You are never too old to set up your own business, giving you the income you need to live comfortably throughout your golden years. If you want to become you own boss read on, as the experts here at Turner Little explain how to set up a business when you are retired.
There are a range of reasons why now is the time to set up a business. If you become your own boss, you can increase your retirement fund and pursue your passions, increasing your quality of life. Also, it can be hard to find new employment opportunities in your later years, as employers can be hesitant to hire people in their 50’s and 60’s. If you are your own boss, this will not be an issue.
Find start-up capital
If you like this idea, the first thing you need to do is find start-up capital. As an older entrepreneur, you could utilise pension freedoms to remove a lump-sum from your pension pot, to bankroll operations. Alternatively, you could turn to alternative funding sources, such as crowdfunding websites, where you gather financing from a large pool of small investors, to get the ball rolling.
Strengths and weaknesses
It is key that you play to your strengths and acknowledge your weaknesses, if you want to succeed as a silver start-up creator. Your main strength is that during the course of your distinguished career, you will have built up a list of contacts, who you can draw upon to help you set up your company and connect with your desired customer base. You have also had a lifetime to learn what you are good at, so as an older entrepreneur, it will be easy for you to determine how best to develop a profitable firm.
Your knowledge of your professional skills could also help you identify your weaknesses, showing you where you should enlist expert help, to ensure success. If you lack the ability to draw, for example, hire someone to create your company logo, instead of attempting to do so yourself. One area where many budding entrepreneurs struggle is cash flow management, so it is wise to hire an accountant, who can also act as a business advisor, and help you lay down the foundations for your business model.
Utilise your assets
You may have assets which you can utilise to get your company up and running. It is a good idea to get in touch with any contacts who will be willing to give you ‘mate’s rates’ on essential start-up tasks, such as product distribution, so you can streamline costs. Also if you have a large family, you may want to get them on board too, as the younger generation are experts in digital technologies such as social media, so with their help you can establish a presence online and connect with your consumers.
Write a plan
The successful entrepreneur is one who sets clear goals, so their company becomes operational as soon as possible. Write a business plan, so you can establish realistic targets when you set up a business. You can plan milestones for your fledgling company, allowing you to launch easily, and detail issues such as your staffing policy and long-term goals, so you can become successful. A sound business plan can also help you attract start-up capital, as it shows investors why their funds will be safe if they take a chance on your firm.
Turn to the experts
Before you compose your business plan, decide which business creation model you wish to adopt, so you can launch your enterprise effectively. It can be wise, as an older entrepreneur looking to set up a business, to form a limited company, as this lends a measure of security to your personal finances, so if your firm encounters difficulties, you will still be able to live out your retirement in peace. As experts, Turner Little can provide the limited company formation services you require to get your firm off the ground.
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive our monthly newsletter by signing up using the form below.