Entrepreneurship Coaching Orangeville ON

We 50+ Boomers are now the fastest-growing group of new business owners in the U.S.

We’re being attracted by the freedom to act upon our ideas as we see fit, the chance to achieve much better balance between our work and leisure lives and the opportunity to enjoy a source of income that’s only limited by our personal ambition.

But, as attractive as self-employment may appear at first glance, it’s important that you carefully consider the following seven criteria when considering whether to take the plunge.

1. Look for a business whose work will truly engage you. This is especially important if you’re feeling burnt out emotionally from the demands of your corporate career. A good starting point for identifying the right business idea for you can be to visualize how you can turn your favorite work activity in your corporate career into a business, or examine a long-held hobby to see if you can turn it into a full-blown business.
2. Understand the income potential and whether it matches your needs, and how much you are comfortable investing. Take a hard-nosed look at startup costs, your local competition, and your willingness to risk your savings. Take into account the fact that it takes most new businesses at least three years to break even - if they last that long. Later in life is not the time to shoot craps and risk your financial security. It's worth sitting down with a reputable accountant who has worked with lots of startups.

   Author: Jeff Williams

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