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.
Good people skills
Ability to focus!
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)
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