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8 Things to Consider When Starting a Business Later in Life

Created by - Kayla McDonald, M.S.

8 Things to Consider When Starting a Business Later in Life

 8 Things to Consider When Starting a Business Later in LifeAre you planning for retirement but have doubts of pursuing your dream of starting a business? Don't let age, tech skills or lack of business experience hold you back!  I've got some valuable advice to help you kickstart your entrepreneurial journey with confidence and enthusiasm. Starting a business later in life brings a wealth of knowledge, resilience, and a whole lot of passion. With age comes experience, and that can be a valuable asset in entrepreneurship. You have developed skills, built a network, and gained insights that can give you a competitive edge! Also, starting a business later in life gives you the creative control to pursue your passion without pushback from an employer. Explore Your Interests: Starting a business may seem daunting, but it becomes much easier when you pursue activities that you already enjoy! Take a moment and identify what excites you, what makes you tick, and how you can turn that passion into a profitable venture. Then start your market research to discover where this idea is working, who is supporting it and how you can stand out by adding your unique perspective. Leverage Your Unique Perspective: Don't underestimate the power of your unique perspective as an older adult. You have work in addition to life experience dealing with change of emerging trends, technology, and societal shifts. You’ve seen the highs and lows of fashion trends like bell bottoms and tie dye. You went from typewriters to keyboards. You survived chickenpox and a global pandemic. Embrace this advantage and reflect on proven strategies to identify untapped opportunities that others might overlook.  Start Small : Start where you are and expand with business growth. One of the biggest mistakes new business owners make is Big spending. They choose to spend money on commercial property, advertising, large scale websites and marketing materials before proving their concept. In other words new businesses do more spending before making money. Doing so puts you on the fast track to bankruptcy. Starting a business doesn't have to cost alot of money or require huge risks. Consider bootstrapping to sell products or services and find affordable ways share your idea on a smaller scale, testing the waters, and gathering feedback.Educate Yourself: While you may not have direct business experience, there are numerous resources available to expand your knowledge. Attending business school, reading books, volunteering your time, investing in coaching programs, joining mastermind groups, listening to podcasts, attending live events and following industry leaders are all great strategies. However, don't try to do all of them at once! Focus on a couple resources over time to gain practical knowledge and stay updated with the latest trends in your chosen field. Like anything in life, business owners can experience burnout. Pace yourself  to avoid overwhelm or information overload, find the balance between learning and taking action.  Seek Mentorship: Make a habit to connect with professionals who have succeeded in the business venture of interest and are willing to help you. Whether through books, live events, podcasts, subscribing to newsletters or meeting them  in-person, find mentors who "Practice what they Preach", can offer guidance, share their insights, introduce you to their network and provide valuable advice. Explore local business incubators, nonprofit organizations, independent business consultants, online business communities and events. Leveraging their expertise can help you avoid pitfalls and accelerate your business's growth. Embrace Failure: Failure is an inevitable part of every entrepreneur's journey. Unfortunately, issues will arise even with the best preparation, staff and intentions. However, you can succeed if you choose to embrace it, learn from it, and use it as a stepping stone to future success. Don’t stop now!  Each setback is a set-up for a comeback!  By learning from your failures, you can make necessary adjustments and improvements to your business strategy. It is important to stay resilient and determined, as success often comes after multiple attempts. Remember that many successful entrepreneurs have faced numerous setbacks before achieving their goals. Stay the course, make the adjustments and pursue your dreams. Build a Support Network: If you're starting this process alone, you'll be making all of the creative and executive decisions, which often makes entrepreneurship isolating and you may experience loneliness. To combat this, it is important to build a support network of like-minded people who can provide guidance, advice, and moral support. You can open the lines of communication by connecting with others who are on a similar path will provide support, inspiration, and potential partnerships. Engage with online communities, join local business groups or attend industry conferences. Surrounding yourself with people who understand the challenges of entrepreneurship can help alleviate feelings of isolation and build community. Be Resilient. Starting a business requires focus, dedication and persistence. The odds are iun your favor. For over 50 years, you have mastered skills, developed talents and maintained your health. Use this wisdom as strength as you prepare yourself mentally and emotionally for the long haul. Small Business success may not be quick and easy, but with unwavering commitment and perseverance, you'll seize opportunities, overcome obstacles, and achieve your goals.  Remember, age is just a number when it comes to pursuing your dreams! It's never too late to start a business and make an impact. The journey ahead is meant to be both challenging and rewarding. Embrace the unknown, adapt, and stay true to your vision. Have fun! Believe in yourself and your capabilities; you have endless potential to make your dreams come true.  Surround yourself with like-minded people who can inspire and hold you accountable. Now, it's time to get started and make that leap of faith! If you have any additional advice for starting a business later in life, please share it in the comments below! Let's support and empower one another on this incredible journey. 

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Published - Tue, 01 Oct 2024

10 Survival Tips For Your Home-based Business

Created by - Kayla McDonald, M.S.

10 Survival Tips For Your Home-based Business

 According to the latest data from the U.S. Bureau of Labor Statistics (BLS), nearly 1 in 5 U.S. businesses fail within the first year of opening and 45% fail during the first five years. As one of the few entrepreneurs who managed to Survive not only these statistics but staying in operation during a global pandemic, I wanted to celebrate 7 years in business and offer you strategies to keep your Home-based Business open!!! Continue reading or watch video below.Humble yourself, be teachable and willing to learn from others who have succeeded in the same industry. Surround yourself with a network of mentors and fellow entrepreneurs who can provide guidance and support. Additionally, constantly adapt and evolve your business model to meet changing market demands and trends. By staying proactive and open-minded, you can increase your chances of long-term success in the competitive world of home-based businesses.Observe your surroundings and be present to what’s happening with colleagues, staff and customers. This will allow you to identify new opportunities and potential challenges that may arise. By actively listening and engaging with those around you, you can better understand their needs and tailor your business strategies accordingly. This level of attentiveness will also help you build strong relationships and foster trust, which are crucial for long-term success in any industry. Enjoy the process of building your business and don't be afraid to have fun along the way! Keep in mind that entrepreneurship is a journey, and it's important to enjoy the ride. Embrace the challenges and setbacks as learning opportunities, and celebrate your successes along the way. By maintaining a positive attitude and finding joy in what you do, you'll not only have a more fulfilling experience but also attract others who share your enthusiasm. Prioritize the highest quality customer service to ensure customer satisfaction and loyalty. Access your customer journeys and evaluate your processes from their prospective. Doing so may help you prevent a problem. This includes promptly addressing any issues or concerns, going above and beyond to exceed expectations, and continuously seeking feedback to improve your offerings. Remember, happy customers are more likely to become brand advocates and refer others to your business. Honor your commitments and deliver on your promises. This builds trust and credibility with your clients, showing them that you value their time and investment. Additionally, maintaining open lines of communication with customers allows for transparency and helps to resolve any potential misunderstandings or conflicts in a timely manner. By consistently providing exceptional customer service and fulfilling your commitments, you can foster long-term relationships with your customers and establish a strong reputation in the market.  Click Here to Watch VideoBe friendly. This has helped me attract, retain and get referral business. Simply responding with terms like ‘Hello’, ‘thank you’, ‘please’, ‘great’ and 'I appreciate your business' can go a long way in making your customers feel valued and appreciated. Also, take the time to personalize your interactions and show genuine interest in shopper's needs and concerns can further enhance the customer experience and strengthen your relationship. Don’t believe the hype! While it is important to showcase the positive aspects of your products or services, it is equally important to be honest and transparent with your fans. Avoid making exaggerated claims or promises that you cannot fulfill. Instead, focus on delivering genuine value and exceeding customer expectations. This approach will help build trust and credibility, ultimately leading to repeat customers and referrals.Remember this is a marathon not a sprint, so it's important to allow yourself some grace. Most businesses were not an overnight success! Building wealth takes time and effort, but the long-term benefits are worth it. Stay committed to providing exceptional experiences and continuously improving your offerings to stay ahead of the competition. By staying true to your values and consistently delivering on your promises, you can establish a solid foundation for long-term success in your business. Decide what happiness means to you. Do some inner work/Self reflect and identify the things that truly bring you joy and fulfillment. This self-reflection will help you align your actions and decisions with your personal definition of happiness, allowing you to live a more authentic and fulfilling life. Remember, happiness is subjective, so don't compare yourself to others' standards or expectations. Embrace what brings you genuine happiness and make choices that align with your own values and aspirations. Charge for your services. When you charge for your services, it not only validates the value you bring but also attracts clients who are able and willing to pay what its worth. This can lead to more meaningful and satisfying interactions, as you are working with individuals who truly appreciate and benefit from what you offer. Additionally, charging for your services allows you to sustain and grow your business, enabling you to continue pursuing your passion and bringing joy to both yourself and others. In summary,  entrepreneurs should humble themselves, be teachable, and surround themselves with others who can help them be mentally strong , retain customers, and get paid! They must be willing to adapt and evolve their business model to meet changing market demands and trends. As a result, Small Business Owners will build stronger reputations and live a more authentic  lifestyle. 

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Published - Tue, 01 Oct 2024

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3 Bootstrapping Ideas to Revive a Business That Is Not Making Enough Money
3 Bootstrapping Ideas to Revive a Business That Is Not Making Enough Money
 As we discussed on my previous blog post, businesses go through seasonal ups and downs. If your small business has slowed down and it's not making enough money, this article is for you!Relationship Marketing:Develop and put into practice ways to increase sales. This could include, following up with existing customers, revising business practices or offering additional services. Let's take a closer look into these ideas.Follow up with existing customers to increase sales and encourage repeat business. Doing so may look like sending post cards or personalized emails during special occasions that share company insights and offer exclusive discounts to show your appreciation. More importantly, customer follow-up may also involve conducting regular check-ins to ensure customer satisfaction and address any concerns or issues they may have. This can be done through phone calls or even in-person meetings, depending on the nature of your business and the preferences of your customers. By consistently staying in touch with existing customers, you not only strengthen relationships but also increase the odds of repeat business.In addition, customer feedback is another way to boost sales. A customer feedback survey presents a win-win situation for clients and staff because it allows them to anonymously share their opinions and recommendations. Surveys can be developed internally or outsourced for a fee. Small businesses can benefit from customer feedback surveys to gather valuable insights and make informed decisions for enhancing their products or services. Over time, the data gathered can help overcome future objections, upsell existing customers or increase positive reviews, which in turn builds trust and attracts loyal customers. Evaluate Your Finances:Evaluating small business finances involves reviewing financial statements to find potential problems. To identify the issues, look at your spending, income and cash flow. Check and make sure invoices and taxes are paid in a timely manner. Late payments will incur additional bank fees and cost you more overtime. Tax fees can also accumulate if not paid on time, leading to penalties and potential legal consequences. Don't be afraid to communicate with the IRS, state and city tax departments for requesting special accommodations when necessary. They can offer extensions, payment arrangements and more.Next, start generating passive income. Generating passive income can provide a steady stream of money without requiring constant effort. Traditionally, people began earning passive income by investing in real estate properties and stocks, but there are less risky approaches. Some approaches with lower risk are participating in reward and affiliate programs that offer incentives like cashback or a percentage of the sale. This would allow you to keep buying the same or similar products and earning money back!With the rise of e-commerce and the internet, it has become easier than ever to join a cash-back program or promote your favorite products for a small commission. Unlike real estate, these products can generate income continuously without the need for physical inventory or ongoing maintenance. Diversifying business income can add to your bottom line and maintain financial stability.Furthermore, compare your income and expenses to make sure you're making profit. Small business owners are known to undercharge for products and services. This can lead to lower profit margins and limit the growth of your business. It's important to regularly review and adjust pricing to ensure that it aligns with market trends and covers all costs associated with business operations. Don't be afraid to raise your prices!Cost Reduction:Identify wasteful spending and reduce it. Find places where you can cut expenses without sacrificing the quality of your goods or services. Maybe there's a brand that carries the same product or service for a lower price. Even temporarily buying the generic version of certain supplies or materials can also help reduce costs.Likewise, exploring different suppliers or negotiating better deals with existing ones can lead to savings and improved profit margins. Costs can be cut while productivity rises. Compare rates of supplies or software maybe you can get the same services or more features for lower rate. Try recycling office furniture or equipment instead of buying it new!Finally, boost operational efficiency by simplify your company's processes. The cost of recruiting and training new employees can be enormous. Costs can reduced by adopting cross-training programs or utilizing technology to automate certain tasks. In addition, outsourcing certain non-core functions can also help lower costs and improve efficiency. Consider recruiting volunteers for your next project instead of paying employees. By carefully analyzing and optimizing various aspects of your business operations, you can effectively cut costs without compromising on quality or customer satisfaction.In summary, although it might be difficult to change the financial path of a company there are small steps you can take that make a big impact. Reviving a business that is not making money, calls for a combination of adaptability, financial savviness, and strategic planning. Follow-up with existing customers to offer value and complimentary services. Review your finances and search for ways to generate passive income. Adjust your shopping habits and buy alternative brands to reduce costs. This can be an overwhelming task if done alone however, you can speed up the process by asking a professional for help. 

Tue, 01 Oct 2024
Reinventing Yourself Online After 50: How to Embrace Technology and Boost Your Income
Reinventing Yourself Online After 50: How to Embrace Technology and Boost Your Income
In today's digital age, social media has become an essential tool for businesses of all sizes to reach their ideal audience and grow their brand. However, for adults over the age of 50 who may not be as tech-savvy as younger generations, the idea of using social media to promote their business can be intimidating and overwhelming. Adapting to new technologies is vital in order to stay relevant in any industry and make money online. Especially for entrepreneurs in this age group nearing  retirement who fear living on a fixed income. This article will discuss how to reinvent yourself online and leverage the power of technology.One of the first steps to reinventing yourself online after 50 is to embrace technology. The rapid changes in the digital world may intimidate many older adults, but with the right attitude and tools, you can learn to navigate the online environment with confidence.  The fear of not knowing how to effectively navigate the internet and find customers often holds Retirees back from getting started and taking advantage of the numerous benefits it can bring to their small business. It’s important for you to overcome this fear and embrace the power of social media for business promotion. Especially considering the extra income that could be generated to supplement your retirement. With the right approach and guidance, anyone can learn how to effectively use social media to grow their business and improve their financial situation. Embracing technology involves identifying what is causing your fear. For instance, many entrepreneurs over the age of 50, are concerned about privacy, lack of technical skills, confusion about where to start or feel overwhelmed by the fast-paced nature of social media. By addressing these specific fears and getting tailored support, individuals can gain confidence in utilizing social media as a powerful tool for business growth.Retirees can overcome their concerns about internet privacy by learning how to manage privacy settings on social media platforms, setting strong passwords, avoid clicking suspicious links or sharing bank details and tax information online without verifying the sources. Furthermore, it's always important to use anti-virus software for the prevention of computer viruses on any internet devices including smartphones and tablets. Another way of reinventing yourself is to identify your strengths and passions. Whether you enjoy working in academics, music, faith, photography or design there are countless opportunities to monetize your skills set. Have fun! Tap into your strengths and expertise to make money online. You can use the internet to upload and share audio, text or video content on social media pages. In addition, you can become a freelance tutor, artist or faith-based counselor through Freelancing websites. Next, small  business owners over the age of 50, can educate themselves on the different social media platforms available and how they can be used to promote their businesses.  Digital marketing strategies like email, websites, mobile apps, social media networks and e-commerce sites allow businesses to reach a wider audience, showcase their products or services and make sales online. It's important for entrepreneurs to understand the basics of how these platforms work to effectively hire marketing staff, connect with customers and grow their business. There are numerous online resources, tutorials, and workshops available that can help you learn the basics of social media marketing and how to create engaging content that will attract your preferred audience.Social media networks and review sites like Facebook, Google My Business, Yelp and LinkedIn are most commonly used for business promotion. Companies have also seen success using other social media networks like Alignable, Nextdoor, Pinterest, Tik-Tok and YouTube. These digital programs allow businesses to share business hours, discounts, events and other media. By using social media effectively, businesses can increase brand awareness and drive sales. Finally, adults over 50 can reach out to experienced, more tech-savvy individuals or hire marketing staff to help navigate the world of social media and develop an effective business strategy. Hiring a digital marketing consultant will help you get started, overcome fears related to marketing, identify areas of opportunity and shorten your learning curve. As a result, this may speed up the process, assisting Retirees in staying consistent and engaging with their audience. Posting regularly, responding to comments and creating meaningful connections with your followers can help build trust and credibility for your brand.In conclusion, overcoming the fear of using social media to promote your small business is essential for adults over 50 who are looking to reinvent themselves and make money online. Whether you enjoy working in academics, music, faith, photography or design there are countless opportunities to monetize your skills set. Identifying the fear, educating yourself and applying security practices puts you on the path to success! Reinventing yourself online after 50 is not just about making money, but also about staying connected with the world around you. Remember, it's never too late to start a new chapter and pursue your dreams.

Tue, 01 Oct 2024
10 Survival Tips For Your Home-based Business
10 Survival Tips For Your Home-based Business
 According to the latest data from the U.S. Bureau of Labor Statistics (BLS), nearly 1 in 5 U.S. businesses fail within the first year of opening and 45% fail during the first five years. As one of the few entrepreneurs who managed to Survive not only these statistics but staying in operation during a global pandemic, I wanted to celebrate 7 years in business and offer you strategies to keep your Home-based Business open!!! Continue reading or watch video below.Humble yourself, be teachable and willing to learn from others who have succeeded in the same industry. Surround yourself with a network of mentors and fellow entrepreneurs who can provide guidance and support. Additionally, constantly adapt and evolve your business model to meet changing market demands and trends. By staying proactive and open-minded, you can increase your chances of long-term success in the competitive world of home-based businesses.Observe your surroundings and be present to what’s happening with colleagues, staff and customers. This will allow you to identify new opportunities and potential challenges that may arise. By actively listening and engaging with those around you, you can better understand their needs and tailor your business strategies accordingly. This level of attentiveness will also help you build strong relationships and foster trust, which are crucial for long-term success in any industry. Enjoy the process of building your business and don't be afraid to have fun along the way! Keep in mind that entrepreneurship is a journey, and it's important to enjoy the ride. Embrace the challenges and setbacks as learning opportunities, and celebrate your successes along the way. By maintaining a positive attitude and finding joy in what you do, you'll not only have a more fulfilling experience but also attract others who share your enthusiasm. Prioritize the highest quality customer service to ensure customer satisfaction and loyalty. Access your customer journeys and evaluate your processes from their prospective. Doing so may help you prevent a problem. This includes promptly addressing any issues or concerns, going above and beyond to exceed expectations, and continuously seeking feedback to improve your offerings. Remember, happy customers are more likely to become brand advocates and refer others to your business. Honor your commitments and deliver on your promises. This builds trust and credibility with your clients, showing them that you value their time and investment. Additionally, maintaining open lines of communication with customers allows for transparency and helps to resolve any potential misunderstandings or conflicts in a timely manner. By consistently providing exceptional customer service and fulfilling your commitments, you can foster long-term relationships with your customers and establish a strong reputation in the market.  Click Here to Watch VideoBe friendly. This has helped me attract, retain and get referral business. Simply responding with terms like ‘Hello’, ‘thank you’, ‘please’, ‘great’ and 'I appreciate your business' can go a long way in making your customers feel valued and appreciated. Also, take the time to personalize your interactions and show genuine interest in shopper's needs and concerns can further enhance the customer experience and strengthen your relationship. Don’t believe the hype! While it is important to showcase the positive aspects of your products or services, it is equally important to be honest and transparent with your fans. Avoid making exaggerated claims or promises that you cannot fulfill. Instead, focus on delivering genuine value and exceeding customer expectations. This approach will help build trust and credibility, ultimately leading to repeat customers and referrals.Remember this is a marathon not a sprint, so it's important to allow yourself some grace. Most businesses were not an overnight success! Building wealth takes time and effort, but the long-term benefits are worth it. Stay committed to providing exceptional experiences and continuously improving your offerings to stay ahead of the competition. By staying true to your values and consistently delivering on your promises, you can establish a solid foundation for long-term success in your business. Decide what happiness means to you. Do some inner work/Self reflect and identify the things that truly bring you joy and fulfillment. This self-reflection will help you align your actions and decisions with your personal definition of happiness, allowing you to live a more authentic and fulfilling life. Remember, happiness is subjective, so don't compare yourself to others' standards or expectations. Embrace what brings you genuine happiness and make choices that align with your own values and aspirations. Charge for your services. When you charge for your services, it not only validates the value you bring but also attracts clients who are able and willing to pay what its worth. This can lead to more meaningful and satisfying interactions, as you are working with individuals who truly appreciate and benefit from what you offer. Additionally, charging for your services allows you to sustain and grow your business, enabling you to continue pursuing your passion and bringing joy to both yourself and others. In summary,  entrepreneurs should humble themselves, be teachable, and surround themselves with others who can help them be mentally strong , retain customers, and get paid! They must be willing to adapt and evolve their business model to meet changing market demands and trends. As a result, Small Business Owners will build stronger reputations and live a more authentic  lifestyle. 

Tue, 01 Oct 2024

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