Just because you are a senior citizen does not mean your life is over. If you have a great entrepreneurial idea, go for it! Even if you do not have an idea, you can find one if you have the entrepreneurial spirit. You still have time to make millions and even set yourself up for retirement with your own small business. Seniors do have unique financial considerations however. Following are five financial tips for seniors starting their own business.
Stay On Top of Things
If you do not know how to use a computer or read financial statements, by all means hire people who do. Do not stop there. Be certain that you either get them to train you or find training elsewhere so that you are not in the dark. Learn how to read statements so that you know where your business stands financially, and learn the software so that you are not too dependent on anyone else.
If you are already in your senior years, retirement becomes an even more pertinent issue. Discuss these issues in relation to your business with your CPA and your financial advisor so that you are prepared for whatever comes. If you already have a retirement nest egg, be certain to take precautions to protect it should something happen to the business. This is another conversation to have with your attorney, CPA, and financial advisor.
Borrowing Is Not Out of the Question
Unfortunately, many senior entrepreneurs dip into their retirement because they feel they will not have much luck when it comes to borrowing. While this may be true with traditional lenders such as banks and credit unions, but Biz2Credit’s Small Business Lending Index reports that alternative lenders — cash advance firms, microlenders and others — approve nearly two-thirds of small business funding requests. These lenders often have great products and terms that fit the special situations of seniors. Biz2Credit.com is a great resource for finding all types of financing, including working capital, equipment loans, franchise loans, business lines of credit.
Use Those Discounts
Take advantage of senior discounts. What is available will depend on what business you are in, but this is a great tip for your business and your personal finances.
Consider the Market
As a senior, you are in great position to take on the senior market. If you do not already have an idea, consider these:
- Online Dating: Many seniors are looking for companionship. An online dating service could be a great money maker.
- Technology Training: Seniors did not grow up in the age of technology. Bring them up to date by training them in software and social media.
- Adult Daycare: This is a much needed service. Not only do many seniors need somewhere to go while their caregivers are at work or taking a much needed break, a lot of seniors are caregivers themselves and need the opportunity for a break that such a service can provide.
- Transportation: Offering seniors a way to get to where they need to go, be it the store, the doctor’s office, or church, can give them a gift of independence that could prolong their lives.
The golden years are as good a time to start a business as any. What are you waiting for?
This article was submitted by Faith Stewart. Faith Stewart has a BBA with a major in accounting and spent 10 years working in the various aspects of accounting and finance before pursuing her passion for writing.