How to Start a Community Business After Age 50
May 11, 2022
Read time: 3 minutes
- If you’re over age 50, you might assume that your chance to start a business is behind you.
- An increasing number of seniors are embracing entrepreneurship.
- Clearly, your age shouldn’t hold you back from your dreams of becoming a business owner.
- Yoco explains that registering a business can expand your client base, as some customers prefer to deal with registered companies instead of individuals.
- Engage with your community to boost your long-term success Take advantage of the fact that you’re a local business and leverage your community connections for greater success.
- You can easily create a unique business card design online in minutes.
If you’re over age 50, you might assume that your chance to start a business is behind you. Think again. An increasing number of seniors are embracing entrepreneurship. There’s even a term for the trending phenomenon—seniorpreneur. Clearly, your age shouldn’t hold you back from your dreams of becoming a business owner. That said, founding a company takes careful forethought and planning.
Read on for a quick primer to starting a business in your community, courtesy of Some Web Studio.
Do your research to see what kind of business your community could use
Starting a local business in your neighborhood is a great way to leverage your existing connections while giving back to your community. If you want your entrepreneurial venture to succeed, however, you need to choose a business model that your community can actually use. Go Banking Rates provides a roundup of business types that every neighborhood needs, including barbershops, restaurants, pet care providers, and more.
Write a business plan to sketch out the details of your business model
Once you’ve decided on a business model, sketch out the details by writing a business plan. This comprehensive document should include a description of your products and services, market analysis, sales and marketing plans, operational structure, and financial analysis. Having all of these components written out will allow you to plan and strategize every component of your business, increasing the odds of a successful venture.
Seek educational opportunities to sharpen your business acumen
As you write your business plan, you may find that you lack key business skills. For instance, when writing financial projections, you might realize that accounting knowledge could be useful. Look to online educational platforms to gain the business acumen you need. Online accounting programs can provide a wealth of practical business skills. You can study when and where you want.
Take care of essential administrative steps for setting up a business
Addressing a few key administrative steps now will simplify your business operations later. Yoco explains that registering a business can expand your client base, as some customers prefer to deal with registered companies instead of individuals. In addition to registering your company, you may also want to open a business bank account, set up a doing-business-as name, and register for an employer identification number with the Internal Revenue Service.
Get the funding you need to cover startup costs
When starting a business after age 50, you want to be financially savvy. Don’t spend retirement savings on your startup. There are many other ways to fund your business, such as grants for community organizations. You can also look to other sources like angel investors or bank loans. Since you’re going to be a locally oriented business, you might also consider crowdfunding from your community.
Engage with your community to boost your long-term success
Take advantage of the fact that you’re a local business and leverage your community connections for greater success. GoDaddy provides a guide to local business strategies to help you boost your brand. For instance, you might donate a portion of your profits to local organizations, sponsor local events, or teach applicable courses in your community. These strategies allow you to simultaneously give back and raise your profile.
Be sure that you have business cards to hand out as you engage with your community. You can easily create a unique business card design online in minutes. This will provide you and your business with immediate recognition and credibility.
You don’t have to write off your entrepreneurial dreams just because you’re 50. Trust the tips above to establish a community-based business that will positively impact your neighborhood while also supporting you financially.
Need help getting your website off the ground?
Some Web Studio offers an array of marketing and communication products and services, from branding and web design to website SEO and graphic arts. Reach out for a consultation. If you are launching a community business and need help establishing a web presence, Some Web Studio can help you create a website customized to your business’s audience and needs. Visit our website for more information today!
Guest Post by Marcus Lansky.
Marcus Lansky of Abilitator.biz is an entrepreneur and small business owner who was born with a severe spinal condition, Marcus took the challenge to be able to walk again. With the will and aid of numerous individuals from the medical field and supporting friends and cheerleaders, he was able to take his first steps and take on the world. He then created his company (Abilitator) and website (abilitator.biz), as a way to reach out and help those who are disabled and show them that becoming an entrepreneur is a very achievable goal.