Starting a home business just when you’re planning to retire?
By Pam McKeen Starting A Home Business
That was the question my husband asked me when I told him that I planned to begin my retirement by starting a home business. For me and a lot of Baby Boomers, retirement today means transitioning from a 9 to 5 job working for someone else to becoming an entrepreneur; building a business around a lifestyle that is suited to our needs.
In fact, Boomers and older entrepreneurs now account for 54 percent of self-employed workers.
However, the transition from employee to entrepreneur does require some major business planning; especially if this is your first business venture.
Here are 6 tips to consider before starting a home business.
1.) Your Why
Why are you thinking of starting a home business?
It’s important to know your reason, to write it down and put it on your mirror so that you can see it every day .Your reason will keep you going when the going gets tough. Your why will give you purpose, direction and focus.
2.) Your Market and Your Competition
Make sure you do your research and know who and where your market is.
Who will buy your product? What are their needs and how can your business and product meet their needs .Know your competition and find a way to differentiate yourself from your competitor.
3.) Your Product
Decide what products your business is offering. Make sure they meet the needs of your customer. Do you have experience that positions you as the expert?
4.) Your Marketing Strategy
Whether online or offline, all businesses must have a way to reach their customers. If no one comes to your business or you’re not generating traffic, how are you going to make money? The best way for any home business is to use the power of the Internet. Using the Internet is not only the most economical but also gives you a huge audience.
If you’re planning to use the Internet, you must decide which form of marketing will reach your specific customer in the best manner. There is Article Marketing, Social Media Marketing, Pay per Click Advertising just to name a few.
5.) Your Business Plan
Writing a business plan for your business is an important piece of your business planning. A business plan is your road map that will get you from where you’re starting to where you plan to finish. Without a business plan, you can easily get lost.
6.) Your Finances.
Lack of finances is one of the major killers of starting a home business. Before you venture out into the world of business, make sure you plan for business expenses and living expenses. The truth is that your business won’t be built in a day and you want to make sure that you have enough money to carry you through until your business starts making money.
There will also be start-up costs. Although having an internet based business is the most economical way of starting a home business, you will have costs.
I know that I said 6 tips but here is one very special Bonus Tip that I would recommend to anyone planning on starting a home business.
Join an Online Business Team
If you’ve never built a home based business, join an online business team.
An online business team is a huge advantage when it comes to starting a home business. You can learn and begin earning a lot sooner.
With a team, everyone brings different talents to the table so that you learn the skills that you need for your business as well as sharing your skill.
Team members work together on business projects, as well as, build their own businesses. Either way, you will build your business faster with help from the team.
Get a jump-start on starting a home business by joining our team.
Together we can make it happen.
Have a beautiful day,
P.S. STRUGGLING to make money online? Let me help! Work with me.