Article by Ceri Wheeldon

Setting up a new business can be exciting and daunting at any age, this quick checklist may give you just a few pointers to consider!

General things to consider when setting up a business in your 50s

Is your Business Idea a good one? Do people other than friends or family think it is a viable business proposition?

Is it unique or competitive?

Is there a market?

Who are your competitors?

Are there any regulations/legislation you need to comply with?

Can you make a profit?  How long will it take you to make a profit?

Do you have a business plan?   There are generally templates readily available on the internet and from your own bank

Do you need funding? Do you have  comprehensive business plan to present if you do need funding?

Do you have a good accountant to advise you?

Will you operate as  a sole trader, partnership or limited company?

Are you looking to build a company/brand to sell later (and if so what are your timescales?), or are you looking to generate ongong income ?

Do you have all the skills you need for the business to be success?

Think about your own strengths and weaknesses – if you identify weaknesses decide whether it is feasible to be look at training for yourself or outsource to a professional  who does have those skills.

Create ideas

Organisational skills

Delivery

Financial management

Good people skills

People management

Sales/Marketing/PR

Time management

Presentation skills

IT skills

High Energy

Ability to focus!

Location

Do you need premises?

Do you need dedicated premises or can you work in serviced office environment?

If you are planning to be home based, do you have the personality to cope with what can be quite a solitary environment?

Sales and Marketing

Do you need PR? Can you do your own PR?

Do you have a website? Do you need a social media campaign? (Facebook, twitter, Linkedin, blog etc)

Networking

There are numerous networking opportunities, both online and face to face groups

Resources  available to the over 50s

There are specific  initiatives in place to support the over 50s in new business ventures

Ceri Wheeldon

Ceri is Founder and Editor of Fabafterfifty.co.uk She is a frequent speaker at events and in the media on topics related to women over 50 , including style and living agelessly. With 20+ years experience as a headhunter Ceri also now helps support those looking to extend their working lives.

More Posts - Website

Follow Me: