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Your First Steps

Starting Your Business

Starting a business can be an overwhelming process. There is a lot that goes into developing an idea for your business and building the foundation to start. The good news is that getting started is just as exciting as it is daunting. We hope that this guide can help as you start your business journey.

It’s not too late to start your business!

No. In fact, the vast majority of businesses are owned and operated by those over the age of 50. While we firmly believe that anyone can be an entrepreneur, we know that entrepreneurs over 50 have acquired numerous skills and experiences that set them up for success.

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Calm under pressure

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Years of experience

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Strong support systems

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People skills

There are many good reasons to start a business.

We think it's important to ask yourself a few questions to help you reflect on where you are and how to move forward. Set aside time to answer the questions below. It might be helpful to have a friend ask you these questions or take time to journal about them.

Market need

Passion

Financial security

Challenge

Product or idea that can change the world

Take time to reflect on these questions, so that you will be ready to begin your business journey.

Reflect

  1. Why are you starting a business?
  2. Are you starting a service or product-based business?
  3. What is your business trying to solve?
  4. What’s the market size and how many customers does this market serve?
  5. Why do your customers need your product or service?
  6. Who is or will be your primary customer?
  7. How will you market your business?
  8. What are your short- and long-term goals and objectives?
  9. Have you evaluated your finances? Are you in a position to take a risk?
  10. Who will be there to support you along your business journey?
  11. How will you fund your business?
  12. What business model will lead to your success?
  13. Who might be your competitors?
  14. Where will your business be located (your home, co-working space, office space, etc.)?
  15. What regulations and laws do you need to consider?

When starting a business, there are a few key components that you will want to work on during the initial years of your business journey. The following few pages will provide an in-depth look at each component. The key components are:

 

  1. Business plan
  2. Funding sources
  3. Business administration
  4. Marketing strategies
  5. Your business team

 

We hope that this guide is helpful as you start, manage, and grow along your business journey. 

Your business plan

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