Empowerment And Monetisation For Older Colleagues - Jack’s Curated Business Idea
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- IS THIS A BUSINESS IDEA?
Today's talk isn't exactly a business idea but rather an idea that could potentially empower colleagues; especially those reaching retirement age.
2. WHAT’S THE IDEA?
The concept is about collaborating on business ventures and profit sharing, where resources are pooled together, allowing participants to individually and collectively benefit.
3. RESOURCES REQUIRED
This venture would require contributions in money, skills, experience, or a combination of these. In short, participants contribute in cash, in kind, or both.
4. WHAT’S THE INSPIRATION FOR THE IDEA?
• Some of my colleagues are not prepared for old age.
• Some don’t have a retirement plan.
• The economy has eroded the retirement plans of many.
• Some will face compulsory retirement soon.
• Even those with pensions might experience a reduced standard of living.
5. WHAT PROBLEM IS BEING SOLVED?
The idea aims to create complementary income streams, particularly for those nearing retirement or already retired.
6. WHAT ARE THE BENEFITS AND OPPORTUNITIES?
This initiative presents:
• Camaraderie.
• Income streams, possibly leading to financial security and wealth creation.
• Job creation and networking opportunities.
• Opportunities for scaling businesses.
• Mental engagement for older individuals.
• Effective time management and staying relevant.
- Empowerment, side hustle, and ethical profit-sharing.
- Constructive use of idle time
• Participants can leverage their skills, experience, and resources while supporting each other.
- Collaborations can happen both locally and globally by leveraging the internet.
7. THREATS
Some of the threats include:
• Conflict.
• Greed.
• Destroyed friendships.
• Fraud and breach of trust.
- The inherent uncertainty of business ventures - possibility of failed business.
8. WHAT ARE THE PROCESSES?
To execute this idea, you can take the following steps:
1. Brainstorm the value proposition and business processes, including monetisation and marketing strategies.
2. Put relevant systems and structures in place.
3. Establish relevant legal frameworks to protect participants and stakeholders.
4. Delegate tasks as necessary.
5. Leverage a profit-sharing formula app as necessary.
6. Implement checks and balances to maintain accountability and trust.
7. Share profits periodically among participants.
8. Consider reinvesting in the business or other ventures.
9. MEETINGS AND COLLABORATION PLATFORMS
- You could have meetings on various platforms such as WhatsApp - you can create a Whatsapp group
- Or on Zoom.
- These meetings allow participants to catch up on the project, share best practices, socialise and discuss updates.
10. PROFIT-SHARING FORMULA APP
This is a fair, transparent, and ethical means of profit sharing. It’s a project on my to-do list. This app will allow monitoring of individual contributions to a business or project - contributions in cash and kind - enabling the calculation of a fair and ethical profit share. Please search for content on this, by Jack Lookman on the internet.
11. BUSINESS MODEL
The proposed business model includes the following:
• There shall be a project manager to drive the process.
• There will be collaborators, who can contribute either in cash, in kind, or both.
• Profits shall be shared pro-rata, based on the contributions of individuals to the business or project.
- Freelancers may be hired as necessary for ad hoc duties. Freelancers can be sourced from platforms such as:
- freelancer.com
- PeoplePerHour.com
- upwork.com
- etc.
- The business or projects involved could be either new or existing ventures.
13. MONETISATION STRATEGIES
To monetise the business, the following methods could be explored:
• You shall sell products and services.
• There could be room for Affiliate Marketing.
• There could be opportunities for Mentoring and Coaching.
• There could be content creation opportunities.
• There could also be franchising opportunities.
14. MARKETING STRATEGIES
For marketing, you could explore:
• Affiliate marketing.
• Social media marketing.
- Google Ads,
- Influencer marketing
- Etc.
15. LEGALITY
Legalities are crucial for the success of any collaborative venture. Key elements include:
• Having a written agreement in place to define roles, contributions, and expectations.
• You need to have an exit strategy - to handle situations such as:
- Sickness
- Conflicts
- Death
- Member disengagement
- Etc
These issues must be clearly addressed to ensure smooth operations and to prevent or effectively manage disputes.
Jack’s Empowerment and Inspiration
16. CASE STUDIES
- Content Creation and Collaboration
I regularly create content, handling most of the ‘heavy lifting,’ which includes:
• Content creation, proofreading, editing, and publishing.
- Distributing of content across multiple platforms in text, audio, and video formats.
However, one area where I could solicit support, is financing. Funds could be directed towards:
• Marketing.
• Logistics.
- Other operational needs.
By involving collaborators, we could agree on a profit-sharing model to mutually benefit all parties in the short and long term.
B. App Development Collaboration
With my technical background, I have a bank of app ideas. However, I lack the finance to see these projects through. I prefer not to involve banks or pursue equity funding due to its complexity, or conflicts with my spirituality.
Instead, I could:
• Take charge of project management and handle the heavy lifting.
• Collaborate with colleagues or classmates, leveraging their skills and experience.
- Raise funds collectively, and agree on a profit-sharing arrangement, ensuring mutual benefits for all contributors; in the short and long term.
17. SUMMARY OF THE IDEA
The idea is essentially about pooling resources together and sharing the potential profits. Profits and loss shall be shared collectively pro-rata.
18. HOW WILL YOU EMPOWER COLLEAGUES?
The empowerment comes in different strands. There could be financial empowerment by creating opportunities for:
- Collaborative Work:
- Rather than just passing time with nothing productive to do, participants could contribute skills, experience, or effort through brainstorming, which can be quantified and rewarded financially—even for those who haven’t got money but are willing to put in the effort.
- Profit Sharing:
- Effort and contributions are fairly compensated when profits are shared.
- Knowledge and Experience Sharing:
- Participants come from diverse backgrounds—marketing, business, technical fields, and more—allowing for a rich exchange of knowledge during the process of digital meetings. This creates:
• A collective wisdom bank, where everyone benefits from shared experiences during meetings or discussions— from the mode of projects into the mode of business—in areas such as content creation, app development, marketing, or project management. Someone from a marketing background might come in with a different perspective. Somebody from a business background might come with a different perspective. Different people will have different perspectives. Therefore, from the meetings alone, it's a bank of useful experience. That experience could benefit us individually and collectively.
- There's the financial empowerment—where we should hopefully make money individually and collectively.
- Also, with some members, this experience, might open opportunities. They might replicate the process and go and do their own thing, or it might light the bulb for future projects.
- This may rekindle some of their old ideas which are accumulating dust.
- They might decide to pick a few of us on the platform—or maybe all of us—to push their individual projects forward.
- They could be empowered academically, financially, and maybe entrepreneurially.
- Of course, as you get older, if you don't fuel your mind, like they say, you’ll go down very quickly. So, it's important to keep your mind active and your brain engaged.
- Rather than just spending all day reading newspapers or doing less engaging activities, you could do more constructive activities to benefit one and all.
- It also brings about the opportunity to network, socialise and check on each other.
19. HOW CAN THIS IDEA SERVE AS A TEMPLATE TO HELP PEOPLE WHO DIDN’T FIND PASSION IN THEIR FIRST CAREER OR ARE TRANSITIONING INTO RETIREMENT?
First of all, about getting up in the morning—I think I’m part of that club. Normally, I work until very late, maybe 2 a.m., 3 a.m., or 4 a.m. But I’m very passionate about what I do. For older individuals, they don’t have to wake up early in the morning. For example, if they are part of my project, I will do most of the legwork as the project manager. I’ll ensure things get done. For the aspects that are a bit too cumbersome, I can outsource them to freelancers. We’ll pay the freelancers for their services, but the good thing is we don’t have to pay them a salary or holiday pay. They will receive a chunk of work, complete it, get paid, and that’s the end of the contract.
In terms of the drive, one of the drives is going to be money. For those of us growing older, some may have a good retirement plans (pension, etc.), but in some parts of the world, even if you contribute to a pension, there’s a chance that the funds might be consumed by officials, leaving you with little or nothing. For those people, something like this could be a very good opportunity to monetise their resources.
If many people join the platform, for all intents and purpose, they might contribute around £20, £30 or more, annually, depending on their wallet size. This could be them, forgoing a couple of drinks at social engagements, as some might spend that amount at a single sitting. By contributing it to this initiative, it’s an investment in the future, or old age. The process shall be transparent and accountable.
As we make money, profits will be shared among the participants. There will also be an agreement in place to ensure everyone’s peace of mind.
Regarding roles, there will be some active members on the platform, like myself who will still be active, handling logistics and other tasks. Others may not have time or space to do active work and may prefer to invest money and receive returns. Some might invest a smaller amount. In the end, profit sharing will be proportional to the contributions made, whether in time, effort, money, etc. The principle is: “What you put in is proportional to what you get out.”
On one hand, there could be financial returns. On the other hand, having monthly team meetings or discussions provides an opportunity for people to network, exchange pleasantries, and explore new opportunities. The good thing about this is that even if someone tries the business idea and decides it’s not for them, they can exit. When exiting, the intention is that they will receive about the same value of what they contributed, and the business relationship will end on good terms.
20. Useful Links:
Jack’s Curated Business Ideas - Over 100 Curated Business Ideas
Jack’s Mentoring 101
Juwon Ogungbe
Profit Sharing Formula App
Jack Lookman’s Social Media
Curated Business Ideas - Blog
Curated Business Ideas - Videos
Book A Chat With Jack Lookman
Business Collaboration With Jack Lookman
Jack Lookman’s Courses
Jack Lookman Limited
Jack Lookman’s Paperbacks
Jack Lookman’s eBooks
Youtube channel
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