Here’s One Question to Help You Know What Type of Business to Start in Retirement

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*guest post by Mike Lieberman

You’re looking to start a business in retirement, but you’re not sure what type of business makes sense for you.

There are so many different types of businesses you can start these days.

Where do you even begin?

There’s one key question you must ask yourself when deciding what type of business to pursue, and if you don’t, you’ll end up wasting your time and money.

Let’s avoid that mistake all together. Shall we?

What’s the question to ask yourself?

To help you get more clarity, I sought out a retirement coach who specializes in assisting Professionals and Executives as they make retirement transitions with the life side of retirement planning. His name is Kevin Lyles of Winning Retirement Coach. He’s also the Head of Education for Rock Retirement Club.

I wanted to get his perspective for you on this since he deals with such scenarios on a regular basis.

I asked Kevin, “If a client was to say to you they’re thinking of starting a business in retirement, what’s the first question you would ask them?”

“What do they want to get out of the business?” responded Kevin. “That will lead to how I could counsel them because there are many possible answers.”

Before getting into some of the answers Kevin shared with me, let’s dive into why this question is important.

Why must you answer this question

Up until this stage of your life, the work and career part has been mostly out of necessity. It’s commanded a large part of your time over the years because there are these bills and taxes we all must pay.

As you enter this next stage, the work and career part plays a completely different role. You now have more free time and you’re not as reliant on it as your main source of income each month.

This means the type of business you choose to pursue needs to align with the greater vision of how you now want to spend your time.

That vision completely shifts the thinking about the type of business you start and why that question becomes so much more important to get clear on.

Previously work and career dictated how you spent your time, now you have more control over it.

So let’s get clear on what you want to get out of your business to make sure it aligns with your vision.

Ok?

Five common answers

Kevin shared five common answers to “what do you want to get out of your business?” with me.

So let’s dive deeper into each of them.

1. I need the income
If you’re retired and you need to replace your income to continue living, you might consider continuing to work or seeking other employment.

Let’s be real. Starting a business is not easy and it’s not going to be instantly successful overnight. It’s going to take time to start producing income, if it ever does.

So if you need the business to replace income dollar for dollar, take other options into consideration.

Though if you’re within a few years of retirement and think you’ll need to replace the income, now might be a good time to start. That way you can build up the business without the pressure of instant success.

2. Extra spending money
Your financial retirement plan might be rock solid and your financial needs are met with your pension, 401K and/or savings.

What you might want to get out of your business might be extra play money.

Each year you want to take you and your entire family on a vacation.

There’s a charity you’re passionate about and want to donate to them financially.

Maybe there’s a lavish purchase you want to make for you or a loved one.

Starting a business can help to reach that goal.

3. Build a legacy for your children
Building a legacy to pass down to your children can mean many things.

It might mean building a business to hand down to your kids.

Possibly it’s building more wealth to hand down to future generations.

The legacy could be leading by example and showing your family that anything is possible at any age.

Leaving a legacy such as these might be what you want to get out of your business.

4. Solving problems for others
It’s common for people to start a business around something they’re good at and can help others with.

“That was something I liked to do,” said Kevin. “During my legal career I was working mostly for corporate clients, but I really liked helping them with their problems. So this way (through coaching), I can do it on a much more personal level to really help counsel people through their retirement transition.”

5. Purpose and meaning
As mentioned earlier, work has taken up so much of our time during our life. There will now be the large void of time.

“That’s a problem a lot of retirees face after working,” said Kevin. “If they’ve been working 10-12 hour days for 30-40 years, now they wake up and don’t know what to do with themselves. Having a business can really fill that void and give them some purpose and reason to get up in the morning.”

“If they’ve been working 10-12 hour days for 30-40 years, now they wake up and don’t know what to do with themselves.”
– Kevin Lyles, Winning Retirement Coach

Those are just some of the answers to help you get some clarity and start thinking.

Once you know what you’re looking to get out of your business, you can now focus on the details around the structure and opportunities that support your vision.

Remember “thisisyourbestyear”–make the best out of your retirement years.

**Mike Lieberman is the founder of Retirement Redefinition. He created the site to help you define your retirement lifestyle and start an online business that fits it.

Top Jobs For Seniors Who Want To Work After Retiring

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*Guest post by Tina Martin

It’s not uncommon for seniors to decide to return to the workforce part-time after retirement. There are many benefits to taking this route. For one thing, research shows that individuals tend to be happier in retirement if they keep busy and maintain a sense of purpose. A fulfilling part-time job can help towards this end. 

Money is another obvious motivator for those who choose to get a job after retiring. Many seniors worry about running out of money without a steady income. According to the Journal of Accountancy, it’s actually the number one fear among retirees. 

Not sure what job to pursue? Get inspired with the below ideas.

Sell insurance

Many people need to purchase insurance, so working in the insurance industry can be an excellent option for seniors, especially if you have a background in sales. For example, you could sell life insurance to other seniors, and you may be able to take on friends and family as your first clients. Before you look into selling insurance, research the best options for retirees.

Teach English as a second language

One key to figuring out what career path to take after retirement is to consider your transferable skills. Whatever you were doing before retirement may still serve you afterwards. If you worked in education, for instance, you might consider teaching English as a second language, either for kids or adults. 

If you want to go this route, you should get an ESL teacher certification. With this under your belt, you can apply to area language schools for part-time gigs or work on a freelance basis for yourself. The latter option gives you great flexibility in terms of timing, as you can decide when and where to work, and decide how many students to take on based on your availability and interest.

Become a tour guide

A tour guide job is a wonderful way to keep your mind active. You will have to memorize facts and statistics, and continually brush up your knowledge. This kind of brain activity will keep you sharp and stave off mental decline. Research even shows that such brain challenges can help prevent Alzheimer’s disease. You’ll also benefit from physical activity, as the job requires you to be on your feet and continuously moving. 

There are tour guide jobs available to suit all types of tastes. If you are interested in art, history, and architecture, you can check out a gig at a museum. If you would prefer to spend time outside, take a look at the platform ToursByLocals, which allows you to present tours around your hometown to interested visitors. This is also a fun way to meet and interact with diverse people from different places, cultures, and countries. 

Consider seasonal work to get started

Reentering the working world if you’ve been retired for a few years may be daunting at first. Get your toes wet by starting off with a seasonal job. There are various senior-friendly options available, such as wrapping gifts for stores. There are also non-holiday related seasonal jobs available. This AARP list suggests options like tax preparer, tutor, and National Park Service employee.

Explore the above options and you are sure to find a post-retirement gig that interests you, even if that involves launching your very own home-based business. As you reenter the workforce, you will also benefit from the increased contact with other people, which combats the isolation that sometimes comes with age. A part-time job will thus pave the way to a happier and healthier retirement. Remember “thisisyourbestyear”.

*Tina stays busy as a life coach and works hard to help herself and her clients achieve a healthy work-life balance.

USE THESE 5 STEPS TO MAKE YOUR FIRST CRAFT SHOW A SUCCESS

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*Guest post by Tina Martin

**I know a lot of crafters–people who make things, and are actually good at it. In fact one of my friends just rented a space to showcase her handy work. This article will assist you in hosting a successful craft fair and put you on the road to becoming a successful entrepreneur.

Are you a maker or an artisan who is gearing up for your very first market or craft show? Then you should know that making your booth a hit with customers can take some planning and effort, especially if you want to increase your sales. So, before you begin setting up your table, take note of these simple ways that you can attract customers and sales for your new business. 

Streamline Management and Operations 

If you were building a house, you wouldn’t dream of getting started without the proper tools. Before you take your arts and crafts business to the next level, make sure you have the right tools to help build yourself up to success. For instance, getting your operations under control is crucial when you need to focus on setting up at your first craft show, and doing so can be effortless when you have business management tools, such as software to make point-of-sale operations more efficient, in your small business toolbox. Another way to enhance your operations and reduce your stress is to download productivity apps to keep yourself on track. You will need a solid smartphone to use those apps, so be sure to complete the next step. 

Upgrade to a More Powerful Mobile Device

If you don’t have a fast, efficient smartphone, you could be missing out on a lucrative revenue stream: mobile credit card processing. If you need a smartphone to handle all of those swipes as well as other essential business tasks, consider a next generation model. Phones like the iPhone 11 Pro and Samsung Galaxy S10+ can help increase sales and even help promote your business. Contact your wireless provider to see if they offer any trade-in deals where you can swap your older model phone for a discounted new model. 

Create and Post Engaging Social Media Content 

How do you get people excited about your products when you don’t have an actual storefront? By using social media, of course. Start by selecting the best platform to showcase your products and connect with your target audience. Many makers opt for Instagram since photos and videos are at the heart of this popular social media platform. You also need followers to boost your business, so don’t be shy about asking folks to like, share, and follow your account, or even printing business cards featuring your social media info. 

Promote Products with Organized, Attractive Displays 

Now that you have all the right ingredients to get folks to visit your booth or table, you need to make sure they are really “wowed” by what they see. That means taking some time to educate yourself around a few visual merchandising basics. First, find ways to showcase your products, including large-scale photos and clever signage. Next, try to set up your displays so that shoppers can easily browse and even touch your products. Touch can be especially important since people are more likely to buy items when they can touch them first. 

Connect With Customers Through Quality Service 

Your displays and products will entice shoppers to visit your booth or table, but your personality is what will drive people to actually make purchases. So, before you set up at your first market, show, or event, be sure to refresh yourself on some ways to offer excellent customer service. Showing up to your booth with a friendly attitude and a genuine smile can go a long way in helping shoppers connect with your business, so try to get a positive start to each day you will be working your booth so that you can attract loyal customers to help boost your business. 

Your first craft show can be a success so long as you take the time to plan out some key strategies. Planning is always essential for ensuring these events are as stress-free as possible, but know that keeping a positive attitude is crucial as well. So, be mindful of the way you present your products, and always be mindful of the way you present yourself. Good luck!  Remember “thisisyourbestyear”.

*Tina stays busy as a life coach and works hard to help herself and her clients achieve a healthy work-life balance.

**Check out the crafts of friend to the blog Steffany Villalobos. You can find her creations–Freestylecraft at the Mercantile #313, 7200 Camp Bowie Blvd, Fort Worth, TX 76116.

NOW ON YOUTUBE–BOSS WOMEN AND US!

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We’ve started a new series, in fact, we’ve started a YouTube Channel. The channel is “thisisyourbestyear”, and we have been hard at work on it.

In the past we have had one or two videos that we have shared on YouTube, but we have now decided to go all in so that we can keep you informed on all levels. We’ve decided to expand the blog.

Our first official venture is a series that we entitled “Boss Women”. These are women who are entrepreneurs, community leaders and more. These are women who work hard while multitasking. These are “Boss Women”, women who are the “boss” of not only their businesses, but their lives.

  • Danette Wicker of Danette’s Urban Oasis
  • Stephonia Roberts of Mrs. Jacks Body Food
  • Mia Lane of Black Coffee Coffee Shop
  • Tina Howard of Leaves Book and Tea Shop

Each boss woman is different in the ways they came into their entrepreneurial self. Some knew from the very start while others worked in corporate and decided it was not for them, retired or maybe stayed home to raise the children, and now find themselves empty nesters.

There will be so many other things that we will post to YouTube in the future. We’re working all the kinks out of our recordings, doing research on equipment we need (and can afford) to make the videos better.

If you are a “Boss Woman” or know a “Boss Woman” who might want to be interviewed for our series send us an email. We want to showcase their businesses and them. Just by interviewing them may give another woman the sign they need to becoming their own boss.

Remember you can now read us on our website and on these social media sites. Each one of them may have something different so give them a look.

  • Facebook—thisisyourbestyear
  • Instagram–thisisyourbestyear
  • YouTube— thisisyourbestyear
  • Tumblr—- thisisyourbestyear
  • Twitter—- thisisyourbestyear@mariciajohns

Remember “thisisyourbestyear”, and this journey of women of a certain age gets better because we are the “boss” of our lives.

Women Over 50 Are Starting Businesses Left and Right. Should You?

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*Guest post by Lucy Reed

You’ve spent years in a career that doesn’t fulfill you, and frankly, you’re tired of it! Now that you’re getting older, you’re serious about spending your time in ways that count.

Does that sound like you? You’re not alone: Lots of women over 50 are chasing their entrepreneurial dreams now that they have the time, confidence, and financial capital to do so.

Why Women Over 50 Start Businesses

Some women start businesses out of necessity. Older women who have recently lost a job or who are reentering the workforce find themselves disappointed by job prospects and decide to create their own opportunity. Other women discover they finally have the time and energy for a passion project now that they’re older. And with fewer people depending on them, older women have more freedom to take risks and fully commit to a business.

The Traits of Successful Female Entrepreneurs

Entrepreneurship isn’t for everyone. You have to be willing to take on financial risk, put yourself out there, and juggle a ton of responsibilities. For some people, it’s a role that comes naturally, while others have perfected the art of faking it until they make it. But if entrepreneurial traits like tenacity, dedication, and risk-taking aren’t in your playbook, business ownership might not be for you.

That doesn’t mean you have to be a cutthroat business woman or a natural salesperson to be a successful entrepreneur. Plenty of over-50 women start businesses in the nonprofit sector or become consultants and solopreneurs. However, whether you’re running a multinational corporation or a one-woman bookkeeping service, you need to be comfortable with marketing yourself and maintaining a public image.

Financial Considerations for Older Entrepreneurs

Starting a business can be a way to grow your income add to your nest egg after 50, but it’s no guarantee. Launching any business is a financial risk, and it’s even more so for women, who are likely to tap personal savings for startup capital. That’s because women entrepreneurs have a harder time than men raising startup capital for business ventures.

While it’s possible to tap retirement savings to start a business, the process is convoluted, and a mistake could lead to hefty IRS penalties. There’s also the risk that your business doesn’t succeed and the loss sets your retirement back years. Before going this route, explore other funding options like Small Business Administration microloans, alternative lenders, or even crowdfunding.  

Steps to Starting a Small Business

There’s a lot of work that has to be done before getting to the fun parts of business ownership, like building a brand and pitching your product or service. If you’re interested in starting a small business, take these steps to get started.

  • Assess the feasibility of your business idea. You have a great idea, but is it a profitable one? It doesn’t matter how much creativity or passion you have if you’re selling something no one wants to buy. Conduct research and surveys to evaluate who your target market is, what their needs are, and how much they’re willing to pay to have those needs met.
  • Obtain licenses and permits. The licenses and permits you need depend on the nature of your business. At minimum, you’ll need to register your business and file for an EIN.
  • Identify key partnerships. Strong networks make strong businesses. Establish relationships with suppliers, retailers, local businesses, and other partners who can help your business grow.
  • Create a marketing plan. Websites, social media, local marketing–today’s entrepreneurs have a lot of opportunities to get their ideas in front of an audience. Before launching campaigns, determine which marketing channels are best for your target audience.

There’s no expiration date on entrepreneurship. Whether you’re 26 or 55, if you have a good idea, you can turn it into a profitable business venture. While starting a business after 40 can feel like a leap of faith, sometimes that leap is just what you need to bring purpose and passion to your life.

Remember “thisisyourbestyear”–look before you leap.

*Lucy Reed has been starting businesses since she was a kid, from the lemonade stand she opened in her parent’s drivway at age 10 to the dog walking business she started while in college. She created GigMine.co because she was inspired by the growth of the sharing economy and wanted to make it easier for entrepreneurial individuals like herself to find the gig opportunities in their areas.

Reset and Reinvigorate by Rethinking Your Career in 2019

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*Guess post by Eva Benoit

If you’re stuck in a rut, there’s no better time to pull yourself out than now. It’s never too late to make changes that will improve your quality of life. Starting a new career is one of these changes, and it’s a big one that comes with both enthusiastic anticipation and fear for the future. However, you can’t let fear of the unknown get in your way. Keep reading for a few tips on how to cross this fragile ground no matter where life has taken you to this point.

If you are stuck in a rut, there’s no better time to pull yourself out than now. It’s never too late to make changes that will improve your quality of life. Starting a new career is one of these changes, and it’s a big one that comes with both enthusiastic anticipation and fear for the future. However, you can’t let fear of the unknown get in your way. Keep reading for a few tips on how to cross this fragile ground no matter where life has taken you to this point.

Do You Have What It Takes?

What do Oprah Winfrey, Sofia Vergara, and Arianna Huffington have in common? They are all successful female entrepreneurs who aren’t afraid to take risks, they’re all tenacious and a little stubborn, and they give of themselves 100 percent of the time. They are adept problem solvers who aren’t happy unless they’re on the move. If this sounds like you in more ways than one, you were undeniably born to be the boss.

You Are Not Alone

Our mothers and grandmothers were expected to stay home, raise babies, and make life better for their men. These social standards weren’t necessarily bad, but considering that women-owned businesses are growing at a rate of more than twice that as standard businesses, it’s safe to say that we got restless. Coupled with an ever-growing need for dual incomes, women-owned businesses, according to American Express, are more prominent than ever, with approximately 39 percent of all US businesses being led by women.

Despite the rise in female entrepreneurship, it’s not always easy. Today, experienced women are offering their guidance to new business owners. Reaching out to a mentor is one of the best ways to access information and receive help navigating the seas of success. Experian touches on mentorship, funding obstacles, and other statistics regarding women in business here.

Like a Boss

Starting your own business isn’t something you do on a whim. If you want to stand out from the crowd, you’ll have to take stock of your skills and define your niche. Have a heart-to-heart with yourself by drafting a business plan and recognizing your strengths and weaknesses. Test the waters by seeking clients via word-of-mouth and working on small projects first. FindLaw.com underscores this point by stating, “By starting small, you ensure that you can survive the inevitable hiccups associated with running a small business.”

Once you get into a groove, you can take steps to nurture and grow your business. This is achieved by being consistent and having the right tools at your disposal to get the job done. If you work from home, for example, you’ll need to set up a well-equipped office space with a comfortable working area and a computer that can keep up with your demands. Further, don’t make the mistake of thinking you know everything; listen to your customers. They will tell you what you’re doing right and what you need to change. As the face of your business, it is your responsibility to hear these voices and to provide services that will add value to your relationship. It can help to take a customer service training course to help you learn how to communicate and respond to both praise and criticism.

It doesn’t matter how old you are or how long you’ve been in your current profession. Even if you’re retired, it’s still possible to earn an income doing something you love. It may be a rocky road in the beginning, but with determination and a willingness to adapt to an always-changing market, you can both love and live your passions this and each new year.

Remember “thisisyourbestyear”. It’s a new year, and time to reset and
reinvigorate your purpose by rethinking and your career.

*Eva Benoit is a professional life, career and wellness coach. She specializes in helping people with anxiety and welcomes working with people from all walks of life.

A House Where “Sunny” Shines Bright

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When I drove up to the Thornton Inn Bed and Breakfast in Arlington, Texas I was in Sunny 3love with the beautiful wrap around porch with the rocking chairs– this was my dream house.  I was there to meet the owner, businesswoman Sunny Graham.

Having heard so many wonderful things about Sunny, it was a joy to finally meet her.  We had been trying to have this conversation for well over six months.  She is exactly what her name says–Sunny.

We were given a tour of the beautiful bed and breakfast by Terrance Graham who is Sunny’s (sunny) husband.  His tour and his telling the history of the house seemed to make the house come alive. The house was constructed in 1905, and has been used for many things including a family residence and a fraternity house.

Sunny1Each of the five  bedrooms is furnished beautifully with Sunny 11equally beautiful baths.  There is a living area downstairs as well as one upstairs.  The house also features a cozy library, and a beautiful dining room where breakfast is served to the guests each morning.

Sunny 9My favorite thing about the house is the wrap around porch with the Sunny 10rocking chairs and ceiling fans. I love the idea of rocking on the porch (that’s the East Texas in me).

While Terrance was finishing up the tour, Sunny arrived.  She is a bundle of energy, and a ray of sunshine.  Sitting in the library Sunny and I talked about a lot of things and much more.

Sunny’s story of success is one of the American dream.  She is originally from the Philippines, and had always known that she would live in the states. One of my favorite stories that she tells is of her first taste of chocolate given to her by a G.I. who told her there was a lot of chocolate in the United States–in her young mind she could only imagine.

Getting to the states would take a lot of planning. Sunny learned about being an exchange student, and was selected for the program. After her brothers convinced her father to let her go, she was on her way to the land of chocolate.

Fast forward to Sunny being asked to sell houses with no experience while leaving a job that she was very comfortable in. She took the job and the rest is home selling history. She was a success. In fact she was a huge success. While selling homes she started educating her clients about the home buying process. Others started to ask questions, and she gladly shared her knowledge. She is still mentoring today.

The Thornton Inn Bed and Breakfast was supposed to be the real estate office for Sunny, but somewhere along the way things changed, and she and her husband decided that a bed and breakfast might be something to look into, and the rest is history. There is so much more to Mrs. Sunny Graham.  This woman of a certain age is an entrepreneur extraordinaire.   She knows that “thisis(her)yourbestyear”, and she is still in the process of sharing her knowledge with others.

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To find out more about the Thornton Inn Bed and Breakfast go to:  http://www.thethorntoninn.com.  Sunny and I will meet you on the porch.  Be prepared for Sunny’s next big project–it’s in the making.

Remember “thisisyourbestyear”.

Gabriela Natale–Beauty, Brains And Giving Back

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Teaching is not an easy profession, it is one that cannot be taught, it has to be natural and nurtured.  Gabriela Natale of Super Latina fame is an entertainment star who is also a natural teacher who eagerly gives back. This was one of the times when as an educator, I knew that I had invited the correct person to come and speak with my business leadership class at Tarrant County College.

Gabriela and I had been playing phone tag since about August of 2014, but when we finally got together it was a wonderful class.  A class where the students were attentive, asked questions, talked, laughed and just waited after class to speak with her.

I now see why she has been a successful television personality, event planner and entrepreneur.  She freely gives back by sharing her knowledge with others.  Her passion for her work is contagious.

You can see more of Ms. Gabriela Natale at her sites:

http://www.superlatina.tv

http://www.Facebook.com/natalegabriela

@superlatinashow                                                                                                                                                                                         

With all of her accomplishments Gabriela truly knows that “thisisyour(her)bestyear”, and she instilled that in her talk to students who were eager to learn.

Dallas Small Business Expo–Expand Your Horizon

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Expanding your horizon is something that we all should do. No, I do not own a business neither large or small. I still wanted to attend this business expo for several reasons.

As a woman of a certain age I wear many hats, and I am many things to many people.  I knew that attending this expo with the owner of Ageless  Perfection Skin Care.  I would have fun. While having fun I learned some things that I needed to know about marketing this blog plus other endeavors.

Attending this expo gave me valuable information on deals on business cards, websites and more. While there I was able to get supplemental material and books for my classes that I teach at Tarrant County College.  I was able to network and talk with people about “thisisyourbestyear”.  I met so many “women of a certain age” who owned their own businesses. It was exciting to be in the room with so many entrepreneurs.

Expand your horizon.  Remember “thisisyourbestyear”.

You can learn more about Ageless Perfection Skin Care at:http://www.agelessperfectioncares.com/

 

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Over 40 Females Ft. Worth Launch Party

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over 40 8Times Ten Cellars in Ft. Worth was the site of the official launch party for Over 40 Females Ft. Worth Chapter.  It was an exciting event with Betsy Price the mayor of Ft. Worth as the featured speaker. The event was emceed by media all-star, Jane McGarry.

This organization  hopes to connect, encourage and inspire the incredible women of Ft. Worth and the surrounding areas. You can find more information about them on their Facebook page.

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Ft. Worth entrepreneur Ruby Powell with Ft. Worth Mayor Betsy Price.  Mrs. Powell is the owner of **Ageless Perfection Skin Care.

Take a look at this fun-filled evening of networking.  Follow them on Facebook to be informed of the next event.

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Remember “thisisyourbestyear”.

 

*Ageless Perfection Skin Care: https://www.facebook.com/apskincare

Over 40 Females Fort Worth Chapter: https://www.facebook.com/FortWorthOver40Females

Times Ten Cellars: https://www.facebook.com/pages/Times-Ten-Cellars-Fort-Worth/121098687937416