11 04 2015

Tips For Entrepreneurs Over 50

11 04 2015

4 Tips For Entrepreneurs Over 50

When most people think of the image of an entrepreneur seeking financing for a business, they tend to think of someone fresh out of college and looking to forge their own path forward in the world of business. However, according to a recent Gallup poll, people over 50 are more than twice as likely to start a business as Millennials.

As people live longer and healthier lives, it’s becoming more common for older folks to finally begin living out their dreams of owning their own business. According to USA Today, the extended ability to work is called the longevity bonus, since healthier people may have 15 to 20 years of productivity ahead of them after retirement.

These retiring Baby Boomers have several reasons for wanting to start their small business. Some need to do it out of financial necessity, while others simply do it because they’re bored with the retired lifestyle. Others are taking advantage of the available technology to establish a business model that would have been unthinkable a decade ago. The Internet has created a viable outlet for many of these individuals without the added costs of overhead or office space, making owning their own business much more enticing and feasible.

Individuals over 50 generally have more savings to draw upon in addition to years, sometimes decades of industry knowledge, so they’re in the prime position to benefit from these resources. However, even though they might have more working capital to invest, they also have more to lose. Since they do have a much shorter time span to continue earning money, a series of bad business decisions can be potentially devastating.

Here are four tips for entrepreneurs over 50 looking to own their own business:

  1. Tap into the network
    With years and sometimes decades worth of social interactions under their belts, older entrepreneurs should tap into their friends, acquaintances and business associates to ensure they have a strong team of referrals and advice-givers. No one builds a business in a void and this is the perfect time to flip through the Rolodex and reconnect with long-lost associates.
  1. Prepare to burn the midnight oil
    The long hours necessary to run a business might be a major hurdle for some people over 50. Many small-business owners need to invest more than money in the business and often their company may require working more hours than at a previous job. Owners should be prepared to punch in early and stay well past closing time, especially in the early days of the operation.
  1. Keep it simple
    One of the best reasons to get involved in a business in the golden years of one’s life is to reduce your stress levels. The best way to keep stress levels at bay is to maintain a simple business model with low overhead. The less expenses the company has, the less the owner needs to worry about improving sales and growing the business. Entrepreneurs should consider an enterprise they can do from home with as few employees as possible. Consulting, education, online sales, marketing services and IT support are all perfect examples of low-overhead companies that owners can run with minimal staff.
  1. Don’t be afraid to learn
    Another good reason for running business is to get out of your comfort zone and start fresh in a new industry. Some entrepreneurs have been stuck in a position for decades without finding any satisfaction or personal joy in the endeavor. Now is the perfect time for anyone to consider taking some classes or getting certified in a field he or she has always wanted to get into, but has never done so.

Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan.  What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number.  We will also ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.