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Baby boomers are planning to work longer than generations that came before them. Even though you may think that people over 50 want to work because they need the money, this is not the biggest reason that was given on a recent Small Business Administration survey. The surveyed people said they planned to work because they enjoyed it. So while work after normal retirement years is done to produce more income, it is also part of a plan to be personally fulfilled. And for many older people, this does not mean they plan to stay at their 9 - 5 job. They plan to get around to starting the small business they had always dreamed of. One ideal situation is to moonlight at a business while sticking with a steady job. This does not work out for everybody, but it how many of us decided to become full time business owners. Ifyou get the chance to begin your business on a part-time basis, while still getting a steady paycheck, you can minimize your risk. Many businesses suit themselves to a part time startup plan. Bookkeepers, event planning, and consulting may be done during evening and week-end hours. Many of your potential clients or customers may be happy that you can work when they are off work. This does not work out for everybody though. Some jobs need to be done when offices are open. Also, if you plan to buy an existing business or franchise, it may require a full time work plan. If so, please analyze the business very well before you make a big investmet or leave your stable job. You need to examine these businesses for profit potential. But beyond that, make sure you know how big your investment will have to be. This is not just your initial investment, but also the money you will have to sink in over the next few years. Please do not let yourself get so caught up in a fantastic sales pitch that you forget to do your homework. When is a good time to start a small business? I think that there is no time like the present. As we reach middle age, we bring experience and maturity to the table. If you do not have money to risk, it is always best to start small. What sort of business should older people start? This is like asking what color of car you should buy. But most people who really do well all say they really like what they do. Think about things you have done well in the past, and also think about what you enjoy. It will be easiest to start a business that you are already skilled at. Former real estate agents may decide to manage properties for landlords. Retired accounts may choose to do small business bookkeeping or taxes on the side. Others make a business out of a hobby. If you are handy with a sewing machine, you may want to do monograms, alterations, or make costumes. If you are the guy who always repairs your own home, there is a big market for handymen. If you have taken a lot of pottery classes, it may be time to buy your own kiln and teach others.
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