Are you an "encore entrepreneur"? Encore entrepreneurs are those who invest in ventures a bit later in life -- in general, anyone who turns to small business ownership after the age of 50.
It's not always easy to invest later in life. In fact, it's not even that conventional to get into small businesses when many are dreaming of retirement.
Luckily, there are many tips and tools out there for those looking to become entrepreneurs after 50. Here are five tips to get you started:
- The Small Business Administration can help you. The SBA has a variety of tools available to help the small business owner. They even have a page dedicated to the encore entrepreneur, complete with an online course. This is in addition to the loan and funding programs offered by the SBA.
- Map out your business plan. The key to any good business, whether you're young or old, is to figure out your business plan. In a nutshell, you need to figure out where you want to be and how you plan on getting there. Pay close attention to your challenges and threats, as much of your planning will revolve around how to navigate these threats.
- Plan for the succession of your business. Who will take over your business when you are no longer around, or after you choose to really retire? Talk to an estate planning attorney or a business attorney who has knowledge of these issues.
- Plan for retirement. There are many different retirement plans available to the small business owner. Look into some of these plans. A good retirement plan can provide for some strong investment growth and good tax breaks.
- Grow your team. Most people don't want to spend the later years of life slaving away at a job, even if they love what they do. Developing a strong and competent staff will help you manage your time so that you can enjoy more of the little things in life -- such as a well-deserved vacation!
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