How To Start Over 50v.4.09

Starting a Business Over 50 April 1, 2009

What is Building Your Business? Building Your Business with Melinda Emerson is one of the fastest growing ‘How to‘ brands today, offering a fresh approach to small business development that is innovative, cost effective and above all from a real world perspective! Melinda Emerson known as the Smallbizlady empowers small and medium size businesses with vital information to start, grow and succeed. www.melindaemerson.com

Who is Melinda Emerson? • Professional Speaker and Business Coach specializing in small business start-up, leadership, and work/life balance • Self-taught networking guru • Seasoned entrepreneur with major clients including Verizon, Enterprise Rent-a-Car, Pfizer, Comcast and Johnson & Johnson • Featured in Wall Street Journal, Black Enterprise, US News and World Report, Philadelphia Inquirer and US Airways Magazine www.melindaemerson.com

Starting a Business Over 50 This workshop will help you: • Understand what it takes • Your life plan • Your financial plan • Understand potential pitfalls • Develop an action plan to pursue small business ownership www.melindaemerson.com

Starting a Business Over 50 “When You Are An Entrepreneur, You Kill For Your Dinner Everyday!” www.melindaemerson.com

Starting a Business Over 50 According to the AARP, “25 Million Americans intend to keep working well into their 60’s.” Most will burnout in Corporate America Many will not have the opportunity to continue in Corporate America www.melindaemerson.com

Special Considerations • Do you have the energy, health and emotional fortitude? • Do you have any other competing priorities? • How much money can you afford to risk? • Are you ready to transition from a corporate to an entrepreneurial lifestyle? www.melindaemerson.com

Entrepreneurial Jobs • Sales and marketing guru • Secretary • Market researcher • Technology expert • Bookkeeper/Payroll Mgr • HR Mgr/Therapist • Bill collector www.melindaemerson.com

Serious Start-up Entrepreneurs • Love the primary work involved in their business • Demonstrate previous experience in the business or have a plan to gain industry experience • Know the realistic expenses for her chosen business, and has the resources to risk this dollar amount www.melindaemerson.com

Serious Start-up Entrepreneurs • Are willing to be coached in how to plan and run a small business • Commit at least 20 hours of business planning time each week • Update and follow their business plan • Have the courage to drive ahead when things don't go right www.melindaemerson.com

The Life Plan Why Do You Need a Life Plan? • Determine your goals • What kind of lifestyle do you want? • Determine what you will & won’t do Your business must fit your personal goals and ambitions www.melindaemerson.com

The Financial Plan Does this describe you? – 700 or higher credit score – Zero debt (including no car payments) – 12 months of budget to sustain your household – 6 months salary in emergency savings – One year’s working capital to start the business Why is this important? – Your personal credit is your business’s credit – It may take a year or more to financial reposition yourself – Your credit cards, home equity, savings and loans from family and friends is all you may have in the beginning

Basic Start-up Costs • Rent • Phone & utilities • Marketing budget • Business License • Business Insurance • Equipment & Inventory • Payroll • Transportation • Professional services (CPA & legal) www.melindaemerson.com

Business Models 5 Types of Business Models • Start organically • Internet business • Buy an existing business • Buy a franchise • Freelance or Consulting www.melindaemerson.com

Basic Start-up Costs How much money do you need? Average business needs $25,000 to start www.melindaemerson.com

Your Business Concept How Do You Find a Niche? • Go with what you know • “You Must Be Kidding” Opportunities • From Hobby to Money Machine • Invent Something • Look at your existing supply chain www.melindaemerson.com

Why Do Small Businesses Fail? • Failing to plan out their lives as an entrepreneur • Not saving enough emergency savings • Lack of target market focus • Undercapitalized • Lack of fiscal discipline www.melindaemerson.com

Action Steps • Write out your personal long-term goals • Understand your strengths and weaknesses • Clarify your finances • Research a specific business concept • Develop a specific timeline to quit • Anticipate obstacles www.melindaemerson.com

Contact Me Melinda Emerson Small Business Coach 610-352-0680 www.melindaemerson.com melinda@melindaemerson.com

http://henrykim.kr	14
http://kimhyeongrae.com	2
http://www.kimhyeongrae.com	2
http://henrykim.tistory.com	2

How To Start Over 50v.4.09

by guestf3e5c8 on Apr 08, 2009

Accessibility

Categories

Tags

Upload Details

Usage Rights

4 Embeds 20

Statistics

How To Start Over 50v.4.09 — Presentation Transcript