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Don’t Let Age Stop You

Harland “Colonel” Sanders, a 65-year-old Kentucky filling station owner, used his $105 Social Security check to help him start a franchise operation called Kentucky Fried Chicken. When he died in 1980 at age 90, he had become well known as one of the few truly successful “senior” entrepreneurs. It’s not uncommon any more. Inc. magazine recently year profiled successful entrepreneurs who are well past 80, noting that for these strivers, starting or running a business as a second career is their ideal retirement. Indeed, many retirees are driven to take risks, work hard and succeed. Senior business people, like entrepreneurs of any age, tend to be motivated by their own hobbies, lifestyle interests or innovative skills.

Some begin new enterprises quite different from their original careers – a retired teacher in Arizona became a successful furniture designer, for example – while others veer off into something new that is related to their original career. A garment industry worker in New York started his own successful women’s apparel shop and expanded it to six stores.

Not all succeed, but those who do hail their entrepreneurial retirement years as far more satisfying than anything else they imagined.

Take “Risky” Out of Your Start-Up Business

Starting a new business could be the best decision you’ve ever made … or the worst.

While you’ve probably read about the high failure rate of new businesses, if you have properly assessed the market you plan to enter, are committed to the new enterprise, understand the external factors that can affect it and have developed a comprehensive plan of action – those numbers shouldn’t scare you.

On the other hand, if you dive into your new business without a carefully considered game plan, your chances of success are slim. And if you launch your business expecting it to fail, it probably will. The trick is to combine your commitment with a well-thought-out plan for starting, operating and growing your business.

Essentials First

If step number one of your plan involves finding a site, selecting a name or ordering business cards, slow down now. The first phase of your plan should focus on assessing:

• The specific kind of business you want to start and everything you can discover about it, including who has succeeded in your market, who has failed, and why.
• Whether you have the commitment and personality to actually do this. Starting a business is not like taking up a new hobby or even working full-time within the corporate world. Expect to live and breathe your business until it’s running well, and expect that to take a number of years.
• Possible locations for your new business. Take your idea from the abstract to the concrete by gaining an understanding of the market, including potential customers, likely competitors, barriers to entry, the costs of doing business and economic conditions.
• Your plans to finance the business – with your own funds, by seeking outside investors or by obtaining financing from a bank or other lender.

Next, write your business plan, outlining in detail how you propose to launch, market, manage and grow your business. It should be comprehensive, thoughtful and practical. The details you provide may vary depending on whether you’re seeking debt financing or equity financing.

Of course, if you plan to finance the business yourself, you don’t need to show anyone a formal plan. But you should develop one anyway – it’s the foundation on which you will build your business.

To read the article from Inc. magazine please click here:

http://www.inc.com/8over80/2007/the-retirement-myth.html

© April Dorey. Articles, statistics and other data referred to or cited are intended to provide readers with potentially useful information for their own personal use and are not intended to replace direct consultation from a qualified Investment Advisor or related certified/licensed professional. All comments and opinions, unless otherwise noted, are by April Dorey and express the opinions of the author and not necessarily those of Raymond James. Reproduction without permission is permitted with due acknowledgement.

For more information please contact:

April Dorey, B.Comm, FMA, FCSI
Financial Advisor
Raymond James
10th Floor, 1175 Douglas Street
Victoria, BC.
Tel. 250-405-2429
www.aprildorey.com

 

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