Archive for starting a business

By Anna D. Banks

The economy has most of us scared. We want to retire, but feel that we can’t. Housing prices are down. Tuition for your college aged children is rising faster than the surf at “Big Sur”, and even the “well-healed” baby boomer is feeling the economic pinch. Overall things may not feel full of promise, but take a look at the short video and be inspired.

To read more about Douglas Goodey – The 20 Million Dollar Man Click Here

Live Fearlessly,

Anna

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Anna D. Banks, EzineArticles.com Basic Author
By Anna D. Banks, GCDF

Starting a Business after retirement requires you to plan ahead and build a good foundation. You need to face a number of issues and questions such as:

• What is a good business for you to undertake?
• How much time and effort are you willing to devote?
• Does this match with the time and effort demanded by the business you want to start?
• What are the key processes involved in starting a new business?
• What are the skills that are necessary for business success?
• How much should you invest in a new business?
• How do you go about developing an action plan for the business of your choice?

The process of starting a business can be a challenging, and an exciting experience. It can also be frightening, exhausting, and frustrating. The key to a minimum stress start-up is to plan ahead and build your own business after retirement, in a planned and rational way. Understanding, and planning out, the entire process of start-up makes a huge difference to the end result. There are, some basic steps that are common in planning and starting any business:

Assess your areas of strength. Are you a person who can easily take risks with money? If the idea is scary, it may be better to think twice before considering a business. No matter how you look at it, and how well you play it, being an entrepreneur involves risk. You must be willing to lose money if it comes to that. You must also have the ability and the will to work hard, be able to handle uncertainty well, and possess self-discipline.

Pick the right business. There are generally has two kinds of people. One kind consists of people who love something to the level of passion and are driven to make a career of it. If you belong in this category, make sure you conduct research to check that a market exists for the business. The other kind of person is one who is fascinated by the idea of being an entrepreneur, rather than a particular idea. In this case, pick a business that has instant demand and potential for future growth.

Come up with a solid business plan. Think of it as a map that tells you the direction you should be heading in and helps you to identify important markers you may see on the way. Before you open your doors to clients, think and plan out exactly what you want your business to be. Figure out what makes your product or service different or special, how you plan to attract customers, how you intend to beat competition, and other such essentials.

A major part of the business plan consists of a financial analysis, including:
• The amount of money needed
• How it should be spent
• Amount of profit expected etc.

Figure out where you will get the funding needed to start. Explore options like
• Your own savings
• Your credit cards
• Your retirement accounts
• Second mortgage
• Advance on inheritance
• Loans from friends or family members.

© Anna D. Banks, GCDF

ANNA D. BANKS, GCDF is an adjunct professor at Essex County College, career development and marketing coach, speaker, and author. Anna helps individuals design a game plan for an extraordinary career or business. Since 1996, Anna has helped hundreds of job-seekers, managers, business owners, and sales professionals achieve career success. For more information send an email to Anna@AnnaBanks.com.
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Author’s Note:
Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Please place a post on www.AnnaBanks.com or email your questions to me at Anna@AnnaBanks.com.

Categories : Small Business
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Anna D. Banks, EzineArticles.com Basic Author

By Anna D. Banks, GCDF

So, here at last are your golden years! After enjoying the honeymoon period of holidaying and chilling out, you could be wondering what to do next. Maybe you are toying with the idea of starting your own business, not only to keep yourself occupied, but also to bring in some extra income. If that is so, then here are some basics you need to take into consideration in order to make it a success.

All successful businesses are based on a single factor – a good business idea. A good idea is the best launching pad for any kind of business. Once you have that idea, and you are eager to get started, you will have to channel that energy in order to get started with the business. Getting a business started is not complicated if you know the basics.

One of the first considerations you will have to take into account is the marketability of your business idea. Will people buy the product or service you want to sell? Examine the market closely and find out what kind of competition there is. If you think there is too much competition out there, then you could think about narrowing your idea to fit a particular niche. Determine which area requires your product or service the most, and make it your target to promote and sell your idea.

The next thing you need to do is find out about your state’s laws. You will need to ensure that you have the correct certification and licenses to sell your product or service. For example, if it is a day care center you are opening in your house, it may need to be inspected by the state. Special papers may need to be filled out. Obtaining a license to start your business will be required in many areas. Find out from your municipality about what you will require. Business licenses are generally not expensive.

Creating a business plan is another thing that is advisable to do. It lets you set values and goals for your business. Concepts that may be useful later can also be written down on paper. It lets you see how your business will be run and what you will do for it to grow. A business plan doesn’t take a lot of time to write, and yet it is one of the best tools to bring your business into fruition.

Assessing your financial requirements is the next thing you need to do.
You need to find out what the costs of operating your business will be, and whether you will need to get a business loan to get it started. If you need investors or require loans, you will certainly require a business plan.

Another important aspect of getting your business running is advertising. This is about the only way your customers will get to know that you exist. Creating a website is one of the easiest and cheapest ways of advertising your business. The Internet these days has become the primary source for people to get information about products and services, hence having a website has become essential and is not an option any longer. You can create a rudimentary website that does not cost much if you are on a budget. But if it is a high quality website that you want for your business, it is best to hire a website designer.

By advertising, you also put yourself out in the market, promoting your business constantly. Become a member of networking groups and mail out flyers. If you can afford it, place ads in magazines and newspapers. Although it is not required to do everything all at once, however, always look for chances to promote and expand your business.

Take enough time for building your business in the right way. It is most probable that you are excited about your business scheme; however, you need to turn this excitement into productivity in order to get your business up and running.

© 2008 Anna D. Banks, GCDF
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Author’s Note:

Do you have any questions about career development or lifestyle changes for Baby Boomers, which you think others, like you, would want to know the answers? Please email your questions to me at Anna@AnnaBanks.com.

Categories : Small Business
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