What happens when large warehouses filled with hundreds of thousands of dollars worth of inventory catch fire?  If properly insured the company that owns the inventory will be indemnified for the loss.  Once a settlement is reached for the insured, the damaged inventory will become property of the insurance company that just wrote a large claim check.

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Stu

A: No, I don’t know what it is specifically, but I can say that you are on to something generally – this year, about three million Americans will turn 60, and that will continue for the next 15 years as the Baby Boom generation starts to age and “retire.”

And because the Baby Boom generation is in fact so massive, this is, quite literally, a once in a lifetime opportunity, for several reasons:

• Like it or not, the Boomers have been at the forefront of a variety of important issues and events: Vietnam, the sexual revolution, civil rights, the self-awareness movement of the 70s and the health craze of the 80s, to name a few. These are people who will always see themselves as open-minded and young. Willing to try out new ideas, the Boomers are a creative entrepreneur’s dream.
• Even with the stock market crash, the Boomer generation is still one of the wealthiest in American history. Despite smaller portfolios, many of them will enter their retirement years with plenty of disposable income.
• The sheer number of Baby Boomers has always made them a force to reckon with, and this will remain true as they age.
• Finally, the Boomers will likely not only be the healthiest old fogies around, but due to advances in medicine and health, they will not be dying off any time soon. People 60 years old today have a life expectancy of 82, but don’t be surprised to see many live into their 100s.

While getting older certainly will have a huge psychological impact on the Boomer generation, from a small business perspective, this uncharted territory offers some incredible opportunities. Because the Baby Boomers tend to do things their own way, they are also “retiring” in an unconventional manner: Far more active, far more engaged, and far healthier than earlier generations.

And that is where the entrepreneurial opportunities will lay.

Indeed, not a few small businesses have already cropped up in an attempt to cater to the aging Boomer. These businesses are helping clients in a variety of ways: Creating active and green travel events, coaching them about new career opportunities, helping them stay healthy, and much more.

And if it is true that business success comes when you help people solve problems (and it does), it follows then that the financial and retirement issues many Boomers now face will also create ample other business opportunities. Thus, a potential booming (sorry!) industry right now is one where entrepreneurs are assisting Baby Boomers with battered portfolios rebound and/or create what have been called “encore careers.”

It would behoove you to consider other ideas, such as:

• Businesses that offer anti-aging options.
• Businesses that cater to a desire for active recreation – think former President Bush (though not a Baby Boomer) skydiving on his 80th and 85th birthdays.
• A business that helps Boomers help the world – older Baby Boomers are active givers of time and money.
• E-help: Apparently, this Internet / computer revolution thing isn’t going anywhere, and the options can get dizzying, even for us in the loop. Consider how overwhelming it must look to some seniors.

Obviously, there certainly is no shortage of possibilities here, and the point is that this confluence – a huge, healthy, open-minded, aging generation, and one that is looking to stay active — will make some forward-thinking entrepreneurs very, very happy.

So get those thinking caps on and white boards out. It is time for some brainstorming.

P.S. And by the way, yes, were t-t-talking ‘bout my generation. Yes, my generation!

Today’s tip: HP recently announced an expansion of its excellent HP Access program, in which small and medium businesses can get discounts, free software and services, training, as well discounted web design, domain hosting, credit card processing, and more. Learn more here. Steve says check it out!

You might be surprised to learn that there are a fair number of businesses that can be successful without costing you an arm and a leg. There are more opportunities than can possibly be listed; in fact, we are pretty sure that in the time it will take to write this article, one or two new ideas will be developed somewhere for low budget businesses – eventually leading to big bucks.

We hope that an idea for your own business will strike you in the time it takes to read this article!

Concentrate On Your Strengths

Most people don’t realize that the areas they are gifted in may not be that common in other people. Additionally, these gifts can be translated into very low budget businesses, when it comes to starting up. Think about it; do you know anyone who is great with kids and started a successful day care? How about a great organizer and cook who has stepped into the gap created by our North American lifestyle and has a regular clientele of families paying to have their meals created each week?

Of course there is the ultimate example, the motivational speaker – these people have nothing beyond their life experiences, yet they develop their own programs and get paid hundreds of dollars to inspire others!

If you do have a certain skill set, the odds are better than good that you will be able to put them to use to create your own business. All you have to do is market yourself, starting by word of mouth. You will probably find that your business will grow in a short time with minimal investment.

Here are some more ideas:

Mobile Car Wash - in today’s busy culture, it can be easy to neglect things like washing your car. Enter the mobile car washer, who will come to you! You can start out in your neighborhood or apartment complex, and go from there.

Holiday Crafts – there’s always a market for craft items, especially during holidays like Christmas (think of all the Christmas craft bazaars you’ve seen advertised). Craft supplies can be purchased cheap, and you can make a tidy profit selling them at craft fairs or even online.

Petsitting Service - many people with pets prefer to keep them at home in surroundings they’re familiar with while their away, rather than getting them boarded. Round up a few of your pet-loving friends and start your own petsitting service!

Do Your Homework

There are plenty of businesses out there that didn’t take a lot of money to start up, but which are thriving, thanks in large part to the Internet and the way it connects people all over the world. eBay is one great example; in many cases the products people find on the site cost little or nothing, in which case every sale is pure profit.
There are dozens of different ideas for starting your own Internet based business, and none of them cost more than you are probably already paying for your broadband connection!

If you do hit upon a great idea for a budget business, make sure that you don’t get trapped into the low-cost mind set. If you really want to be successful, sooner or later you are going to have to put up some cash. Furthermore, don’t get lured in by the various scams out there to "Make Big Money Fast and Easy". It isn’t easy to run a successful business, and no matter how little money you have to front for these so-called programs, it won’t be worth it in the end. For more information, read our recent article Avoiding Work At Home Scams .

One formula for growing your business is to expect to put 20% or so of the money you make back into the business; as it grows, you will probably look back and shake your head when you realized how little it cost to start up!