Career Center - Starting your own business

Starting your own business later in life is an increasingly common endeavor. Rather than while away their later years on a beach somewhere, many people over 50 are choosing to capitalize on their knowledge, experience and entrepreneurial. The freedom of being one’s own boss while still bringing home the bacon is a powerful incentive.

Still, it takes time and planning to successfully start a business. The first step to starting your own business is doing your research. It’s important to have a thorough understanding of the landscape of your chosen industry. Determine who will consume your products or services, what will compete with your business and if there is a void in the market you can fill. The next step is to craft a business plan.

A business plan is the blueprint for your company and will be used to obtain financing for your venture. Your business plan should include your market research, an overview of your company, your mission statement and your projections for the future among other things.

Next, it’s time to seek financing. If you have savings or home equity to tap into, that is usually your first stop. After that, the network you have built over the years of friends, colleagues and bank associates can be a source of working capital. Having a solid business plan will help you secure investors. If you want to start your own business, but don’t have a marketable idea, franchises are another option.

Purchasing a franchise allows you to become self-employed without having to create a brand identity. The downside of buying a franchise, however, is that you owe a percentage of your profits to the franchise company and you have less freedom to make business decisions.