Starting life over at 60

Another article that I read. I find that I should learn from the elderly. :)

Starting life over at 60
Setting up a retail business is an achievable dream, whether you're 17 or 70
by Chan Seet Fun 05:55 AM Jun 07, 2010

Retired banker T S Soh, 60, has been working as a kitchen helper, a waiter and at the counter of cafes.

"I believe that there are opportunities in F&B. Everybody needs to eat but not anyone has time to cook. So, I want to have my own F&B business," said Soh, who retired in 2008, after more than 30 years in banking.

"I've tried to get a job but when they learnt about my age, they said 'so sorry' and they don't interview me. But I believe that you have to be adaptable. So, I will start something on my own."

With his business ownership dream in mind, he switched gears and went from managing a team at a bank branch to starting from scratch in the food and beverage industry. If that meant making tea and coffee, he was prepared to do it.

"I wanted to learn about the business, from the very basics. I wanted to find out first-hand what problems are faced by the staff and by the owners," he said.

Now, with two years of F&B experience under his belt, he is adept at making cappuccinos, sandwiches and pastries from frozen dough. Not only that, he is also "familiar with NEA (National Environment Agency) requirements".

And while he was chalking up valuable hands-on experience, he also went back to school. Last November, he earned a Certificate in Retail Studies from the Singapore Institute of Retail Studies (SIRS). Last month, he completed SIRS' new "Set Up A Retail Business" course.

"I wanted to see what I could learn before actually setting up my business," he said. "I was the oldest participant in the class. But that's fine. I was there to learn. I should not have to feel inferior."

He added that the course was well worth attending. "Some of the things they taught us hadn't even crossed my mind. There are so many things to consider when starting a business. I've also learned how to do a business plan. This is important, especially if you need financial help. You can use it to present your case. It was a detailed and practical course. I would recommend it. It's short but you learn a lot in that short time. And with the 90 per cent subsidy from the Workforce Development Authority, I only paid $16.05," he said.

Soh is now on the lookout for a suitable location and hopes to get his business up and running within the next six months. For day-to-day support at his F&B outlet, he will look to his friends and family.

And once things find their rhythm, he might even go into consulting, drawing on his experience as a business owner, and his years in banking, to teach others about becoming their own bosses.

He said: "Some of my ex-colleagues ventured into business without any business experience and without taking any courses first. They just tried. And if they failed, they closed shop. But I am more cautious. I want to look carefully before plunging in. Money is not easy to earn."

Learning about the retail business

A new course on setting up retail businesses has piqued the interest of the members of the Women's Initiative for Ageing Successfully (WINGS).

Said WINGS programme executive, May Tan: "The response has been very good. We publicised this course, which is offered as part of our skills programme, in our weekly newsletter and within 10 days of sending out the email blast, all 24 spots were filled. There is a waiting list now."

She added that if the list grows, WINGS will talk to the Singapore Institute of Retail Studies (SIRS), which runs the course, about organising subsequent intakes for WINGS.

SIRS introduced the course in April this year. Said the institute's manager of business development, Megan Ong: "The response has been tremendous. We've conducted more than 10 intakes since and a good number of participants have been seniors."

She added: "On the whole, the age of our trainees ranges from 17 to 70 and there has always been a fair proportion of mature trainees. Some courses, such as 'Sell Products & Services', are popular with seniors as the skills and certification acquired helps them work as promoters or in freelance sales positions. We have also seen that this group is interested in the 'Set Up A Retail Business' course. Some of them have retired and are ready to pursue a second career as a business owner."

The "Set Up A Retail Business" course provides insights and tools that will help participants in setting up their new business. Spanning 40 training hours, the course will show participants how to study the retail environment, develop a retail business plan and implement it.

Participants are taught by experienced trainers who aim to impart useful skills rather than just theory and they also benefit from networking with fellow participants who have prior working experience.

The course's first run in partnership with WINGS will begin on June 15 and those who have signed up include housewives, retirees and women who are working part-time. Tan said that one participant is employed full-time and will take leave to attend the course.

She added: "We constantly scout for new and exciting things for our members. And they come with open minds and are eager to learn."

Article from: http://www.todayonline.com/Silver/EDC100607-0000026/Starting-life-over-at-60