Tips for Starting a Small Business

The entrepreneurial spirit: Tips for baby boomers starting a small business

There are endless opportunities for you, as a baby boomer, if you are thinking about starting a small business. It may be just a matter of putting your entrepreneurial spirit to work.

As a baby boomer, consider some of the following tips:

Perhaps you have been tossing around ideas about a small business venture for years and years. Maybe you have never acted upon any of them. Begin by doing serious research at a library, bookstore or on the Internet. Ask yourself if your ideas are realistic or feasible now, in the light of what you have learned. Consider the reality that there might be better or more viable options, at this time, as we live in a rapidly changing world.

Look at the things that you are passionate about. If you select something that you and your family love to do or are spending time doing already, it might be possible to turn that into an enjoyable way of working independently and earning extra dollars. Perhaps it is just a matter of getting organized, in such a way that is does become an actual small business.

Examine your finances realistically and decide how much money you and your family want to or can afford to invest. A small business can be almost any size. It may take a small investment or a larger amount of money for the initial start up costs.

Find a location that you consider appropriate for the kind of business that you want to start. Look seriously at the costs involved including heat, hydro, water, telephone, Internet and taxes. Consider whether you will be able to afford that location. If not, look at the possibility of using another one or working from home. Setting up an Excel spreadsheet is one way to examine costs, on a long term basis.

Find out if there are similar small businesses in the area that you have chosen. Are they doing the same thing? If your small business is the first in an area, you may capture the market for the product that you are planning on marketing. If there are dozen places offering the same product, it may not be a good investment for you, at this time. You may want to find something that is more feasible.

Consider how much time you want to invest in your small business, because time is money, in many ways. If the new, small business ties up all of your time, with a minimal reward in terms of dollars and cents, it might be spent more wisely doing something else. You may decide to channel your energy into another small business that does not require all of your time. Remember that when you have family and friends, they will place demands your time, too. They will be more likely to be supportive of your small business, if they can see that you are including them.

Taking on a small business may present a health risk for you, as a baby boomer.

Remember that your physical stamina may be less than it was, when you were younger. You may require rest or time off. Talk to your doctor and see what his or her recommendations are in this respect. Remember that there are many small businesses that you can operate on your own time. Creating a schedule that works for you health wise is one of the joys of becoming self employed, as a small business owner.

Insurance is an important factor in terms of starting up a small business, particularly if there is an investment in property or products. Do research on the topic of insurance coverage for your small business. Talk to an insurance agent. Look at health coverage and life insurance. Doing comparative shopping with respect to insurance rates, is always a good idea.

Find out how to register your small business properly, as there may be registration fees and various licenses required. Some kinds of small business franchising operations will do this for you, but if you are striking out independently, this is your responsibility. Find out how much it will cost. There will be guidelines, rules and regulations that will have to be adhered to, with respect to your small business operation.

Calculate your initial office costs and potential operating costs carefully, because while you may have the start up costs factored in, there may be additional ongoing operating costs that must be considered. It may take a while to make an actual profit, so you need to consider your cost of living in the meantime, particularly if this is going to be your only source of income. As a baby boomer, you might be receiving a pension that you can live on during the start up period.

Ask yourself how you plan to advertise your business. Do research into the cost of advertising. Remember that word of mouth is the best kind of advertising. Consider and compare the costs of flyers, newspaper ads and internet advertising.

Draw up a business plan and contact a bookkeeper and an accountant for their advice. They will be able to help you to set up your business properly, right from the start. This can save you headaches, at a later date.

There are probably many other tips that you may be able to add to this list.

If you think positively and expect to succeed, you will. Good luck with your new baby boomer small business venture.