LAUNCHES AGAIN

The 55-64 age group is the fastest growing of all ages in the startup game. It’s no wonder so many people are relaunching themselves through a startup, taking them down new paths.

Here are some of the ways that opportunity presents itself – the options are nearly endless, but this list of a dozen will help you narrow down the choice.

Deciding which business to start should never be a problem if you ask the right questions. The most important of them is “What will excite me?” Others will include, “When?” My answer to that would be “Now”. If you delay too long, the moment will pass.

Passion for profit

Perhaps your private passions could become a source of income. Ask yourself if your passion, knowledge, and practice of playing the trombone could be turned into a book, perhaps an e-book, or a non-profit company that can pay you a salary, or a website about and selling trombones.

You will find that the Web is a bit weak on the subject and that almost all domain type URLs for ‘sliphorn’ and ‘slip-horn.com’ are available, although ‘trombone’ is widely registered.

There are endless examples of passion-based businesses. Here’s one that I especially like: John Lomas, a Brit in Vermont founded Cotswold Furniture. “I was extremely unhappy,” he says of his past career. “One day I realized that I really enjoyed woodworking at school.” Everything grew from there.

Skill Service

Perhaps you developed a professional skill during your so-called “work” career. You may have even taken it to a very high level. This skill and experience could be turned into a service business.

You will not be a threat to your former employers, and at the same time your large company experience will be a very useful asset to you in your own company.

Services for people like you

You can think of services that are tailored to the appropriate fields for older people’s lives and where you have experience or have not found a service that meets your own needs. Examples could include travel and transportation, investment services, yoga or fitness, or mobility aids. In franchises, Home Care Assistance seems rewarding.

Customer base in customers

During your time as an employed person, you may have established a strong relationship with the company’s client base. Customers who valued you could become your own customers.

There are cases in which a company will gladly part with unprofitable customers. With the smaller cost base you would have on your own, such sales could be profitable for your own business.

Married Business Bliss

About one in five small businesses is run by a husband and wife duo, according to the National Federation of Independent Business. That means 1.2 million husband and wife teams running businesses together.

This may be the moment you’ve been waiting for. Early in the marriage, one’s career, children, and other things may have gotten in the way

I have done. Not everything is pink, but there is a lot to say about it. I suggest that you find out very carefully who does what and to what extent both have similar motivations, before jumping with both feet. If you try, you may want to plan for the worst up front and have some sort of pre-trade deal breakdown deal.

Unlocking business equity

With a smaller family to house and thinking of downsizing, you may consider freeing up capital to invest in your startup when you move.

Of course, you can accomplish this without moving, but re-mortgaging your current home and taking on repayments could be a burden the new business might not bear.

Half time to start

To give yourself the space and some income while working your startup, your current employer may be open to you working part-time. In this way, the company will not completely lose its skills and experience. Additionally, the move could make room for a new recruit or save costs for the employer.

Any “test” like this can help you verify your business concept before ditching the regular income entirely. One of the dangers of starting a business is that income can be sporadic at first. A part-time start can be frustrating, but it can provide a cushion before cutting the cord.

Partner possibilities

To reduce risk and time commitment, you might consider seeking partners for your company or finding someone else to start a startup who values ​​your input and involvement, and even an investment.

Often times, these opportunities can offer win-win solutions. It may also be that a younger entrepreneur values ​​his experience and that his age and skills may increase the chances of success in raising capital.

Lifestyle or the next Google?

The word ‘start-up’ may seem too challenging. You may think that a startup will simply recreate the life you had when you were employed and were relieved to leave behind.

It is not necessary for a startup to aim to become the next Google or seek venture capital. It can be a “lifestyle” business. A lifestyle business is one in which you have decided that you would like to live in a particular way or in a particular place. Or maybe you want the opportunity to travel or meet regularly with special types of people.

Establish a company that supports that goal. Examples might include a cooking school that you run from your own home, a sewing shop, a pottery, or a mountain guide service.

Kitchen table company

Many startups can be done from home. There are special issues to consider, like taxes or zoning, but starting from home can greatly reduce fixed costs.

The second big advantage of starting this way is that you may be able to do it outside of your work hours before you leave. The corporate world is full of examples. Pope Bisect, a company that invented the Travelboard started like this 40 years ago and when Anita Roddick founded the Body Shop, she mixed her cosmetic products on the kitchen table.

Buy your ticket

Buying an existing business has many advantages, not the least of which is that there is a much lower risk of failure. An existing business can generate cash flow from day one, if tried and tested – methods, products, or marketing. Chances are there is a customer base, although you need to make sure it is ‘transferable’ to you.

Applying your skills and experience can make a difference in the business you buy and multiply your investment better than in the stock market. If the purchase is well managed, you can retain existing staff and suppliers.

Many companies sell with a “work” or “profit” clause, in which the seller stays for a time to ensure smooth delivery, or part of the price is withheld while the sale proves its value. I have a friend who sold his professional services business on that basis. It was particularly important for clients to meet the new owner before my friend retired.

Start of spin-off

Spin-off startups are quite common. They occur on a large scale when a multinational makes a purchase or spin-off by management, but they also occur on a small scale when there is a divergence of views about the strategic future of a company. When conflict occurs, the best solution may be for the parties to go their separate ways, and the protagonists are often liberated souls.

I started a spin-off business. The international firm in which I worked for many years encouraged me to withdraw the subsidiary that I ran from their hands. They gave me a year to buy the assets, saving us both money.

There is also the possibility of a ‘spin-in’, in which a business-minded person finds it best to start a new agency of a large company so that branding and endorsement are available from the get-go.

A future of franchise

Franchises are sometimes an option, especially for those who have no passion except for being their own boss. They are typically formally organized as large branded franchises, such as McDonald’s, Subway, or UPS Store.

Some are less well known, such as Wild Birds Unlimited (where obviously franchisees are passionate about the hobby of backyard bird feeding and their businesses), or Pigtails & Crewcuts (appropriate for an empty nest mother returning by force. labor). They can also be informal franchises offered by a company that wants to expand, but does not have the capital.