Starting Your Own Business as a Senior

Many seniors have long dreamed of owning their own business. The retirement years may be the perfect time to make those dreams a reality. While starting a new business is a high-risk endeavor, those over 55 have a much higher success rate than any other demographic.

Pick Your Niche

Seniors should consider what they are passionate about where they can make money. Choosing the right niche helps provide the energy that the senior will need throughout the long hours of organizing, opening and running their business.

Choose the Right Workspace

It used to be everyone’s ideal to own a business located on Main Street, but that is not the case anymore. Some seniors choose to open an internet storefront working from their kitchen tables or garages while others choose to share their workspace with another individual. Still others choose to go the traditional brick-and-mortar route.

Create a Business Plan

Senior business owners need to create a business plan identifying their goals. The plan should have lofty objectives to be met during the first year, five years and 10 years. Furthermore, the plan should identify the target audience for the product or service the senior will be providing.

Find Resources

If the senior does not want to put their own resources at risk, there are more options for funding senior businesses than ever before. Some find friends and family who are willing to help while others may want to go to the bank. The Small Business Administration often has grants available as do some local communities.

Advertising

The key to success in any business venture is advertising. Seniors should start by meeting influencers in related industries letting them know what they are accomplishing. They also need to know where the target audience is hanging out and make their presence known there. Providing a good product or service backed by great customer service is key to having the business’s earliest customers tell their friends about the business.

Starting your own business as a senior can be an exciting adventure. You have had a lifetime to prepare your own ideas about how to be successful. Take the plunge and start your own business during your senior years.