"A small business is an amazing way to serve and leave an impact on
the world you live in" - Nicole Snow, Author
Ageism in the workplace is rampant. More and more older workers are experiencing many forms of discrimination because they're being perceived as workers that are too old to -
While those perceptions are wrong because most older workers are tech savvy, adopt new ideas, enjoy diverse colleagues and thrive in constantly changing work environments.
Unfortunately the negative stereotypes continue to persist and they're damaging the livelihoods of hundreds of thousands of older workers each year.
Most people starting a business begin with an idea. However, they often fail to determine what the venture needs to earn for it to be viable in the first year. By viable - I mean that if you intend for it to be a full-time venture it needs to be able to cover your living expenses (i.e., housing, utilities, insurance, etc.).
With the average annual salary in the US at about $52,000 - building a business that doubles that may seem unattainable. However, some simple math will break it down to the point where it is a much more achievable goal.
Ask yourself - What energizes me? What do I do that doesn't feel like work? Is it something that someone would pay me to do? Are others getting paid to do it?
Answering those questions is important because you need to stay motivated as building a business is probably one of the hardest things that you'll ever do.
The chances are high that you will give up if you have no passion for what you're doing. Conversely, if you have passion for what you're doing - the chances are higher that you'll succeed. You'll push through the times and persevere when things go wrong. It's also a bonus if there are others that are successful at doing the thing you want to do. They provide a source of motivation and validation for your journey to building a successful business.
Business owners that fail to plan are in fact - planning to fail. This is especially true for new entrepreneurs.
Why? Because there are many things that you probably don't know about starting a business and many of these things are essential to creating long-term success.
Now, you don't have to go off and write a 200-page business plan. But you do need to answer critical questions such as -
Answering those questions will enable you to design your business in a way that serves you and your potential customers effectively.
Once you've developed your plan and answered the key questions relating to your business model and market - it's time to develop a minimum viable product or MVP.
This is not the full product or service that you intend to sell to your market - but rather it is a small piece of product/service that you offer to your target market.
This allows you to gather valuable data without committing to the time and expense of developing your full product. What you learn from marketing your MVP - is how much demand there is for the product, how much the audience is willing to pay for your product, and feedback such as design, usability, and other pertinent features.
You can create an MVP of almost anything - typical examples of MVPs include software, supplements, clothing, coaching programs, online courses, and more.
Once you've created an MVP, it's time to create the marketing materials and channels for your business and product. You'll need a resource that describes your business and it's products/services.
I suggest a website with e-commerce functionality - so that it can provide general information about you and your business but more importantly provide a way for potential customers to purchase your product(s).
There are a number inexpensive and easy to use platforms that are capable of handling those requirements, examples include -
Just be sure to do your research into these platforms and pick the one that best meets your needs.
In addition, to a website you should also consider creating social media profiles in LinkedIn, Twitter, Facebook and Instagram in the name of your business.
You don't need to be on all social media platforms - focus on the one(s) where the members of your target market engage the most. Another great way to generate interest in your business and the MVP is to blog.
Blogging is an excellent way of getting your business in front of customers, prospects, and the press. In addition to blogging - you may also consider creating videos for YouTube or other channels to promote your MVP.
The best way to grow your business income is to incorporate additional sources of revenue. These sources could be any one or all of the following -
Adding just one of those revenue sources can grow your business to 100k+ in a relatively short time.
Your 50s aren't the time to begin winding down to prepare for retirement. In fact, it's the best time to pursue something new.
Why? Because you've developed skills and gained unique experiences over a long career. And what you've learned in that time has tremendous value to others.
So don't come up with reasons why can't get started - just take action and start - I bet you'll be surprised with what you accomplish in the journey towards building your own 100k business.
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