Starting a Small Business After 50: Considerations and Ideas
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Mel Feller Looks at Starting a Small Business After the Age of 50 The passion that incentives someone to vision the starting their own business is not held in reserve for the techie Millennial in the torn jeans and t-shirt. I want to point out that even the person in the relaxed-fit slacks and reading glasses can feel the passion of creating and owning their own company. According to Mel Feller, research shows Baby Boomers may have a greater passion for entrepreneurship than younger generations. However, one report showed that, in 2014, those ages 55 to 64 had a higher rate of new innovative entrepreneurial activity than the conventional thrill-seeking 20 to 34 age group.
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Starting a Small Business After 50: Considerations and Ideas
- 1. Mel FellerLooks at Starting a Small BusinessAfterthe Age of 50 The passionthat incentivessomeone tovisionthe startingtheirownbusinessisnotheldinreserve for the techie Millennial inthe tornjeansandt-shirt.Iwantto pointout that even the personinthe relaxed-fitslacksandreadingglassescanfeel the passionof creatingandowningtheirowncompany. Accordingto Mel Feller,researchshowsBabyBoomersmayhave agreaterpassionforentrepreneurship than youngergenerations. However, one reportshowedthat,in2014, those ages55 to 64 had a higher rate of newinnovative entrepreneurial activitythanthe conventional thrill-seeking20to 34 age group. Many businessestodaystartfromrightinside yourhome withoutalotof cost forequipmentorrent. However,there are otherfactorsto consider, Fellersays.How muchwill it costto start your business and to run itfor itsfirstyear?Will youneedto investininventory?Whatwill the costsbe for advertising?Isthere equipmentyouneedtopurchase?Will yourelectricbill rise?Askyourself whatyou are willingtoinvest, whatyoumighthave toborrow,and how much youexpecttomake fromsales. Evenmore Boomersmighttake the leap,buttheycan become intimidated“bythatword ‘entrepreneurial,’”saysMel Feller,Founderof CoachingforSuccess360. Inotherwords,there are manyfactors to consider,including howtofinance abusiness.However,the biggestchallenge,Feller says,“is havingthe confidence todoit.” Justthinkaboutthis. Earninga fewextradollarscanmean doingsomethingyoulove andat the same time strengtheningyourshortandlong-termfinances. I wouldrecommendthatyouuse a comprehensive retirementplanningcalculator tosee if startinga businessafterretirementaffectsyourretirementage oryour financial securityinretirement. If you determine thatyouwanttotackle your dreamsandlove the ideaof settingupa retirementof purpose andactivity,thenIsuggestyouseriouslyconsiderthese small businessideasforthe over50s: Match your interestswithopportunity areas What if you have the entrepreneurial visionalongwiththe drive butyoucannotdecide what opportunitytotake? Many expertssaythere are manyopportunitiesinthe currenteconomy.
- 2. Everyone hassome type of interestinlife orahobbythat he or she ispassionate aboutandno matter whatit is,you can probablyfigure outaway to make money. Do you… Buildmodel trainsorplanes?Couldyouhostkidbirthdaypartiesorworkshops? Playtennis?Whataboutofferinglessons? Starta tournament? Watch TV? How aboutstartinga blogreviewingfavorite shows? Love baseball?Have youconsideredorganizingtourstogamesor ballparks? Readingandcooking?Maybe youcould catera popup restaurantinyour home basedona different bookeach month Therefore,the bigquestionisHowto Get Started:Start small byofferingservicestofriendsforasmall fee. See where ittakesyou! Create a marketing plan “Thisis the most importantportionof yourbusiness startup,”saysFellerof CoachingforSuccess360. Thisbusiness planmustanswerthe questionsdescribedabove,butitalsomusthelpyourecognize how youwill findyourcustomers.“Are theyonmailinglists?Onthe Internet?Inindustrial listings?Thisisthe usuallythe mostdifficultpartforpeople,because if youpreviouslyworkedforacorporation,the corporationbroughtyouthe customers.Now youmust goout and findthem or bringtheminto you. ”Research,networkingandword-of-mouthare yourthree strategicapproaches.Forinformationonhow to write a marketingplan,checkoutthisinformation. Become an experton your topic If you are offeringaservice,youare more likelytobe employedif peoplefeel youknow whatyouare doing. You can do thisby establishingaprofessional lookingandaccessiblewebsite thatasserts “robust,selling-benefitorientedcopy,”saysFeller.Have friendsorbusinessassociatesreview itand make sure that it highlightsyouraccomplishmentsandabilities. Thenthe nextstepisto get the wordout about yourself.Iwouldsuggestthatyouwrite articlesand othercontentrelatedtoyourbusinessandpostthemon free article archive siteslike wordpress witha prominentlistingof yourwebaddress,Williamssays.He alsosuggeststhatyouregularlysendout publicityarticlestalkingaboutkeyphrasesforyourbusiness.
- 3. Servicesfor seniors A mature populationhascreatedbusinessopportunitiesforjobsandbusinessesthat“ride the age rush,”says Mel Feller,avocationprofessional whofocusesonclientsintheir40sand 50s no matterthe businessdesire. “These are businessesandservicesthatare gearedtowardpeople intheir70s and80s that can be done by people in their50sand 60s.” One example mightbe apatientadvocacyservicesforseniorswhoneedassistance withhealthcare- relatedissues,suchastacklingbillingmistakesorsortingoutinsurance coverage.There isalsoaneed for home-modificationprofessionals,fitnesstrainersforseniorsandpersonal finance planners. “There’sa huge demandforthingsevenasbasicas bill-payingservices,”saysKerryHannon,whoserves as a jobsexpertforAARP.“We’re livinglonger,andpeople reallyare seekingoutadvice onhow to manage theiraccounts.” Financial guidance for seniors If you are like me andhave meta “financial advisor”thatwas28 yearsoldand wasgoingto teach youa 50 year oldthat has,actuallylivedlifeandexperiencedthe swingsinthe investmentandfinancial markets?What a comedywaitingtohappen. My questionisdoyouknowsomeone whocanproperlysell themselvesasafinancial advisor? Most likelyyou,the well-seasonedtrouperof life andmoney. Therefore,if youhave done well foryourself financially,if youhave alreadyearnedyourbachelor’sdegree,andif youlove tohelppeople,thenthis small businessideaforthe over50s isprobablya home runfor you. How to GetStarted:How to Become a CertifiedFinancial Planner(CFP) Consultingfor businessor something,youknow about
- 4. You may have acquiredadepthof knowledgeinaspecificfieldbythe time youare 50 and that could serve asthe groundworkforbuildingabusiness. A consultant'sjobisto consult.Nothingmore,nothingless.Itisthatsimple.There isnomagical formula or secretthat makesone consultantmore successful thananotherone. Nevertheless,whatseparatesagoodconsultantfroma bad consultantistheirpassionanddrive for excellence.Inaddition,agoodconsultantshouldbe knowledgeableaboutthe subjecthe orshe is consultingwithin.Thatinfact makesa tremendousdifference. Therefore,anyone canbe a consultant.All youneedtodiscoveriswhatyourparticulargiftis.For example,are youverycomfortable workingaroundcomputers?Doyoukeepupwiththe latestsoftware and hardware information,whichseemstobe changingalmostdaily?Moreover,are youable totake that knowledgeyouhave gainedandturnitintoa resource thatsomeone wouldbe willingtopay moneyfor?Thenyouwouldhave no trouble workingasacomputerconsultant. On the otherhand,are youan expertinthe fund-raisingfield?Maybe youhave workedfornonprofit agenciesinthe fieldof fund-raising,marketing,publicrelationsorsales,andoverthe years,youhave discoveredhowtoraise money. The key,Fellersays,ishavinganiche market:“Findsomethingthatpeopleneed.If youfillaneed,the revenue follows.” How to GetStarted: Create a consultingbusiness. Landlord If you findyourself speakingtoa millionaire inthe nearfuture,chancesare thattheyownand rentout some property.Real estate isanexcellentinvestment,plain,simple,andmore importantlyproven.It alwayshasbeenand itprobablyalwayswill be. Why Real Estate is One of the Best Waysto Make Money
- 5. The onlymainissue isthat youwill needconsideryourself hard-nosedenoughtodeal withthose inevitable tenantsfromhell? However, there isalwaysthe easyway aroundthatand that isto hire a professionalpropertymanager. Go witha plan and get started You wantto know whymost small businessstartupsfail. It isbecause the overlyexcitednew owners put minimal thoughtintotheirbusinessnotion. You, however,youare different.Youhave alreadysucceededinthislife.Youknow thatsuccessdoesnot come by chance.Instead,itcomeswithcareful planning,determination,andcontinuedlearning. This venture isnodifferent. First,be honestwithyourself andchoose the businessthatworksbestforyourskill-set,your personality,andyourinterests. Second,considerthe financialobligations.Are there huge upfrontcosts?Whatisthe likely income inthe firstfewyears?Whatare the recurringexpenses?Doyouneedtobuyinsurance? Do your researchhere longbefore youevenspendyourfirstdollar. Third,whenyougetstarted,go hard and donot stop forat least6 months.Nomatterwhat your businessventureis,itisgoingtorequire consistenteffortandfocus. Constantlyplan,do,check,adjust.If somethingisworking,expandonit.If itis not,eithertossit or alterit dramaticallysoitturns the corner. You are aboutto enterone of the mostexcitingperiodsof yourlife.Doyoufeel those tinglesonthe back of your neck?Is that internal smirkmakingitswayontoyourface as a full-blownsmileforall to see? You are ready,andyou are goingto kill itthisyear.Thisis yourtime!! Bestof luckto youand congratulationsonyourfuture successes. Mel Feller– Personal Development,Business,Execute,InternetandReal Estate Investments Coach/Mentor and BusinessOwner Mel Fellerwasaseniorstafferforover5 yearswithbothUnitedStatesSenatorJake Garn and The Senate BankingandFinance Committee.
- 6. Mel Fellerisaspeakeratentrepreneurial forumstrainingbusinessprofessionalsonmarketingstrategies and the “Secretsof Online Marketing”.He providesconsultingservicesonall aspectsof business includingorganizational performance,salesandmarketingstrategies,employee productivityand retention,successful solutionimplementation,technologyleverage andcustomerserviceinall business and fields. Mel Feller'sareasof technologyexpertise include emailsandsocial media,solutiondevelopment disciplineandmethodology,businessprocessleadsandprojectmanagement. Mel Fellerhastwenty-fiveyears’experience withcompanies,nonprofitsandindividualsinthe research and writingof bothgovernmentandprivate grants. In additiontohisregularconsultingandmanagementresponsibilities,Mel Fellerwaspublishedinthe Top 100 Mentors;he has publishedtwobookon"Creative Real Estate Financing"and“Multiple Secrets to Success”,andpresentednumerousexecutive lecturesforFortune 500 corporationson“leadership and businesspractices”. Visithimatwww.melfeller.comandwww.melfellersuccessstories.com Mel Feller’sdynamicpresence,instinctive strategicvision,andcreative thinkingproduce effective, sustainable bottom-lineresultsforhisclients.His“Can Do” attitude generatesconfidence inhis executivecoachingclientsandstrategicconsultingcorporate clients.ThroughoutMel Feller’scareer,he has increasedthe profitabilityof nearlyeveryorganizationwithwhichhe hasworked. Mel Fellerhasaunique abilitytorelate tohisclientsbecausehe came fromThe UnitedStatesSenate, where Mel wasthe Chief of Staff fora UnitedStatesSenatorandwas alwaysmeetingwithprominent businesspeople orpoliticians. Hismainlove wasdealingwithconstituentsthatwere the grassroot voters! Since foundingCoachingForSuccess360 In 1989, he has effectivelytranslatedthatexperience intoresultsforhisclients.He focusesonseparatingdailydistractionsfromthe real issuesinordertoput the executive and/orbusinessonthe rightpathto grow and prosper.Resultsare immediate,growth sustainable,andprofitabilitylong-term. Dozensof Mel Feller’sclientshave beenonInc.’s500/5000 listandmany have beennamedasa “Best PlacesTo Work. UsingMel Feller’sintuitive,systematicapproach,andourprovenstrategicandtactical tools,we help youplan forprofit.
- 7. Mel Fellerbelievesthatwhatgetsmeasuredisimproved.Therefore,he iscontinuallydeveloping processesandsystemsthatallowyoutoeasilymeasure,manage andmaintainahighlyprofitable business. Mel Felleris readytohelpyouincrease yoursales,trimandmanage youroperatingcostsand see your profitssoarand/or leverage yourtime forBusinessorReal Estate! “Truth telling,honesty,andcandor:IlovedyouMel Feller!Youhave somuch energyandknowledge!I trulyhope I getanotheropportunitytobe coachedby you.I see myself alittle clearernow,andit’snot so bad.” Lisa Mathews “Mel Felleryouaddedmore value thanwe canpossiblysee rightnow.Mel Feller,youare warm, inviting,andaccommodating.Thankyouforcomingalongside usinthistransition!” VanessaCavanaugh “Mel Fellerthe besteducationsessionthatwe have attendedinmanyyears!Thankyousomuch — I am veryexcitedtoputeverythingyouhave taughtusintopractice!” Michael Randolph “Mr. Mel Feller,Thankyou,thankyou,thankyoufor givinga marvelouskeynote atourSymposium! While we have notyetcollectedthe official feedback,the unofficialfeedbackwasthatYou Were a Hit! I heardnothingbutcomplimentsregardingyourpresentations.Thankyouformakingsucha positive impacton our attendees!” Lyle CunninghamVP "Mel Felleruseshishumor,compassion,anddirectnature tohelpbringoutthe bestinme.Mel Felleris committedtohelpingme live...Imean,reallylive,life toitsfullest." Jose Rodriguez Mel FellerLinks https://www.instagram.com/mel.feller