Are you a Gifter, Baker, Crafter, or Maker? Has anyone ever told you that the item you made was so unique you should start a business and sell your product? You can keep it small and earn enough for a vacation with the grandkids or take it further. You have the skills. You can learn the rest.
Jim Enright interviews Sue Monhait, founder of Gift Biz Unwrapped who specializes in turning hobbies into skills and businesses. Boomers winding down from their corporate life or are in retirement can draw on the things that they have learned over the years to create a thriving business.
Sue provides various examples of people who have managed to set-up flourishing businesses. She believes that the combination of vision, smart pricing and a sound promotional strategy is necessary for success in business and emphasizes the importance of outsourcing certain tasks.
Tune-in and get inspired in this next phase of your life by tapping into your creative, and perhaps entrepreneurial, side.
Time Stamped Show Notes:
● 01:04 – Rediscover the SKILLS that brought you great pleasure, but have been long buried as you went through the various cycles of life
o 02:41 – Folks winding down on their corporate life, already in retirement and even full-time moms should consider picking up a hobby and even monetizing it
o 03:38 – Boomers can pick up on the things that they have learned over the years and build something that they are proud of
● 04:13 – Gifters, bakers, crafters or makers use their creativity to come up with products that resonate with the audience
● 05:30 – Do not miss out on any opportunity to monetize your skill and turn it into a business
o 06:08 – Making your FIRST DOLLAR is a sign that you can turn your skill into a real business
● 07:11 – Sue’s shares some SUCCESS stories
o 07:11 – Den Abbey of Abbey Farms, homeschools her children and sells homemade soap
o 08:46 – “Cookies in a Snap” has a creative line of products that let you mass produce cookies
o 09:42 – The Squirrel Away Bird cafe has created bird feeders that keep the squirrels at bay
o 10:13 – Shenia Smith of Lula’s Bath and Bombs is based in Florida and she sells her products all year round
o 10:53 – Check out all these stories and more on Sue’s podcast
o 11:11 – Stacey Horowitz has started an online marketplace, Shopping For a Change which promotes products made by artisans from economically disadvantaged locations across the globe
● 13:06 – You are free to keep your business small and just earn some extra cash on the side; there is no need to grow it bigger unless you really want to
● 15:02 – While traveling for trade shows, Sue regularly meets people who have an idea, but are at a loss with how to execute it
o 15:43 – The idea of Gift Biz Unwrapped germinated upon the realization that she had the necessary skills to help these people
o 16:27 – Have a very clear VISION about what you are trying to build in order to progress from the idea stage
o 17:53 – PRICE your products profitably by factoring in all costs
o 19:11 – Do not make the mistake of DISCOUNTING your skills; something that may come naturally to you might be incredibly difficult for other people
o 20:05 – Concentrate on PROMOTING your brand to attain heightened visibility
● 21:30 – Creatives can avail of one of the courses offered by Sue where you follow a step-by-step guide to structuring a proper business
● 23:00 – Outsource business functions, such as bookkeeping and social media strategy; stick to doing what you do the best
● 25:32 – Would love to live a long life as long as her health is strong
● 28:01 – A huge TRANSITION point for Sue was when she quit her corporate life in order to be with her kids
● 29:41 – Connect with Sue through her website
● 30:36 – Take this FREE quiz which will let you which stage of the business you are in: Beginner, intermediate or Rockstar
● 32:52 – Jim Enright’s sign-off message: Be stellar, and live life lively
● 33:01 – Spread the word with your baby boomer friends in person and on Facebook—Teach them how to listen to podcasts and how to subscribe.
4 Key Points:
- You can turn your hobby into extra income for mad money or create a business. The choice is yours.
- Folks winding down from their corporate life should consider picking up a hobby and even monetizing it.
3. Long term VISION, correct PRICING and effective PROMOTIONS are key to a successful business.
4. Learn to delegate; outsource non-critical business functions, such as bookkeeping and social media strategy, and concentrate on doing what you do best.