Flexible and motivated!

I found the master, he was a guy who lived right in town who I knew just to say hello – the indomitable, high-spirited Ted Murphy who was really the ‘It’s a Wonderful Life’ Jimmy Stewart character by reputation.  Unlike the movie character George Bailey who ran the local ‘building and loan’, Ted Murphy was a real estate broker of significant renown.  He and I went to lunch where I confessed I didn’t know much about real estate, and even less about private sector business.  He laughed and told me that what mattered was how I viewed people in general and if I was a good guy. And if I had a sense of humor, of course. I liked him even more at this point, I’m a good guy – he’s a good guy.  Sounded like I hit the jackpot!

His final words of wisdom after that faithful lunch and the words that sealed the deal on my post retirement venture are these:  “You’ll learn, but learn it in the context of staying positive, helpful, and wanting a challenge. “  In other words, it isn’t about the money, it isn’t about the sale, it isn’t about how many awards you get it’s about helping people, staying positive and last but surely not least just have some grit and determination.  Ok – I was in.  From that point on, everything got better and better, and if I was concerned about being bored in retirement or becoming somewhat dull or predictable,  – that was never going to happen in this new environment.

So after a couple of years being in this office, all I can say is that the rapport; the dialogue; the zaniness; the jokes (OMG); and just the SPIRIT of it all makes all the situation comedies on television dull by comparison.

About Bill Cox

Bill Cox has been a resident of the Litchfield community since 1987.  He graduated from Scarsdale High School in New York and holds degrees from Columbia University, the University of Bridgeport, and from Western Connecticut State University.  Bill retired from a 30-year teaching career in Westchester County in 2010 and is currently a Realtor for EJ Murphy Realty.  Bill and his wife, Trudy, live on Avalon Lane in Bantam where they raised their two children.

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Do you have what it takes to be your own boss?

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Are you sick and tired of working for someone else? Putting in long hard hours just to benefit the owner of the company and shareholders? Working the 9 to 5 grind week after week with no end in sight? Yup, we’ve been in your shoes. We know how it feels. Depending on the culture of the place you work at, you feel like just another cog in the wheel. So, are your finally ready to be your own boss and start your own company? GREAT!

The first thing you need to know about being your own boss is that it isn’t all rainbows, glitter, and unicorns. It is liberating and exciting, but it has its pros and cons just like anything else. Before you ride off into the sunset to start your own company, make sure you know what you’re in for.

Setting Your Own Schedule. I think this is one of the biggest draws to being your own boss. You have the freedom to create your own schedule. However, you may find that like so many other business owners, you are working longer hours than you anticipated. You still have the flexibility to determine when your day starts and ends, when you take vacations, and handle all your personal obligations.

Creative Freedom. You determine what your products and services will look liked, when they will be available, and how you want to deliver them. If something isn’t working, you have the power to revise those offerings to ones that customers may respond better to or terminate them if they no longer interest you in providing them anymore.

Creating Your Own Core Values. You get to set the tone for how your company is see. What’s most important. You can align it with your own personal values and infuse it into every aspect of the company.

Money. You don\’t draw a regular paycheck, not like you would if you were an employee of someone else. You get paid with what is left after expenses, taxes, etc. And you are solely responsible for generating your income. If your business idea flops or you don’t follow the right steps to create a successful business, you could lose your entire initial investment. BUT you also aren’t limited to what you can earn. If you work hard and set yourself up for success, it\’s possible to generate great wealth when you run your own enterprise.

Tax Benefits. Business owners can take advantage of a range of tax benefits despite paying higher Social Security and Medicare rates. They are allowed to accelerate or delay particular expenditures, hire family members and write off a greater variety of business expenses. These options can dramatically reduce the tax burden.

Health Benefits and Retirement. You’ll have to pay for your own health insurance unless you have a spouse who works at a company who provides them. If you are purchasing them yourself, you’ll find that you are paying higher premiums vs. what you paid as an employee. You’ll also be responsible for contributing to your own retirement account without any employer match.

Being your own boss can be both satisfying and terrifying. If you put in the hard work and dedication, you can achieve success in being your own boss. Just remember that it does come with its advantages and disadvantages – and you have to look at them all. The best way to make sure you start out on the right foot, is to have a mentor or coach, who can help you set yourself up for success and make sure you are ready to take the leap. Being your own boss can be far more rewarding than you can imagine.

Do you have what it takes to be your own boss? Read More »