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Home on 1 1/2 acres on the water with separate guest cottage in Door County, WI for sale. Includes dock, fireplace, hot tub, gardens. Can be purchased completely furnished. Click Here for more information.
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Start Your Own Business
Starting your own business can be a challenging but rewarding endeavor. Planning for success is one of the best ways to ensure your efforts will be profitable. Before you establish your own business, make sure you've reviewed these essential considerations.
Data from the Kauffman Foundation shows the highest rate of entrepreneurship in America has shifted to the 55–64 age group, with people over 55 almost twice as likely to found successful companies than those between 20 and 34, and individuals between the ages of 54 and 64 represented 22.9% of the entrepreneurs who launched businesses in 2010. The business formation rate for people ages 45 to 54 is also higher than average.
A third of workers age 55 and older who were laid off in the past 12 months and did not find a job said they were considering starting their own business, according to a CareerBuilder.com survey
Although many older Americans have started businesses with comparatively little capital investment it is important to recognize that most businesses will not generate much revenue for some time and you must plan to have enough cash on hand to pay for your living expenses in addition to possibly having to put more money into your start up. Check our funding your business pages by clicking here. You should also be aware that hours are long and the failure rate is high even during boom years.
Make sure to check out our list of franchise businesses appropriate for boomers, seniors and retirees by clicking here.
Before starting your own business consider...
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- Talk with your accountant to help you set up a bookkeeping system and other accounting necessities. Do not attempt to do this on your own as the time you will have to spend later converting your systems to workable bookkeeping and reporting will be substantial.
- Write a business plan that will give you some guidelines and update it regularly as your business develops. Your plan should include cash flow projections and a p&l statement. This plan will also be necessary should you need to borrow moneys.
- Talk with an attorney to see if you should incorporate as an LLC, corporation, sole proprietorship, partnership or other corporate entity like offshore companies. Review local laws for home operated businesses if you plan to operate from home.
- Talk with an insurance professional to see what kind of coverage, if any, you may need in your new business.
- Pick a name for your company and check to make sure it is available and that the URL is available and if so register it immediately. Remember the first impression you will make on potential clients or customers is your business name.
- Secure adequate start-up capital in advance of starting your business. Your business plan should provide the information necessary to secure these funds.
- Acquire the appropriate licenses to operate your business.Some of this information comes from CorpNet. For more information go to: CorpNet.
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