Retirement business planning: If you are thinking of starting a business in your 50s or beyond, here are 10 awesome tips from an article about two senior entrepreneurs: Cynthia Mackey and Judi Henderson-Townsend – from the USA PBS NewsHour project called “New Adventures for Older workers”:
1. You Are Never Too Old to Start a Business
Think it’s foolhardy to start a business because you’re a senior? People age 55 to 64 have a higher rate of entrepreneurial activity than those age 20 to 34.
2. Turn Passion Into Profit
No idea is too odd to find success, as these 10 off-the-wall entrepreneurs demonstrate.
Building a business ignited by your passion fuels the time and energy required to propel you to success. Yes, more than passion is a necessity, but without it, your desire to get through peaks and valleys will wane and that will affect your business overall.
3. Build a Community of Positive Influences
Being an entrepreneur at any age is daunting. Seek out people and resources who will encourage you to “go for it,” instead of naysayers.
4. Make Your Workspace Fit Your Lifestyle
If your business does require an office, co-working spaces, are flexible and cost-effective options. As long as you have Internet access, you can connect with your customer, staff or sales data from anywhere.
5. Staff as You Grow With Freelancers
You can find talented independent contractors to do short- or long-term projects for your business on an as-needed basis. This helps manage your costs, while growing your business revenues.
If you can’t find the talent you need locally, you can use sites like airtasker or upwork.
6. Be Innovative with Your Funding Sources
Before you raid your savings, consider grants, contests and crowdfunding.
The Purpose Prize awards $100,000 to social entrepreneurs who start their businesses after age 60.
7. Go Back to Class
The idea of being a student again might seem like a drag. But if you need to beef up your business acumen, the good news is you can now learn from the comfort of your living room.
Podcasts, webinars, tele-seminars, ebooks, YouTube videos and slideshows are the new “teachers” enabling you to learn about any business subject.
8. An Internet Presence Is a Must
Even if most of your customers are by referral, you can give your business a boost by getting a website or blog.
9. Your Mobile Device Is Now a Pocket Office
Your smartphone or tablet now gives you the ability to receive an email order, contact a customer and take a payment all at once, changing the paradigm of what point of sale means. There are numerous applications you can download that are invaluable for running your business.
10. Use Social Media for Word-of-Mouth Marketing
Select the best network for your customers and one that you can maintain consistently. It’s better to be effective on one network, than ineffective on all.