Life begins after fifty; Taking back control of your life
Many people over fifty are starting their own business. Recent surveys of Americans 50 and over, indicate the vast majority want to work after “retirement”. A growing number find attractive the sense of independence and fulfillment that comes from doing work they really enjoy in their own businesses. This is consistent with the report from the latest census, (www.census.gov), 32 percent of the owners between the ages of 45 to 54; 25 percent between the ages of 35 to 44; and 32 percent over the age of 55. In Northeast Ohio 39% of the population is age 45 and older (http://development.ohio.gov/research/regionalprofiles/region09.pdf.)
Other reasons this age group embrace business ownership is the appeal of having more control over their job, their life and their income. If you ever lost a job or want more control over your time, energy and money then you know what I mean. The bad news is that over a five year period 95% of new businesses fail. The most common causes of failure include: Not pricing properly, Being overly optimistic about sales, Not recognizing or ignoring-what they don’t do well and not seeking help from those who do, Ineffective prioritization, Minimizing the importance of marketing and Insufficient business experience.
The good news is that all these problems can be prevented or minimized with the right help from the right individual or company. If you lack business experience, there are hundreds of low cost business opportunities available you can buy into that have the support designed to overcome the challenges discussed above.
If you have an existing product or service that you want to sell or a business you want to grow, surrounding yourself with trusted advisors can go a long way to reduce your risk. No matter how good you are no one person can know it all. Large companies have a “Board of Directors” to provide feedback, hold the president accountable and help clear away the obstacles. Every business owner needs a trusted board of advisors to help them with the difficult issues associated with being a small business owner. Do yourself a favor: don’t try to go it along. Find help, listen to that help, utilize that help to address difficult issues that are hard to handle. This will reduce your learning curve and keep you focused on the desired results, SUCCESS. If you have a business or thinking about starting a new business, call me. We can help you through the many pitfalls of being a business owner and help you avoid the obstacles when starting one.
Ron Finklestein
Business Growth Facilitator
330-990-0788
ron@businessgrowthexperience.com
www.businessgrowthexperience.com
