7 Tips for Starting a Successful “Encore” Business
One of my favorite movies is Indiana Jones and the Last Crusade (1989), particularly the ending where Indy has to take a “leap of faith.” (Remember?)
Starting an “encore” business as a baby boomer is like taking that “leap of faith.” You don’t know what’s going to happen and you certainly have no idea if this is a smart idea. After all, you’re supposed to be thinking about retirement, instead of new businesses. But what the heck. You can make the leap safer–here are some tips:
1. Learn the market. First, figure out the size of your potential customer base. Then learn about them (the demographics). Understand who buys and and why. If you don’t do this, you won’t know how to advertise to these people.
2. Brush up on your skills. Take a refresher course or a seminar or another certification. Be sure you’re up to date with the latest in your field and that you have the credentials to be credible.
3. Get support from your family. This new business will suck up lots of time. If you still have children at home, sit them down and let them know what to expect. Your spouse or significant other, too. Your family loves you, but they need to be in on the plan, not outside of it.
4. Learn how to network. Get out and meet people. Go to chamber of commerce meetings in your town. Join Toastmasters or Rotary or a civic group. Hand out business cards and let people know you are serious.
5. Find a CPA. Getting a good finance and tax consultant is vital to your business success. Listen to his or her advice, but make your own decisions, based on what you feel is right for you.
6. Get technical help and set up a website. Unless your business is very, very small, you’ll need a website. Even if people aren’t going to buy your products or services online, a website is a basic that all businesses must have. Even your local plumber has a website, I’ll bet. You need one too.
7. Finally, have a backup. That is, a plan for what you’ll do until the customers/clients start rolling in. Do you have money saved up to live on, if necessary? How will you pay your business bills? Will you need a loan? If necessary, put together a short, succinct business plan, take it to a bank, and get a loan. Or get vendor financing (supplier or trade credit). Just make sure you aren’t caught off guard if the startup is slow.
For those of you who have recently started an “encore” business, what advice would you give?
Tags: 'encore' businesses, baby boomers, starting a businessRelated Stories
POSTED IN: Business Plan, Businesses for Boomers, Small Business Loans for Boomers, Small Business finance and taxes
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