Tips for Starting a Business Later in Life

People become more risk-averse as they age, making the prospect of starting a new business after 50 seem overly challenging and intimidating.

However, older entrepreneurs often have a strategic edge, thanks to their years of experience, established networks, and a clearer sense of purpose.

Plus, the emotional maturity and financial stability that typically come with age enable more informed decision-making.

If you’re ready to realize your entrepreneurial dreams, learn how to do so wisely with the following tips for starting a business later in life.

Ease Into It

When you were young, you could dive head-first into new hobbies and ventures at the drop of a pin. But as an older adult, your life is probably more rooted and requires time to adjust. 

Therefore, start your business venture slowly to reduce stress and ensure a smooth transition.

Begin part-time while maintaining your current job or commitments. This will help you test the waters and evaluate the viability of your business idea without overwhelming yourself. 

Then, you can gradually increase your involvement as your confidence and understanding grow.

Limit Your Risks

Mitigating risk is always important when starting a new business, but it’s especially important later in life when you have more to lose. 

That’s why you should keep your financial exposure in check by budgeting wisely and avoiding large initial investments in unproven ideas. 

Consider options like bootstrapping or seeking smaller, more manageable forms of funding to maintain greater control and minimize potential losses.

Know the Risks of Funding

On the topic of funding, securing it for your business is one of the biggest initial expenses you’ll have. You have the option of employing a rollover for business startups (ROBS), which uses your 401(k) savings to self-fund your venture without early withdrawal penalties.

However, you’ve worked hard for your savings, and if your business goes under, it’s likely that your savings will as well if you use a rollover. Instead, small business administration (SBA) loans can be a safer option that still caters to the needs of your limited-resources business.

Regardless, you should explore the differences between ROBS and SBA loans for business startups to see which you’re most comfortable taking later in life.

Use the Latest Tech and Resources

Keeping up with the latest technology and resources becomes more difficult as we age, but it’s so important for staying competitive in business. 

Here are some tools your small business will benefit from greatly:

• Digital marketing
• E-commerce platforms
• Customer relationship management (CRM) tools

These elements will streamline operations and reach a broader audience, so they’re worth learning and integrating.

Work With Advisors

Finally, consider collaborating with experienced advisors to navigate the complexities of entrepreneurship. Mentors and consultants provide valuable insights, helping you avoid common pitfalls and make informed decisions. This guidance lowers your risks, which, as we’ve discussed, is integral to entrepreneurial ventures later in life.

Starting a business later in life can be an enriching, rewarding, and lucrative experience if you’re willing to take the leap. These tips can set the stage for sustained success.

5 Tips to Starting a Business Without Your Capital

Starting your business can be scary. However, it is a risk worth taking since it will offer you many benefits. For instance, when you start a business, you will achieve financial independence, and you will not have to worry about being supervised by other people.

A business will also offer you true job security and encourage you to be more creative.

You may, however, experience several hurdles when launching this business. For instance, you may find out that you do not have the capital to start this startup. 

That should not make you give up on your idea since one can start a business without their capital. Below are more details on how you can start a business without your own capital.

Quickly Validate a Business Idea

Coming up with a business idea is usually the first step in the entrepreneurial journey. However, before turning this idea into a reality, you should evaluate it. If, after evaluating the idea, you notice that it cannot be quickly validated, drop it and come up with another one.

To come up with an idea that can be quickly validated, think about:

• What you are good at
• Something that will fill up a certain market niche
• Something that will greatly benefit your customers

Analyze the Market You Will Operate In

You have a brilliant business idea but have you thought about your competition? That is a question that a potential investor is likely to ask you before funding your idea. 

Therefore, before you go out to approach investors, analyze the existing market and identify the challenges that you may face after starting your business.

Evaluate Your Financial Requirements

Your loan application can get rejected if you do not clearly evaluate your funding requirements before applying for the loan. Therefore, you should think about the exact amount of money you need to start a business before requesting funding. You should also explain to an investor how you will use the money.

Explore Crowdfunding Platforms

Crowdfunding platforms can help you raise money that you will use to fund your business. For instance, with the help of these platforms, you can sell regulation A+ shares to the general public. 

However, you should read more about buying and selling regulation A+ shares before doing this.

Network With Potential Investors

If you do not have money to fund your business, you should look for people to invest in your business. You can find these people on social networking sites. You may also meet with these people at trade shows and other events.

Lack of capital should not make you give up on starting a business. Instead, you should think about how you will raise capital. Crowdfunding sites can help you raise business capital.

Things to Ask Yourself Before Opening an Automotive Shop

Do you have a passion for working on vehicles? Have you ever dreamed of owning your own automotive shop? Starting a business can be costly, but ultimately rewarding. You could start from scratch, or purchase an existing automotive shop. 

An existing auto shop could best benefit you since it will already have an existing customer clientele and all the equipment necessary to start. Overall, research and experience are important. Here's what to ask yourself if you're thinking of opening your own shop.

Have you found the right location?

Having a few original locations picked out for your future auto shop is vital. No matter which state you live in, there are many (and different) zoning laws. Some laws prohibit auto shops from being located too close to residential properties. 

An auto shop in town will be more convenient for your potential customers. Choose an area that will provide easy access for vehicles of all shapes and sizes (avoid narrow streets, for instance). You’ll probably have lots of enormous trucks coming in and out with things like parts and tires.

Should I get certified?

Although it’s not required, getting your ASE (Automotive Service Excellence) certification tells potential customers you have two years of experience under your belt. ASE mechanics have the knowledge it takes to fix your vehicle. When customers see the white and blue labels, they will feel relieved knowing you are serious about your trade. 

Technicians must be tested every 5 years to keep up with the changing automotive technology. Depending on what type of auto shop you have, some technicians might need automotive and diesel certifications.

Do I know the initial costs?

It’s wise to have a plan in place around what exactly you want in your shop. If you’re buying an existing shop, it might only need minor upgrades. But a recent building could be more costly. Take into consideration things you’ll need like: 

• Insurance - $ 4,000/year
• Essential tools - $ 15,000
• Lifts (installed) - $ 4,000 each
• Diagnostic machines - $ 5,000–$ 10,000
• Rent – this can vary

It can cost around $50,000 to start your own auto shop. Note that this is not including employee salaries, potential space remodel fees, or marketing. Things can add up fast and you’ll want to make sure you have enough funds to cover the ultimate costs

What type of services will I offer?

While there are many types of automotive services, decide which you will offer. Regular auto servicing shops would be a place customers bring their car regularly for routine services. Other shops specialize in only specific services like mufflers and brakes. You may come across an auto shop that might buy used cars in Nigeria. 

This online auction mall auctions off used cars from all over the world. An auto shop can fix used cars to re-sell if that's something you're interested in and have to experience with. Used cars could also come in handy if the shop needs spare parts for specific cars. It’s best to know of an automotive shop that offers a wide verity of services.

Who should be hired?

The type and size of your shop will determine how many people you should hire. Hiring certified technicians who have years of experience will help maintain a stable and trustworthy team. It’s important to make your shop a place technicians want to be. Offer fair pay to those with adequate experience. Hire a receptionist to keep up with the front desk. To help recruit your team, try attending job fairs, or posting job listings online.

Creating a new business can be stressful. Most people are leery about who they trust to work on their vehicles. Be sure to be the most trusted shop in town. Advertise your new shop online or on the radio so people will know your open. With determination and knowledge, you’ll be up and running in no time.

Using Social Media as a Fertilizer for Your Startup

Small businesses have come to rely on social media marketing because it offers a level field even in competition with big corporations. It comes down to how well you connect with your audience.

Social Strategy

While there is inevitably research involved in finding the right audience, your social strategy should consist of something similar to the following steps:

1. Determine Your Goals: Before you do anything else, establish exactly what you hope to accomplish, whether it's promoting a new product or service or simply growing your most loyal followers.

2. Develop a Concept: This starts with a thorough understanding of both your own brand and how your target audience behaves on social media. Then you can come up with a catchy idea that relates intimately to both.

3. Provide Great Content: How will you express that idea? Video? Funny images? Slogans? Or a combination of approaches? Just be sure every post is original, interesting, and relevant to the campaign.

4. Generate Leads: The power of social media lies in generating new leads for your business. Be sure to make it easy for followers to connect with your websites, phones, chat, or other points of contact.

5. Build Relationships: Posting is only part of the solution. To grow brand recognition in a positive way, you must also interact with and listen to your followers.

6. Acquire Customers: Social leads are only the gateway to the customer journey. Craft a pleasant and efficient sales experience, as well, to make these prospects customers.

7. Experiment and Track Measures: Have the right digital tools to monitor progress on every concept you employ.

In an environment with a lot of competition and occasionally some brilliant ideas, this last step is very important. You need to make an effort to keep up with both your target audience and your competitors. 




One of the keys to success is having the right tools to monitor social activity. You want to know for certain which audiences are engaging with which posts. The tools you choose must make success measurable in plain numbers. These become your guide for optimizing your social skills.

A lot of experimentation and brainstorming may be involved before you hit on the right campaign, but don't get discouraged. There's always room for more great content on social media. 

The trick is to make it so engaging that that your own followers will spread the message for you. Often that's done by connecting them with the big trends that are happening now.

Here are a few examples of social campaigns that got it right at the right time.

Use the News

In the summer of 2017 when everyone was talking about a major solar eclipse that would be visible all across the U.S., Chiquita Banana took advantage. Their marketing campaign featured an eclipse's familiar crescent shape as the Banana Sun.

While they plastered the Banana Sun over other advertising mediums, they had fun with it. A brightly glowing yellow banana was a big hit on social media. The image was shared and retweeted by thousands in the form of .gif files, video clips, screen savers, and more. 

As a result, Chiquita's social media audience blew up with many thousands of new users in the space of three weeks.

Be Trendy

The Netflix show Stranger Things became a big hit with audiences. If you're a fan of the show, you might have noticed something delightfully odd that kept popping up: Kellogg's Eggo waffles, a favorite of the character Eleven. 

Although Kellogg's role was initially inspiration and not product placement, they exploited the popularity of the show in their own advertising, and by the second season had, indeed, negotiated a deal with Netflix.

The show was easy to connect with across social media content through plot updates, video clips, funny images, and virtually anything related to #StrangerThings and Eggos. 

Audiences couldn't get enough of the show or the breakfast treats. Kellogg's social media following grew dramatically over that second season.

Benefits of Social Marketing

How you market is more important than how much. It's a fertile environment because users aren't necessarily interested in the endless corporate advertising of brands they're already too familiar with. Perhaps best of all for entrepreneurs, social media marketing can also be done very affordably, for an ROI that can't be ignored.

Social users are always looking for something fresh and intriguing to connect with. Social networks are about communication, which means prompt responses and an authentic feel. 

These are things that you, as the guiding spirit of your startup, can manage better than a corporate bureaucracy.

All you need is a good idea to sow, and an effective social strategy will help your concept grow your market influence. 

Be consistent, interesting, and post regularly, and audiences will keep coming back to be entertained.

Jasmine Williams covers the good and the bad of today's business and marketing. When she’s not being all serious and busy, she’s usually hunched over a book or dancing in the kitchen, trying hard to maintain rhythm, and delivering some fine cooking (her family says so). Tweet her @JazzyWilliams88

The Bigger They Are The Harder They Can Fall

There are entrepreneurs who win all their battles but still manage to lose the war. A new company that experiences an abnormal growth spurt may sound like a dream come true, but unless the owner/manager is prepared ahead of time for such sudden success it may become a very bumpy victory indeed! The Greeks called it a Pyrrhic victory; a victory that almost costs more than defeat. The kind of victory an entrepreneur can’t afford to have if he or she wants to nurture his or her business into a solid, stable enterprise.

Of course, there are those entrepreneurs who relish the high seas of uncertainty and the piratical gamble of unstructured and unsupervised growth, thinking such things are recognized world-wide as a sure sign of success; but this kind of operation almost inevitably succumbs to the workaday realities of the business world and then founders, leaving investors and employees high and dry.

What are the specific challenges a new, fast-growth company faces in today’s business climate? Gary Kunkle, a research partner at Evolution Capital Partners, has done extensive research on thousands of swift-growing companies. His data base is now enormous, and his conclusions are far-reaching and thought-provoking. Here, in a nutshell, are two of them:

· The staff can’t keep up with newer, more complex demands. When a company really takes off and its sales and services increase exponentially, the staff that could easily handle a hundred sales orders per day may not be the staff that can just as easily handle a thousand orders a day. Logistics can change in the blink of an eye, but people tend to go slowly into new territory, sticking to the tried and true methods that worked for them yesterday – not realizing that old methodologies can’t handle new challenges.

Some entrepreneurs are cold-blooded enough to simply let such staffing go, but the really smart operators are aware of the time, effort, and money it took to train their original staff in the first place, and do not want to let that talent leave – to possibly work for a competitor! So instead they train their staff from the get-go to prepare for “second-tier staffing”. This means that the current logistics manager is aware that at some future point an ‘executive’ logistics manager may be appointed, to take some of the more complex procedures off of his or her hands. The smart employee at a new company will understand this concept, and be grateful for it. According to Kunkle, it is one of the best ways to prevent high employee turnover in a new company that experiences fast growth.

· The cash flow conundrum. Let’s say your new startup strikes a bonanza when a major corporation or government agency contracts with your company to provide a huge amount of product and/or service. In order to meet this new and potentially lucrative commitment you immediately hire an additional 30 people. They go to work and soon your startup is producing the promised outcome – but you are not going to be paid for this excellent work until it is completed, finished. And that won’t be for six more months. In the meantime, where are you going to get the funds to pay those 30 new employees?

According to Kunkle, it is surprising how often a new business owner will become mesmerized by future profit potential without bothering about current fiscal needs. Such unwary entrepreneurs grow themselves into a financial bind that may end their entire company. Always anticipate the need for cash infusions, says Kunkle.

This means keeping your line of credit open and healthy, and flexible, with your bankers. Also be on the lookout for other investors who may be interested in investing in a sure thing when you can show them the big, fat contract you have just signed. And finally, there’s nothing wrong in asking your new client for a down payment for future product and services, especially if it is a government contract. Government agencies are notoriously dilatory in paying their final bills, because of the vast amount of paper work they must wade through, and, of course, the always imminent threat of another Sequester. 

Five Helpful Tips for Starting a New Business Start Up

Starting a new business is a long process that involves a large amount of work. It is also incredibly rewarding when successful. Startups need to make smart decisions and plans even before the business is officially running. Good planning can avoid many common mistakes made by startups. Five tips will help anyone to start a new business successfully.

Create a Strategy

The first step when starting a new business is to develop a strategy and overall vision. This is normally condensed into a business plan that can be used to raise capital. The strategy should cover the first five years of operations. It should include capital expenditures, estimated income, overhead and labor costs as well as product marketing strategies. This business plan becomes the roadmap for the new company.

Define the Legal Structure

The next step should be to define the legal structure of the startup. Many options are available from sole proprietorships and partnerships to limited liability companies and private corporations. This step requires some paperwork especially if other people are included in the structure. You should consider hiring a lawyer in order to expedite the filing process and minimize any complications. According to a prominent Mullins lawyer, a lawyer can also help to clarify which legal structure is best for the startup.

Hire a Good Staff

Most startups will need some type of staff. This could mean an information technology specialist to run an ecommerce website or a salesperson to work in a storefront. It is important to hire only qualified and experienced people who can help the business. Individuals should not be hired based on friendships or the idea that a position will appear later. It is important to consider who will handle the finances of the startup, the payroll, distribution and customer service. Hiring experienced and talented staff will help to make the business successful.

Identify Potential Customers

It is important to identify potential customer segments in the market as early as possible. This involves looking at the type of people who should be interested in a product or service. Identifying target customer segments will help to drive marketing and advertising efforts. It also helps with brand development over time. Identifying customers can be done through testing, small online campaigns or even through analysis of competitors.

Outsource When Necessary

The final tip for a new business is to outsource different jobs when necessary. A startup is not likely to have the assets or the expertise to handle every single area effectively. Outsourcing elements like payroll, order fulfillment or customer service will reduce costs and provide superior results.

4 Things to Consider When Starting a New Business

Starting a new business can feel intimidating and at times even a bit overwhelming. When you want to launch a business of your own and you want to do so successfully there are a few things to consider before you get started. Preparing yourself for the challenges you may face along the journey of building a brand and a business is a way to master the products or services you have to offer along with customer communication. 

Know Your Demographic

Knowing your demographic and the audience of customers you want to reach is essential when you want to run a successful business that you are just launching. Before you begin investing into a new business, researching business reviews and customer surveys online using OpenTell.com local reviews can help you to pinpoint what it is your potential customers are seeking for themselves. The more research you put into getting to know your demographic, the easier it is to build a strong and effective business model. 

Assess Your Finances

Any time an individual plans to launch a new business it is essential to assess your finances prior to making the investment or seeking out potential loans you are qualified to receive. Whether you plan to invest in launching the business with your own capital or if you want to use banks or angel investors, going over the start up costs necessary will help you to formulate a working business plan. 

Create an Online Presence

Creating an online presence is also highly recommended any time you are launching a new business. Build an official website and be sure to integrate your business into a mobile app or applications that work on tablets and other electronic devices. 

Get Involved With Social Media

It is also important to get involved with social media when you start a new business. Create professional pages on Twitter, Facebook, Pinterest, Instagram and even LinkedIn to represent yourself professionally as well as the company you are launching. The more active you get with your social media pages, the easier it is to build a loyal online following in any industry.

Knowing what to consider when you are starting a new business is a way for you to stay current with the latest trends in the industry while also maintaining a positive relationship with customers and clients. The more tips you implement when you begin your new business, the more likely you are to feel comfortable and confident with future decisions you have to make.

Jumping into Lucrative Business Opportunities

“How much I missed, simply because I was afraid of missing it.”

- Paolo Coelho

There are many times in our lives that a positive and potentially life-changing opportunity presents itself. Whether it be as overt as someone shouting into your ear, or a more subtle manifestation that you barely picked up, what follows is the gut-wrenching moment of indecision. This is a universal experienced shared by people of all time periods and geographical areas; entrepreneurs possibly experience it way more often than others.
On one hand, there are the great rewards for seizing the opportunity and coming out victorious in the endeavor, showering them with wealth, adoration from other people, and a story to tell that has a happy ending. Conversely, there is always the the downside that worries the decider. It could range from something as ephemeral as momentary embarrassment, to a major disaster that leads to absolute ruination of one’s own financial stability and reputation.

The next time you encounter what appears to be an opportunity that could result in big rewards for you and your enterprise, consider these points that they may assist you in reaching a decision that makes use of all the information at your disposal.

Research & Planning

Having an idea that erupts from your creativity is a great thing, but it must first be compared to the related facts and analyses provided by other sources. Let’s say you are inspired to get into a new industry (aquaculture), and you have come upon a new product that you think will flourish well in the market (a faster-growing variant of seaweed). This is all well and good, but lightbulb ideas and grandiose dreams of what may happen if one succeeds is certainly not enough to make this business idea of yours materialize in our reality.

If your previous background is insufficient to make you an expert in this new venture, you have to rectify that predicament by enrolling yourself in various short courses and seminars that will prepare you for this new line of business. Digging up knowledge on the internet is useful too. Consulting experts in the field (without giving too much of your plans away) could also benefit your endeavor. A little creative experimentation can also reward you with insights on your planned project.

Assessment of Status Quo

Before pouncing on something shiny on the pavement, you should always look around to see if there’s an oncoming vehicle, or perhaps another bloke/babe you might bump into while making a grab for the item in question.

Socio-economic factors, potential competition, the weather, and all other things in the environment are worth considering. Looking back at the seaweed example, if you realize that the shore area you were looking to lease for your project is already being utilized by another enterprise, then you have to alter your plans a little, or possibly just give up. I would rather you not surrender so easily, however.

Determine Available Funding

You need money to make money, after all. If you have a sufficient amount saved up and ready for your prospective business, then that’s all well and good. Some projects require more than someone’s piggy bank, however, and one would have to secure a loan from a lending institution to make it happen. Business incorporation has other associated costs and requirements, so do your homework and find out what the state requires; stay on the legal side of things.

Why You Are Never Too Old to Start a Business

It is easy to make the assumption that only young entrepreneurs with loads of ambition and a thirst for success are capable of starting their own business, but the truth is, anyone with the right mindset can start a business, even the over 50s. As the general population ages, older folk are redefining the marketplace. They might not have youth on their side, but they do have a wealth of experience and a willingness to work hard. 

Why Start A Business In Later Life?

Thanks to advances in healthcare and medicine, people in the western world are living a lot longer than their predecessors. As a result, it is not uncommon for octogenarians to be full of vigour and more than capable of extending their working life. So instead of sitting at home, bored, why not make the most of your health and get back out there and start a new business venture?

Retirement used to be something older people looked forward to. They worked hard all their lives, channelled money into a pension fund, and waited for the day they could sit back and enjoy the financial security of a regular retirement income. Unfortunately for many, a pension plan is no guarantee of enjoying a decent income in retirement, so starting a business can boost your retirement savings and help you enjoy the finer things in life.

Starting a business venture gives you a reason to get up in the morning. Retirement for some is the beginning of a downward decline, both physically and mentally, so instead of succumbing to the mental fugue of old age, stimulate your brain and enjoy the challenge of working for yourself. 

What Can Older People Bring To The Entrepreneurial World?

Older people often have decades of business experience. They may have successfully managed businesses in their younger years, which makes them well placed to repeat the experience in later life. Use the business skills you have accrued over the years and make them work for you. 

Issues To Consider When Starting A Business In Later Life

Finance is the biggest hurdle you may encounter if you wish to start a business in later life. No matter how successful you feel your business venture is likely to be, putting your retirement pot on the line might not be sensible, especially if you have dependents to consider. But if you need to secure financing from a bank or other lender, consider your options very carefully. 

Long Hours

Running a business inevitably means working long hours. This means you must be passionate about what you are doing as well as capable of putting the extra time into your embryonic venture. You will also need a strong support network in place. No matter how enthusiastic you are about your new business venture, one of the downsides of growing older is a slow reduction in energy levels. With this in mind, make sure you delegate responsibilities to others where possible and do not try and do more than you are capable of.

Bio Frank retired ten years ago, but within twelve months he was bored silly, so he decided to start his own business. He had a wealth of experience to draw upon and he fully understood his duties as a director. Now he owns a successful family business and enjoys posting useful blogs online.