Over 50 and Thinking of Starting Your Own Business?
When it comes to starting our own businesses, more and more of us are now looking to “give it a go” on our own in later life. With a generation of experienced baby boomers now approaching retirement, the number of over 50’s starting their own business has skyrocketed; accounting for 4 in 10 of new businesses in the UK according to ONS statistics.
But in the quest for that ultimate feeling of independence and control over your destiny, funding is usually at the top of our “to do list”. With a plethora of different business funding options out there, the good old pension pot often gets overlooked. This is understandable given the lack of good advice out there, but with a full understanding of how your pension might kick start your new venture with seed capital, the need for third-party funding may not even be required.
Opus Business Pensions can steer you in the right direction and offer the insight into many different funding mechanisms, but let’s just take a look at 7 things the 50 plus “budding entrepreneurs” should also consider.
What Makes You Different?
If you’re thinking about a new approach to an already established market place, ask yourself, what makes your product or service unique? Is it perhaps a lifetime ambition you want to bring to fruition, or perhaps a completely new product or service that has simply never been thought of?
It’s really important to follow this thinking through within your marketing campaign, as without a unique selling point, you will just look like the many others offering yet another take on a similar concept.
What Is Driving You?
If you thought this new venture was going to afford you the luxury of kicking back and taking it easy, think again. This initial startup phase will task you physically and mentally like you wouldn’t believe.
Late nights, early starts, self-assessment returns forms and Government Gateway logins will be par for the course in your efforts to achieve the success you so deserve and have no doubt dreamt of for many years. That said, the feeling of elation when things start to come together will feel like no other experience, so keep focused, keep fit, and keep going.
You’ll Need To Be Ready To Embrace Social Media
It ain’t going away, social media such as LinkedIn and Facebook can be great mediums to advance your new enterprise, but lets face it, getting to grips with this particular area of marketing is more difficult than when you were a spritely 25 years old (yes like your kids) especially when you’re told you were born in the dark ages!
Don’t be perturbed though, plenty of free training is out there for this type of business marketing, there are also plenty of good marketing companies around should you have the budget to outsource.
Become well known within your business networking community. As well as connecting with others on LinkedIn, join a few networking groups and enjoy a glass of wine or lunch with some likeminded business people whilst you build useful contacts. However one tip is to make sure you balance the networking with time spent working in your business, one is no good without the other.
Take Advantage of a Lifetime of Experience
This is it! This is your time to unleash all those years of experience. Maybe you’ve become an authority on a particular subject, or you are the go-to person for advice on that subject. Could it be that you will now be able to monetise a passion or a dream you’ve always had? It’s no coincidence you’ve reached this point in life and gathered all this knowledge for nothing, your instincts will tell you its now your time to reap the benefits from years of crafting those special skills.
Just Go For It!
No one wants a door slammed in their face or a phone being put down on them; the feeling of rejection can be sometimes overwhelming, but the truth is, everyone, no matter what they tell you suffers from the same fear.
There is no easy way to overcome this, but your own self-belief can be a comforting antidote. Revel in the things you have achieved in the short term, pat yourself on the back when something has gone to plan, soak up that “well done” from a close colleague. In time the pros will outweigh the cons, and successes will outweigh the failures.
Select Your Customers and Staff According to Your Own Standards.
Too often, start-ups make the mistake of taking on each and every customer/client they meet. Stop and think for a while before you put the profit before your sanity! Ensure the client/customers you take on to fit your business model for the longer term, as there is nothing worse than having a difficult ongoing battle with a client/customer who you are never going to keep happy, in fact, you knew it from the start but dismissed it because of potential revenue.
Adopt this same strategy for your full or part-time staff. A bad employee with a negative attitude can bring down the positivity you’re trying to create with others.
Get to Grips with Finance and Numbers
Anyone in business will tell you that cash-flow is key, making sure this blood flow is maintained will either make or break you. Get the right people around you and ensure you have an expert to go to for any advice around:
- Accounting or bookkeeping
- Business banking
- Marketing and sales
- Start-up funding
- Business funding
Looking For Business Funding?
Here at BFS, we can help point you in the right direction, and help you in that crucial start-up phase. In addition to secured pension funding, we offer a range of different funding options to suit would-be business owners at any stage in their journey.
If you’re ready to get your business off to a roaring success, call one of our team today on 0121 725 0099 or fill out a contact form and we’ll get back to you.