Seniors Are Putting Experience To Good Use As Entrepreneurs
A new career path is often replacing the choice of retirement living for many seniors, who have ample know-how and resources to help make entrepreneurship highly rewarding for them.
With baby boomers living longer and more healthy lives, they are no longer sticking to the traditional retirement path and are instead seeking second or third careers.
There's been a shift away from lifetime jobs with long term employment - with a noticeable drop among individuals ages 35 to 64 years old during the past 50 years, as reported by the 2009 Sherpa Executive Coaching Study.
One of the most popular endeavors for those in this age group is that of a professional business or life coach.
Boomers are well suited to this professional calling based on their extensive business and life experience.
Coaching is the practice of concentrating somebody's existing skills and showing them how to channel them to create empowerment that can positively impact their lives.
Even before the entrepreneurial boomers took to the profession, business coaching has seen remarkable year-on-year growth, with income nationwide topping $1 billion in 2008.
The International Coach Federation, because of the need for coaches, has seen a huge increase in its membership since its formation in 1995.
Between 25 to 40 percent of Fortune 500 companies use executive coaches, according to a recently available study by The Hay Group, an International Human Resources consultancy.
"Baby boomers comprise the biggest segment of our student and graduate base," comments D.
Luke Lorio, president of iPEC's coach training department.
"The baby boom generation brings with it the experience, skills, contacts, enthusiasm and other resources to embrace entrepreneurial opportunities such as coaching.
They have reached a spot in their careers where they would like to capitalize on their experience and give back to other people.
Coaching has provided them with an opportunity to help other people while also earning generous incomes.
" On average, veteran life coaches are earning an average of $77,000 per year, and certified corporate/business coaches are earning an average of $134,800 per year, according to the research.
Jim Kelly, president of Real Leaders Lead Executive Coaching, is a baby boomer success story.
The 63-year-old certified professional coach was drawn to coaching because it was a vocation that was genuinely aligned with his values of giving back and empowering other people to live their dreams.
"My thirty-five years of real world leadership and life experience, which includes a term as CEO of a multi-million dollar company, is a terrific foundation for a coaching business.
I went through the ups and downs of every career and the difficulties of developing successful companies.
It is that experience that enables me to help leaders negotiate similar experiences much more easily than if they do it by themselves," says Kelly.
"My coaching business is solid because customers are investing in the one thing they know will produce a return: themselves.
" Here are six ways to know if a career in coaching would suit you: * People usually come to you for guidance and you have a beneficial effect on them.
* You take pleasure in your own personal development and seek a vocation that will magnify your strengths.
* You see great potential in individuals and are disappointed when they don't achieve that potential.
* You emphasize long-lasting relationships and a well-balanced life with many interests, including vitality in health and career.
* You're comfortable with working hard to create more personal and financial independence.
* You know you have a gift - and you would like to share it to help yourself and others live a more powerful and satisfying life.
With baby boomers living longer and more healthy lives, they are no longer sticking to the traditional retirement path and are instead seeking second or third careers.
There's been a shift away from lifetime jobs with long term employment - with a noticeable drop among individuals ages 35 to 64 years old during the past 50 years, as reported by the 2009 Sherpa Executive Coaching Study.
One of the most popular endeavors for those in this age group is that of a professional business or life coach.
Boomers are well suited to this professional calling based on their extensive business and life experience.
Coaching is the practice of concentrating somebody's existing skills and showing them how to channel them to create empowerment that can positively impact their lives.
Even before the entrepreneurial boomers took to the profession, business coaching has seen remarkable year-on-year growth, with income nationwide topping $1 billion in 2008.
The International Coach Federation, because of the need for coaches, has seen a huge increase in its membership since its formation in 1995.
Between 25 to 40 percent of Fortune 500 companies use executive coaches, according to a recently available study by The Hay Group, an International Human Resources consultancy.
"Baby boomers comprise the biggest segment of our student and graduate base," comments D.
Luke Lorio, president of iPEC's coach training department.
"The baby boom generation brings with it the experience, skills, contacts, enthusiasm and other resources to embrace entrepreneurial opportunities such as coaching.
They have reached a spot in their careers where they would like to capitalize on their experience and give back to other people.
Coaching has provided them with an opportunity to help other people while also earning generous incomes.
" On average, veteran life coaches are earning an average of $77,000 per year, and certified corporate/business coaches are earning an average of $134,800 per year, according to the research.
Jim Kelly, president of Real Leaders Lead Executive Coaching, is a baby boomer success story.
The 63-year-old certified professional coach was drawn to coaching because it was a vocation that was genuinely aligned with his values of giving back and empowering other people to live their dreams.
"My thirty-five years of real world leadership and life experience, which includes a term as CEO of a multi-million dollar company, is a terrific foundation for a coaching business.
I went through the ups and downs of every career and the difficulties of developing successful companies.
It is that experience that enables me to help leaders negotiate similar experiences much more easily than if they do it by themselves," says Kelly.
"My coaching business is solid because customers are investing in the one thing they know will produce a return: themselves.
" Here are six ways to know if a career in coaching would suit you: * People usually come to you for guidance and you have a beneficial effect on them.
* You take pleasure in your own personal development and seek a vocation that will magnify your strengths.
* You see great potential in individuals and are disappointed when they don't achieve that potential.
* You emphasize long-lasting relationships and a well-balanced life with many interests, including vitality in health and career.
* You're comfortable with working hard to create more personal and financial independence.
* You know you have a gift - and you would like to share it to help yourself and others live a more powerful and satisfying life.
