5 tips for starting your own company after retirement
Apr 23, 2012, 6 a.m.
A successful company startup never relies on luck. Richard Jamison runs a successful mini-llama farm in eastern North Carolina. He used to be an electrician, but when he decided to startup a company, Richard focused on llamas. They have great value in teaching and therapy. They make excellent guard animals. The quality and versatility of their wool is unsurpassed. And Richard knows and understands livestock.
Cranking up with a new company requires time, research, long-range planning, financial resources and reasonable boundaries of expectation. For some seniors, retirement is symbolized by visions of a 50-foot sailboat. For others, like Richard, retirement is the opportunity to start up a company that satisfies a lifelong dream of personal accomplishment.
Richard set his retirement business goals on an animal that he loved and enjoyed being around. But that is not the ending; it is merely the beginning. Every senior with business plans should read the following 5 points of business startup.
- Don't be unequally yoked. Business partnerships are difficult to maintain, complex to manage, and often result in irresolvable differences in goals and opinions. Avoid them.
- Plan in advance. Research all the issues from investment capital to tax expectations. Learn the business before opening the business.
- Start slowly and in phases. Richard relays the tale of a certain llama dealer whose company startup involved too little land and too many pregnant llamas. Company growth without advanced planning can be disastrous.
- Embrace performance-orientated marketing. Social networking is not the right answer for every business. Neither is Google AdWords, big dollar magazine ads, or restaurant menu campaigns. Find out what works best for your line of business and use it.
- Create reasonable boundaries of expectation. Some seniors just want a business that provides part-time work and a reasonable return on the efforts. Others are looking to start up a company that grows fast, captures a local market, and then sells for a nice lifelong vacation package. Which seems the most likely to happen?
Start Up a Company But Don't Expect Retirement
If you are looking for a life of leisure, starting up a retirement business may not be your best line of reasoning. But if you are looking to spend each day on a job that you enjoy, that you own, and that helps you sleep easy, perhaps now is the time to start up a company.
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