I don’t have the next billion-dollar invention in my pocket – not yet, anyway. But if I did, my weekly consumption of ABCs “Shark Tank” will have prepped me well for that pitch with a hotshot investor.

The show where small-business owners and inventors go before a group of self-made moguls seeking moolah is more than just great entertainment.

Will the Sharks praise or pooh-pooh the idea? Will they get five doses of rejection? (“I’m out!”) What snarky comment will the ferocious Kevin O’Leary make before he shoots the inventor down? Which brave soul will get lucky and walk away with a deal and fatter pockets?

See also: 5 Businesses You Can Start

Aside from the fun spiels, there are plenty of lessons from wading in those shark-infested waters. If a groovy idea inspires your entrepreneurial spirit, keep these “Shark Tank” tips in mind when pitching to a lender or possible investor.

1. Fine-tune your pitch. Be anything but boring. Be sure to choose your words carefully and cleverly, and deliver them with the utmost confidence. The Sharks can smell nervousness. Watch for stuttering, too-long pauses and profuse sweating. Why would anyone pour a million dollars into your product if you seem unsure about it? Pitch your product with certainty that the market will die without it.
2. Know your numbers. Nothing ticks off the Sharks more than a so-called businessperson who spews out a bunch of numbers that don’t add up. It makes you look unprofessional and off your game. Do your math, because they definitely will.
3. Be confident, not arrogant. Many successful entrepreneurs are pushy because they’ve had to be. But you have one chance to make a first impression. If you turn someone off, you kill the deal.
4. Know your audience. Often, the inventors who land deals with a Shark did their homework on said Shark and pitched accordingly. Case in point: On a recent episode, a guy pitched a face-painting product that you can peel off of your skin. Guess who ate that right up? Mark Cuban, owner of the Dallas Mavericks. Sports. Face paint. They just mesh so well.
5. Be willing to starve. Investors want to partner with someone who is ready to eat and sleep the business. They all sacrificed in the beginning, so they want to see that you are willing to do the same. They want to know how down and dirty you’re willing to get in order to succeed.
6. Be okay with rejection – or at least fake it. It likely won’t be the last time you hear a “no.” Every prospective investor has been where you are. Take the criticism, scrape your ego off the floor, give a smiling “Thank you” and leave secure in yourself and your idea. They may talk about you when you leave, but at least they won’t question whether you have heart.

With that, let me get back to tinkering. That billion-dollar invention is coming. I just know it! ###

Have the itch to be your on boss? Check out resources for aspiring entrepreneurs. 

“Because the immune system weakens with age, seniors are more susceptible to the flu,” says Papatya Tankut, vice president of pharmacy affairs at CVS/pharmacy.

Hear that? So while your anxiety is real and understandable, there is absolutely no good reason for you to delay. And in case you’re still trying to talk your way out of it as I type, let us debunk the most common falsehoods about the flu vaccine right now so you can be on your way to a pharmacy near you.

“The flu shot gives you the flu.”

This is a classic one. In reality, the viruses in the flu shot are killed (inactivated), so people cannot get the flu from a flu shot, Tankut says. You may experience minor side effects including soreness, redness or swelling where the shot was given, a low grade fever or ache. “These side effects begin soon after the shot and usually last one to two days. Almost all people who receive influenza vaccine have no serious problems from it.”

“It’s too late to get the flu shot.”

No way is it too late. In fact, now is the most critical time to get it. Although flu season has come early this year, according to the CDC, it’s not too late to get vaccinated. Flu season typically peaks in January or February. It takes about two weeks after being vaccinated to develop full protection, so you should make getting the vaccine a priority.

“If you get the flu, you can’t get it again during that flu season.”

If true, that would be wonderful. You’d be off the hook. However, different strains of the flu circulate each season; so don’t assume that if you have already had the flu, you will not get it again, Tankut warns. If you have already had the flu this season, you should still make it a priority to receive the flu shot.

“Antibiotics will help fight against the flu.”

We see your thinking, but it’s not the case. Antibiotics work well against bacteria, but are not effective for a viral infection like the flu.

“The flu is only spread by coughing and sneezing.”

While the flu is spread by coughing, sneezing, and even talking, the flu virus can survive for a few hours or even a day on surfaces and in enclosed spaces. The most common way the flu virus is spread is when hands that have been in contact with contaminated surfaces go near your face. That is why you should wash your hands frequently with soap and water or have an alcohol-based cleanser handy.

There you have it. If you can get past your fear of the flu shot, know this: You have two options for vaccines! The regular seasonal flu shot or the high-dose flu vaccine for adults over the age of 65. This vaccine contains three flu strains, four times the amount of antigen (the part of the vaccine that causes the body to produce antibody) and is intended to create a stronger immune response.

OK, enough reading. Time to get that shot!

Photo credit:  USACE Europe District via Flickr.

Who knew wreaths could be so fun year-round? Click picture to play Wreaths video courtesy of Etsy.com.

I probably couldn’t work with my mother. Don’t get me wrong, she’s one of the loves of my life. But at this point in her journey, she’s ready to do less. I’m the opposite, so I’d annoy her…lovingly so.

It’s a different story for Ernestine and Chrystal Dailey, the mother-daughter team who started WeLoveWreaths.com in 2009 via handmade marketplace Etsy.com.

I couldn’t wait to check out their hand-crafted all-occasion wreaths, since I’ve been dusting off the same tired one every December for at least a decade now.

Their year-round creations are made of fun materials like burlap, balloons and daisies. Maybe it was my need for a sugar fix, but I kept coming back to this sweet one made of red and white peppermint candy.

Even sweeter is how Ernestine, 60, and Chrystal, 32, have balanced their relationship as business partners and family. They told me it isn’t always easy, but certain things do help.

“Knowing our roles and doing what we are both good at makes it work,” says Ernestine, who is enjoying this encore career after retiring from the New York City Transit Authority.

Chrystal cites their generation gap when it comes to technology as a good example. Social media marketing isn’t Ernestine’s forte, so Chrystal handles that element of the business. Ernestine is the creative force who sees their designs through to execution.

If creating a start-up with a sister, cousin, or uncle is something you want to do, you’d be in great company. According to the Small Business Administration, 90 percent of all U.S. businesses are family-owned.

Family businesses that succeed know how to weather the emotional storms that blow in from time to time. Here are highlights adapted from tips the SBA says to consider before you set up shop with a relative.

• Do your homework, and have clear roles. Make sure you have a clear vision for the business.
• Decide in advance how you’ll squash the squabbles. Disagreements are inevitable, so have a plan on how to handle problems when they do arise.
• Determine a plan in case other family members want to join. If a relative needs a job but doesn’t quite fit the mold, you might want to give them training and a shot at success if you can — but agree on criteria ahead of time.
• As the business grows, consider hiring a non-family member to manage operations. This enables founding family members to play to their strengths.

What’s next for Ernestine and Chrystal? For now, the Brooklyn-based mother-daughter duo are content to sell online and don’t have plans for bricks and mortar. But if they did, I’d take my own mom and stop by. ###

Want to follow your passion and become your own boss? See aarp.org/startabusiness for resources and tips, and join the Reinvention Group in our online community.

Dress Your Door video courtesy of Etsy.com/JeremyWorkman.

John Findra’s thing is the fantastically beat-up classic car as art – distressed, rusted, gutted and all.  The more weathered, the cooler.  His firm Classic Wrecks turns out pint-sized replicas of junk cars from previous eras, like a ’69 Camaro or ’62 Pontiac Catalina.  A bona fide car fanatic since childhood, he opened Classic Wrecks in 2011.

I’ve become so enthralled with his work that I’ve got to thinking that each new ding in my car door gives it “character.”  Who else shares my feelings?  Well, 300-plus customers who have put down money for the replicas, which sell for around $75 apiece.

Before stepping out to run a small business, it’s important to know your market. Findra has been into modeling cars since he was a tyke and knows his market like the back of his hand.

Yes, you have an interesting idea for a product or service, but do you truly know your market? Is there a unique or compelling desire for it?  Who are your target customers? How will you reach them?

If the Web has showed us anything, it’s that there’s something out there for everyone. You just have to find those folks who are as passionate about your “thing” as you are.

The Small Business Administration offers the following tips on developing your target audience:

1. Be clear about what you have to offer. Understand why anyone would want to buy from you.

2. Don’t become a jack of all trades. Do one or two things well, and build a reputation on that.

3. Identify your niche. Play to the strengths within that niche.

4. Find your target customer. Attract those customers who will value your services.

5. Tailor your business message. It should explain what you have to offer, why you’re different, and why anyone should buy from you.

###

Want to follow your passion and become your own boss? See aarp.org/startabusiness for resources and tips, and join the Reinvention Group in our online community. 

Video via Etsy.com blog

Open-air mercado in Ecuador; Image by Rinaldo W.

I’m just back from vacation in the U.S. Good for me, but not so good for friends who confided they are suddenly on “permanent” vacation. As in “laid off” and with no prospects in sight.

They’re being forced to explore their options. Suddenly, I’d become very popular at cocktail parties and other gatherings.

“Can you really live inexpensively outside the U.S.?” my friends asked. “What’s it like to live in a foreign country? Is it safe? Is there Internet? English-language TV? What about health care? And health insurance?”

That last topic…health insurance…is the tipping point in my cocktail party conversations. If I were selling passports and one-way plane tickets to any of the countries that are top of the list for low-cost-but high-quality living, this is when my friends would sign on the dotted line.

Do some research about health insurance costs, and you’ll see that the average healthy 60-year-old person pays about $350 a month for an individual health insurance policy with a high deductible ($3,500). For a couple, that’s more than $8,000 a year.

But, I tell my friends, in many countries around the world, government-sponsored health insurance is either free or available for a minimal cost ($50/month or less). If I want, I can purchase a private policy that gives me access to my preferred country’s best medical professionals and hospitals. The cost for this private policy will be at least 50% less than I would pay for its equal in the U.S.

The money I save on health insurance costs alone goes a long way to funding my entire cost of living in Latin America.  (In Ecuador, where I live, I pay $6 for a good haircut and style in a salon, $1 for taxi fare, $2.50 for a more-than-I-can-eat delicious home-cooked meal, including a beverage.)

I also feel that I live a healthier lifestyle in Ecuador where I don’t have a car and walk nearly everywhere I go. There aren’t as many processed foods here, either, so I tend to eat more fruits and vegetables that I purchase very inexpensively at our local farmer’s market.

If you’re old enough to collect Social Security, there may be no better place to live right now than Latin America. I have friends living in Ecuador, Mexico, Nicaragua, Panama….that are living quite well for $1,500 to $2,000 a month. Some are even able to save enough for very nice holiday getaways. For them, being on permanent vacation is nothing to fear.

So tell me, if you knew you could live comfortably on your retirement income would you take a permanent vacation? In my next post I’ll introduce you to some friends who are doing just that…

Photo of Ecuador, Vendedoras de Frutas y Verduras by Rinaldo W. on Flickr.

No matter what happens this November or in the four years that follow, one thing is for sure: your Medicare coverage won’t be going with you should you decide to retire overseas.

Luckily, though, there are many countries where, as a legal resident, you can qualify for a local health care plan that’s often even more comprehensive and less costly than Medicare.

Here’s what you need to know:
 Medicare doesn’t normally cover health care costs outside the U.S. (And the government’s definition of the U.S. includes the 50 states and the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa, and the Northern Mariana Islands – you can use your Medicare benefits in these countries.)

There are some small exceptions when you can use Medicare internationally. If you are traveling in the U.S. and have a medical emergency, but the nearest hospital is in Canada or Mexico, you can qualify for Medicare coverage at that hospital. Similarly, you can use your benefits if you are traveling to or from Alaska via Canada and the nearest hospital is in Canada.

If you are on a cruise…and you become ill or have an emergency, you must seek assistance from the doctor on that particular cruise ship. If the ship is no more than six hours from a U.S. port, you will be covered by Medicare. And if the doctor determines you require hospitalization…in a hospital in Mexico or Canada, for instance, Medicare will pay for services provided by hospital staff.

Importantly, though, the ship’s doctor must have taken care of you while on board, and while the ship was within six hours of a U.S. port – and the doctor must send you to the hospital on the same day for the same medical condition.

How to be prepared: If you often travel internationally, consider one of the Medicare C through J supplement (Medigap) plans sold by private companies that provide foreign coverage. And especially if you relocate overseas, consider an evacuation plan (many are available) that will cover the cost of your transportation back to the U.S. for treatment. One such company is Medical Air Services (MASA).

But here’s the good news: You probably won’t need or want Medicare if you retire overseas, as many countries offer residents a government-sponsored health insurance plan. (In Costa Rica, Ecuador, and Mexico, for instance, you’ll pay about $50-$70 a month, depending on your age, for a full government health care plan that covers office visits, hospitalization, prescriptions, and more.)

And in most countries, such as Panama and Uruguay– which have excellent private health care systems — you can also buy a private plan for far less than it might cost in the U.S. One expat I know in Atlantida, Uruguay, in his late-60s, pays $75 a month for a plan he calls “excellent — it covers most everything.” But be forewarned that some insurance companies have age limits on participation, so be sure to do your homework.

What other questions do you have about health care overseas?

Photo of Panama City by Laik LePera for International Living.