Baby chasing your way to an encore hustle - Hustler Daily Thumbs Up - October 11

Hello fellow Encore Hustlers

Mr EH loves to hear about additions to the lexicon relating senior entrepreneurs.

If you, like Mr EH, have never heard of "baby chasing", then read this story that explains the phenomena. It turns out that baby chasers are retired, or near retired, boomers who relocate to be near their grandchildren.

However, boomers being boomers are not content just being maw-maw and pop-pop.  Instead, many baby chasers are opting the move to be an opportunity to pursue an encore hustle.

If you are considering being a baby chaser and moving to a new community then it would definitely worth your time to tap local resources to help support launching your new business.  As an example, check out this link to the Asheville (North Carolina) chapter of SCORE, a nonprofit partner of the Small Business Administration that mentors aspiring entrepreneurs.

Cheers
Mr. EH

Turning a side hustle into a business - Hustler Daily Thumbs Up - May 28

Hello fellow Encore Hustlers

At some point while pursuing your Encore Hustle there will come a time when you have to make a decision whether you want to continue your hustle on a casual basis or do you want to grow this into a business.

Most encore businesses consist of a single person but that does not preclude it operating as a real business that needs a structure for banking and taxation purposes.

I would recommend reading this article from Business.com on setting up a one-person business. The piece will get you thinking what you need to do to successful launch.

For example:

• Draw up a business plan
• Consider if will this business be a sole proprietorship, an LLC, an S Corp
• What skills do you have to run the business and sort of team do you need to help with legal, accounting, billing, taxes, website support. Determine what administrative chores you can do and what can be outsourced.
• Develop the mindset that this is business and you have to develop time management skills that allow you to focus the limited time you have.
• How to network with other small business owners and how to tap resources like the Federal Small Business Administration.

If this article has been useful to you I would love to have your feedback and comments.

Cheers
Mr EH

The Hustle High Five - Hustler News of the Week - February 15

Hello fellow Hustlers.

It has been a snowpocalypse here in the Pacific Northwest for the past week.  This has meant a week of late arrivals or early releases from work, and daily snow shoveling.  So it is a pleasure to take a break and to cobble together this weeks High Five.

1)  A favorite strategy of many encore hustlers is to "double dip", which means receiving a government pension while, at the same time, drawing a government salary.  Think of the millions of retired military, law enforcement or teachers, who after working long enough to qualify for a pension then find employment in another sector of the public sphere.  Apparently double dipping is frowned upon by many government agencies as it gives the appearance of cheating the system.  Here are two stories from New Hampshire and Mississippi about this practice. The New Hampshire story features a Police Chief who became a County Sheriff.  The Mississippi story discusses the possibility of retired teachers who may not be able to draw their pensions if they are elected to the State Legislature.

2)  Check out this article about Alcona County, situated in the rural corner of the Upper Midwest.  It has one of the oldest populations in the U.S.  The median age in Alcona is 58, which is 20 years older than the median age of the country.  More than half of its residents are age 55 or older. With a dearth of younger workers many essential jobs in the county are held by seniors.  This trend can be viewed as a glimpse of what may happen to the rest of the country as it progressively gray's and follows in the footsteps of countries like Japan.

3)  It is tax filing season and for side hustlers it can be a particularly vexing task to summarize their various income streams.  Here is story from WRBC TV in Chattanooga, Tennessee that highlights several concerns for gig workers when it comes to tax filing.

4)  Creative and performing side hustles are popular amongst the encore hustle community.  Read about Robert Findley, a carpenter and part-time bluesman from Arkansas, who was "discovered" at age 64.  With the help of the non-profit Music Maker Relief Foundation, he was able to cut his first album Age Don't Mean A Thing in 2016.

5)  The Baby Boomer generation is behind the majority of recent small business startups.  This entrepreneurial movement has even coined the term greypreneur.  Check out this Infographic about the Rise of Greypreneurs and also this article from the Houston Chronicle about how the Federal Small Businesses Association (www.sba.gov) can assist the senior entrepreneur.

Have a great week and happy hustling.

Cheers.