It’s Never Too Late to Start

I just read an article by Anne Fisher entitled, “Launch a business after 50″. The interesting part of this article is the advice from Jeff Williams, president of BizStarters, a firm that helps people launch their own enterprises. While these tips were targeted primarily at the over 50 crowd, most tips are generally applicable to anyone looking to start their own business.

1. Find a business and industry that “…will truly engage you”.
2. Determine the income potential and whether or not it matches how much you’re willing to invest. According to Fisher, most new businesses take at least three years to break even, assuming they even last that long!
3. Match the physical demands of your chosen business to your energy level.
4. If day-to-day variety is important, don’t do something that involves the same routine.
5. Evaluate the extent which you’ll need to use technology in your chosen venture. Are you comfortable with this or will you need to hire technical assistance?
6. If you’re looking at a franchise opportunity, determine the total expected investment for the first two years.

If you’re in the over-50 crowd, Fisher also recommends checking out Too Young to Retire: An Off-The Road Map to the Rest of Your Life by Marika and Howard Stone.