As the competition in workforce grow stiffer by the minute, more and more seniors are leaning toward entrepreneurship as their means of income before and during retirement years. It’s quite understandable though, as starting/maintaining your own business gives you more control and if you’re really, really good at it, stability—things that you cannot be certain when employed to a company. However, starting a small business can be complicated, and can even give you a headache, if not given enough attention.
As the business owner, you must familiarize yourself in all areas of your work.  Of course, as your business expands, you will need people to work with you hence you will provide training for them and allow them some room to grow on their own. What’s important though is that you know how to handle these things yourself if worse comes to worst, just so you don’t have to rely your business entirely to somebody else.
It is also important to choose a business that will enable you to grow as a person. Add to this the fact that it should be able to retain your interest for a long, long time. I have known businesses which are doomed from the very beginning just because their owners have chosen these areas based on spur-of-the-moment decisions and half-baked ideas. I would like to think that starting a business, whether small or big must be considered as a commitment, like a life-changing event, something you can live with for years and years to come.
Secondly, your business should be able to make you money. The amount you make should be enough to compensate your hard work. If not, then drop the idea and leave it to somebody else. Guide to save your sanity: it’s business if you make money out of it, it’s passion if it only gives you self satisfaction at the end of the day. The beauty of it is, you can actually combine the two and greatly benefit from it!
Business plans are important, so as business timelines. Don’t include expansion plans yet, just your simple startup plan would do just fine. As much as possible, do without complicated work at this point. Focus on getting your business up and running then see from there what else needs to be done. This way, you avoid cluttering your life with unnecessary mess. While you’re at it, consider your financing options: would you be needing financial assistance or perhaps loans? If so, how are you planning to pay for these services?
Consider the ownership structure of your business. Are you getting a partner or perhaps start a corporation-type of business. These things affect your business tax, by the way, so you really need to sort these things out ahead of time. Also, take some time to check and register your business name as this will protect you from copycats and scammers. Check with your local agencies for filing of licenses, permits and also insurances. Most importantly, get a good accounting/bookkeeping service to help you keep your books straight.