“You must have a clear and strong plan – but embrace the flexibility of that plan as you move forward and reality unfolds.” – Bill Storie, the Chairman of The Olderhood Group Ltd., shares his advice to someone just starting his entrepreneurship.
Bill Storie, a proficient global presenter and business consultant in various domains, and the co-author of “The Third Journey – Making the Most of Your Life After Work.” He has co-produced three retirement lifestyle television series and also, several podcast series. Bill is the Chairman of and a regular contributor to Olderhood.com. Being a Chartered Accountant (Scotland), he put a lot of emphasis on financial matters for individuals, corporations, and trusts. Bill’s consulting services and presentations exhibit a deep understanding and conversance of the effect of the psychological and emotional aspects with regards to poor financial planning. Furthermore, he offers a unique and rational approach to solving the concerns of his numerous clients, both individual and corporate.
Bill Storie shares his views on drawing business ideas, success strategies, marketing techniques, strategizing development, managing employees & business, and motivation with Business Upside in this interview.
Edited Excerpts from the Interview
Business Upside [BU]: How did you get your idea or concept for the business?
Bill Storie [BS]: Olderhood was started in 2013 when I took early retirement after a career in international business consulting then the latter years in the Finance Department of a Bermuda-based bank listed on NYSE. On leaving the bank I had a small pension fund which under the laws of Bermuda I couldn’t manage myself. I had asked our local pension providers who explained this to me – they were very accommodating but seemed to explain the process in words and phrases which – even as a chartered accountant – I had difficulty understanding.
That led me to wonder how older folks -perhaps not finance savvy – could understand how to manage their pensions at a later, and more critical stage of life when they probably had no other means of income. So, I started a blog trying to explain my transition to retirement and explain some of the issues in layperson speak. That started Olderhood.
Business Upside [BU]: What was your mission at the outset?
Bill Storie [BS]: The mission was simply to explain the concerns I had in my transition to retirement – financial, emotional, psychological, time management, lifestyle planning, etc. to a wider audience. I had done some writing for trade magazines in London and New York years before, so I was comfortable in my simple, but hopefully effective writing.
Business Upside [BU]: How do you market your business, and which method has been most successful?
Bill Storie [BS]: We initially created a blog on WordPress to get it launched. Once we had a landing page, we opened Facebook Pages to allow us to direct Facebook users to our page. Within a few weeks, we also decided to create a Facebook group called Olderhood International Club to allow people from around the world to share their thoughts on their own transition to retirement. Within minutes we had a handful of people from the other side of the world desperate to help. The Club now has 27,500 Members and all Olderhood Facebook pages have about 100,000 Followers in 100 countries. Our initial target audience was age 50+. That soon changed.
Business Upside [BU]: What is unique about your business?
Bill Storie [BS]: Our uniqueness was and still is, that we explain complex issues in layperson speech. We soon become popular for webinars and workshops – but our corporate clients asked us to lower our age level to circa 30/35 – the rationale was that they had employees that needed long-term planning for their retirement. Our workshops were extremely popular – but suffered when Covid arrived. We then moved more to online webinars etc.
Business Upside [BU]: How do you generate new ideas?
Bill Storie [BS]: We listen to our various audiences – and we have developed excellent Partner Networks around the world – which increases our potential outreach to circa 2 million in 100 countries. We have a continually active and innovative Olderhood Team relying on their decades of experience in business, leadership, money management, lifestyle coaching. We typically evaluate and test the latest ideas across our social media platforms which now include LinkedIn.
Over the past few years, we have been remarkably successful in Video Production where we interview world-class experts in various disciplines about their organizations, and once again, we discuss in layman terms. We learned this technique after we produced and hosted three television series and ran our own weekly, two-hour show on local radio. Our videos generate tremendous quality of guests and large outreach numbers in social media – this has spawned several variations of videos.
Business Upside [BU]: If you had one piece of advice to someone just starting out, what would it be?
Bill Storie [BS]: To be honest, fair, and reasonable. Olderhood began with a sharing mission to help people, not to make money. In other words, it was pretty much a hobby. However, in a prior life, my business ventures always started with a Business Plan including financial projections (“Burn rate”), how much capital I had available – and I worked hard to identify my target audiences through existing contacts and market research. So, the one piece of advice is you must have a clear and strong plan – but embrace the flexibility of that plan as you move forwards and reality unfolds.
Business Upside [BU]: What do you look for in an employee?
Bill Storie [BS]: Integrity. Simple as that. I can train people in our ways – they must have good educational standards and be willing to learn more. They must treat people with respect.
Business Upside [BU]: Do you believe there is some sort of formula or pattern to become a successful Businessman?
Bill Storie [BS]: Be open 7/24. When you start your own business. you must put everything into it. Nights and weekends change – and you must be willing to react at any time when prospects and clients ask for your help. You must also be willing to listen to people who at first may seem like idiots – they may indeed be – but sometimes idiots are geniuses in disguise – they may not know it but if you dig (rationally) you may find a new idea or a new relationship. Never turn people away.
Business Upside [BU]: What has been your most satisfying moment in business?
Bill Storie [BS]: I have never sought fame or media exposure, but during our radio show, an old lady who was on her own called me after the show one day and thanked me (while crying) that I had perfectly explained her pension situation – because her husband who had passed had handled all their money and for the last few years, she had been petrified that she would run out of money. It was a touching moment and made the years of work worthwhile.
Business Upside [BU]: What motivates you to become an Entrepreneur?
Bill Storie [BS]: In the early days, making money was my only purpose – and that is still part of my DNA – but as I got older, I realized that many people are less fortunate than me, and if I can help, I will do so. The entire Olderhood journey has helped tens of thousands of people around the world – and that pleases me.