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Who Said Your to Old?

Posted by trinda On June - 29 - 2015

50+ Boomers are now the fastest-growing group of new business owners in the U.S.

Boomers are attracted by the freedom to act upon there ideas as they see fit, the chance to achieve much better balance between there work and leisure lives and the opportunity to enjoy a source of income that’s only limited by personal ambitions. Who ever said you were to old is clearly mislead. Even many retired professionals are coming out of retirement to start there own business as one realizes they can only play so much golf!

As attractive as self-employment may appear at first glance, it’s important that you carefully consider the following  criteria when considering whether to take the plunge.   

  1. Look for a business that you will enjoy. This is especially important if you’re feeling burnt out emotionally from the demands of your corporate career. A good starting point for identifying the right business idea for you can be to visualize how you can turn your passion and strengths into a business.
  2. Understand the income potential and whether it matches your needs, and how much you are comfortable investing. Take a hard-nosed look at start-up costs and the return.
  3. Match the physical demands of your chosen business to your energy level. A business that requires putting in long hours every day, or hard physical labor, may not suit you at this point in your life. On the other hand, if you love the outdoors, planning and planting landscaping or working in one of the building trades, by all means dig further into the possible business opportunities, but be honest about the sustained physical stamina that will be demanded to earn a steady income. If you are not looking to have a business with such physical demands there are other franchises that are more white collar and B2B.
  4. If day-to-day variety is important to you, rule out businesses that involve doing the very same thing for each customer. The idea here is to find something that will keep you passionately interested. Not every detail of running a business is equally interesting, but you want to assure that your business offers enough different experiences so that you remain eager to get up every day and run your business.
  5. Do you love or hate technology? While most businesses require some computer use, consider the extent to which you’ll need to use other technologies – like wireless gadgets, the Internet, and various types of software – to help you manage your business.
  6. Consider if you’re ready to learn a complete new set of skills or primarily wish to build off of skills you already possess. Every new business owner has to learn some new skills, such as office administration or Internet marketing. But, it’s very important that you honestly assess how well you know the “nuts and bolts” of your prospective business idea, otherwise you face a steep learning curve your first year in business, at the same time you face the daily demands of selling your product or service. A franchise system may be the way to go if you want a ready made system and are not looking to invent the wheel.
  7. Weigh your options of a Start-up vs A Franchise.  A start-up business offers you the ability to create and invent the business. It will take a lot of resources and time to do this so be prepared to put the time and money in. A franchise business allows you to skip the build and invent process and just align yourself with a proven business model and apply your skills and experiences accordingly.

At the end of the day what is most important is to do something you are passionate about , have a solid plan and the rest will come.

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