How To Start Over 50v.4.09


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How to start a business over 50 is a babyboomer\'s guide to transition from corporate to business ownership

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How To Start Over 50v.4.09

  1. 1. Starting a Business Over 50 April 1, 2009
  2. 2. 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.
  3. 3. 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
  4. 4. 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
  5. 5. Starting a Business Over 50 “When You Are An Entrepreneur, You Kill For Your Dinner Everyday!”
  6. 6. 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
  7. 7. 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?
  8. 8. Entrepreneurial Jobs • Sales and marketing guru • Secretary • Market researcher • Technology expert • Bookkeeper/Payroll Mgr • HR Mgr/Therapist • Bill collector
  9. 9. 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
  10. 10. 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
  11. 11. 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
  12. 12. 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
  13. 13. Basic Start-up Costs • Rent • Phone & utilities • Marketing budget • Business License • Business Insurance • Equipment & Inventory • Payroll • Transportation • Professional services (CPA & legal)
  14. 14. Business Models 5 Types of Business Models • Start organically • Internet business • Buy an existing business • Buy a franchise • Freelance or Consulting
  15. 15. Basic Start-up Costs How much money do you need? Average business needs $25,000 to start
  16. 16. 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
  17. 17. 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
  18. 18. 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
  19. 19. Contact Me Melinda Emerson Small Business Coach 610-352-0680