Getting Ready for the Transition from an Employee to a Business Owner
Getting Ready for the Transition from an Employee to a Business Owner
Most people nearing retirement age begin to think about what they can do next. Even though you may want to start a small home based business, but you could be stuck wondering if you are too old for entrepreneurship after retirement. You may even think that over 60 is an age that is too old for getting into entrepreneurship.
However, recent studies have shown that older entrepreneurs actually have the odds in their favor. As many as 22% men over 65 and 14% of the women over retirement age are self-employed, and entrepreneurs in the age group of 45 to 64 are a group expected to grow rapidly in the near future. Older entrepreneurs clearly have an edge because of their experience gained over many years of working life. They have also generally earned more financial stability, and assets that can finance a start-up. Today, entrepreneurs over 50 are quite willing to devote the time and energy to build their small businesses.
There are more than 10 million businesses in the US alone that are women-owned, and employ 18 million people! Women-owned businesses are actually a good 28% of the total business world and total over 700,000 new start-ups a year! These statistics are a good reason to get ready for the transition from an employee to a business owner. As the Baby Boomer generation hits retirement age, people are living longer and healthier lives, making many of them want to continue an active and productive work life.
By the time you are 50, you have gained a number of skills and accumulated experience that really makes the difference in entrepreneurship. However, prepare well before you make the transition from an employee to a business owner. It requires some precautions that may not apply to young entrepreneur. Starting a new business at this stage can be more risky and you can afford fewer mistakes. There is simply less time to bounce back and the money you are investing might just be your retirement assets. So if you are an older entrepreneur, you need to plan and prepare, getting ready for the transition from an employee to a business owner, with caution.
Don't stake all your reserves on this one venture. Borrow only as much as you need to start the business and try to avoid a personal guarantee or second mortgages. Pick a business that you have experience in, in a field that you know well. Failing that, pick an industry where your current skills transfer and translate easily. A totally different industry, based on a hobby or an interest, can work quite well if you spend enough time in learning the ins and outs of the industry and familiarizing yourself with the business.
Consider buying up an already established business. Starting a new business from scratch is risky. If you buy an established business, you get processes already in place, and a ready client or buyer base. A running business has a track record, and financial statements; check these out before you buy, with your lawyer and accountant. Also, another good idea might be to consider a franchise.
© 2007 Anna D. Banks, GCDF
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Getting Ready for the Transition from an Employee to a Business Owner - To learn more about this author, visit Anna Banks's Website.
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By Anna D. Banks, GCDF
Most people nearing retirement age begin to think about what they can do next. Even though you may want to start a small home based business, but you could be stuck wondering if you are too old for entrepreneurship after retirement. You may even think that over 60 is an age that is too old for getting into entrepreneurship.
However, recent studies have shown that older entrepreneurs actually have the odds in their favor. As many as 22% men over 65 and 14% of the women over retirement age are self-employed, and entrepreneurs in the age group of 45 to 64 are a group expected to grow rapidly in the near future. Older entrepreneurs clearly have an edge because of their experience gained over many years of working life. They have also generally earned more financial stability, and assets that can finance a start-up. Today, entrepreneurs over 50 are quite willing to devote the time and energy to build their small businesses.
There are more than 10 million businesses in the US alone that are women-owned, and employ 18 million people! Women-owned businesses are actually a good 28% of the total business world and total over 700,000 new start-ups a year! These statistics are a good reason to get ready for the transition from an employee to a business owner. As the Baby Boomer generation hits retirement age, people are living longer and healthier lives, making many of them want to continue an active and productive work life.
By the time you are 50, you have gained a number of skills and accumulated experience that really makes the difference in entrepreneurship. However, prepare well before you make the transition from an employee to a business owner. It requires some precautions that may not apply to young entrepreneur. Starting a new business at this stage can be more risky and you can afford fewer mistakes. There is simply less time to bounce back and the money you are investing might just be your retirement assets. So if you are an older entrepreneur, you need to plan and prepare, getting ready for the transition from an employee to a business owner, with caution.
Don't stake all your reserves on this one venture. Borrow only as much as you need to start the business and try to avoid a personal guarantee or second mortgages. Pick a business that you have experience in, in a field that you know well. Failing that, pick an industry where your current skills transfer and translate easily. A totally different industry, based on a hobby or an interest, can work quite well if you spend enough time in learning the ins and outs of the industry and familiarizing yourself with the business.
Consider buying up an already established business. Starting a new business from scratch is risky. If you buy an established business, you get processes already in place, and a ready client or buyer base. A running business has a track record, and financial statements; check these out before you buy, with your lawyer and accountant. Also, another good idea might be to consider a franchise.
© 2007 Anna D. Banks, GCDF
________
Getting Ready for the Transition from an Employee to a Business Owner - To learn more about this author, visit Anna Banks's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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