Baby Boomers as Entrepreneurs
A lot of Baby Boomers admit that they are fed up with the job or career they’ve been working at for the past many years. Many of us dream about opening our own business and becoming an entrepreneur.
If starting a dream business is something you have been considering, here are some tips to help you get started:
- What is it you want to do? -- What are you passionate about? What types of businesses interest you? If someone asks, can you succinctly describe what your business will be like, what will make it different from others? Ask your friends and family members what they think of your idea and tell them you want honest answers.
- Is now the time? -- Can you afford to weather a couple of lean years following the start of your business, something you probably have to expect? Is this the right time for you to start a new business or do you have too many responsibilities requiring you to have a more reliable income?
- Filling a niche -- Look around at the businesses you frequent. Is there some need or service that is not being met? Are there products that you know you would buy if they were available? Try to design a business that will fill a specific need.
- Research -- Do as much research as you can on your chosen business. Interview successful people in the field and find out how they are making it work.
- Copy cat -- Can you recreate an existing successful business in the field that you are interested in, using the first as a model?
- Biz plans -- If you are going to start a business, be sure you have created a strong, thorough business plan first. You will need the plan when you apply for financing or talk to potential investors. It will also give you some piece of mind as you progress.
Only you can know if starting your own business is the right thing to do. It will take a lot of thought and effort before you make a leap into becoming an entrepreneur, a lot to consider if you want to live your dream.
By Teresa K. Flatley