9 tips for starting a business
Always dreamed of starting a business? Well, there’s no better time than the present. Here’s nine tips to help get you started.
Whether you’d like to take your passion for sewing, cooking or helping others further, or if you wouldn’t mind a bit of extra money in retirement, starting a business can not only keep your mind and body active, but you’ll be benefiting the wider community.
The new wave of entrepreneurialism isn’t young Richard Branson types, its people in their 50s and 60s who have skills in a range of trades or activities and the time to invest in getting a business off the ground.
Dr Alex Maritz, associate professor of entrepreneurship at Swinburne University of Technology, says senior entrepreneurship is a significant phenomenon across the globe. “Sixty is the new 50. People aged 50-65 have a higher rate of entrepreneurial activity than those aged 20-34, so what are you waiting for?” he says. “This is the fastest growing segment of entrepreneurship across the globe.”
If you think you have what it takes to start your own business, here’s a few of Dr Maritz’s tips for getting started.
1. Make a profit from your passion
A hobby to supplement your income is always first prize. Your mature skills and social aptitude drive your motivation, skills and, more importantly, the opportunity to achieve. Risk and reward are always a trade-off, but better so when you do something you enjoy doing.
2. Surround yourself with likeminded people
Network with other seniorpreneurs who are also starting new ventures. Just think of all those combined skills and professional services you may obtain at mates’ rates. Even sports clubs for seniors are fantastic networking opportunities. Positive environments promote proactivity, innovation and calculated risk-taking. Network with niche organisations such as Seniors Australia.
3. Work anywhere you want
Starting a business no longer necessarily requires a brick and mortar office or storefront. If you do require an office, share space at incubators and networks. Flexibility is the name of the game. Virtual offices are the domain of entrepreneurs.
4. As you grow seek help from part-timers
Manage your resource cost and remember, the best human resource is usually shared. And it’s not always physical, many services are offered and procured online. Do not overcommit by hiring permanent staff. Fixed costs are dead weight!
5. Get creative if you need funding
Friends and family are always a great option to top up the finances to start your business. Other options include grants, contests and crowd funding. Suppliers may well provide valuable credit terms. Use your own credit history to secure additional funds.
6. Top up your skills
Upskill your entrepreneurship education and training (classes and online). This may sound cumbersome, but enhancing your business acumen pays dividends. If you go to classes, it’s a valuable networking opportunity as well. Most providers also offer online modules.
7. Get savvy online
Remember, 97 per cent of consumers search the internet for goods and services. A website and blog go a long way to enhancing your referrals, customer retention and related sales. Even if your business is not online, a virtual presence is essential.
8. Working on the go with your mobile
Similar to making your workspace fit your lifestyle, your mobile device (smartphone) is your new mobile office. Real time communication necessitates real time response; not just a by-product of your office environment.
9. Spread the word with social media
Hand in hand with digital and internet technology, this is an ideal entrepreneurial marketing avenue open for start-ups. Scan the many online tutorials to assist in this regard.
If you’d like to share your thoughts, get resources and connect with likeminded people, take a look at SeniorPreneurs.org. Co-founded by Dr Maritz, it’s a social community of people over 50 who have a passion for business start-ups.
Image: Getty