Starting a New Business for Baby Boomers

If you are thinking about starting a new business it might be best that you do it before you officially retire. There are a couple of benefits of doing so which I shall cover below.

Tips for Starting a New Business for Baby Boomers

Easier to get sources of funding

When you hold down a job it is easier to secure financing for your new business. Whether is it a business loan or going to direct lenders, you will be much more likely to get approval if you supply the necessary documentation when you have a job. When you are retired it is much tougher to secure any kind of financing, especially from banks.

Easier to get business contacts for your new business

When you are still active in the job market you are likely to meet more business-oriented people than when you are officially retired. You can take this chance to do some networking for your new business. Talk to people and see who are potential sales leads or business partners. It may be more difficult to get a meeting when you are not on official business so take the opportunity when you still have a job to secure as many meetings as you can and expand your business network.

Maintains cash flow

A new business carries a lot of uncertainties. Certain assumptions you hold might not be true. This can derail your business. As a result, if your new business doesn’t generate cash straight away you will be burning away your hard earned savings. Of course this can pretty stressful if you don’t have your job as your primary income source. Starting a new business is already a stressful event and you want to avoid adding to it by having cash flow issues as well.

The downside of holding down a job when starting a new business are the additional hours you need to put it. You have to evaluate if the benefits outweigh the cost of doing so.

Are you planning on starting a new business soon? Read these tips:

How to Start an Online Business
Educate Yourself When Choosing an Online Business
Five Tips To Create Your Own Retirement Lifestyle Business
Are You Unconsciously Blocking Your Business Growth?

Retirement planning guide

Jenni Proctor

Hi, I'm Jenni Proctor from Boomers Next Step. Remember when the formula for success in life was simply to strive for good marks at school, gain qualifications, get a great job, work hard and save for your retirement? Yes, I believed it too! For years my husband David and I wanted to develop a business that we could operate anywhere in the world, but both of us were educated to be employees.  We had entrepreneurial dreams and ideas, but still had employee mindsets. 14 years ago I took the giant leap!  I left my job in Education to start a business as a Career Counsellor and Coach, helping mature adults transition from one career path to another, and particularly from employment to entrepreneurship.  I had studied long and hard to gain new qualifications but sadly I hadn’t learnt how to market my new business. About 12 years ago we realized that we were not tracking well towards having the sort of retirement we wanted. We’d saved; we’d invested; and like so many other people we’d also lost some money along the way. It didn’t help that my business was not bringing in as much as I had been earning as an employee. Our dreams of extensive travel and helping our family were being replaced by a growing concern that we would outlive our savings. It seemed that a traditional retirement would not allow us to maintain the lifestyle we wanted. I love helping people plan the next phase of their lives, but we realized that was not going to be enough.  We needed a way to create an income stream that would pay for the travel and other lifestyle luxuries we wanted, that would provide mental stimulation, and would interest us both.

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