It has been said that the age 50+ segment of our workforce is the fastest growing group of people starting new home based businesses. There are varied opinions on why this trend is happening. Many feel that time conflicts are an important issue, trying to balance between work and pleasure is more important now than ever before. Many of the over 50 + group are not considered as being wealthy, however, they have lived a frugal life and been able to amass enough savings and assets that their needs are totally different from the younger generation who is replacing them in the workforce.
We've all had dreams of being our own boss, work on a schedule that fits our likes and dislikes and not be pressured by the big business demands for more of our time and not paying us what we're worth. How many of you reading this article can relate to this scenario?
If you're looking for a product or service to market online there are a few things you need to consider before you make the big plunge. When you think you've found that niche market that appeals to you, there are some serious questions you need to ask yourself before you proceed. Is this business appealing enough to get my attention and keep it? Will it be lucrative enough to fulfill my financial need and desires and still give me the liberty to live life as I like!
Nothing can kill your desires for success than being involved with a product or service that you absolutely detest. If this happens you might as well have stayed in your boring corporate job answering to some young whipper snapper that's not even dry behind the ears yet.
A good beginning for choosing exactly the right venture would be to find some segment of the market or an idea that you truly enjoy. This desire may have evolved from your former business association or possibly from one of your favorite hobbies. Choosing this type of venture makes a lot of sense simply because you have an interest in that particular product or service. One example may be you've enjoyed music for years and you play a guitar as a hobby. Your love for music could be the launching pad for your new business.
You need to take into consideration whether the income you feel you can generate will be enough to offset the expenses of getting started as well as maintaining your lifestyle for an uncertain period of time. Many businesses fail in the first three to five years so be prepared to suffer some setbacks, mentally, physiologically and possibly financially. Your income potential must be a direct proportion to what you're willing to put on the line and could possibly even lose your original investment. There are no guarantees in this business so be prepared to make some serious choices. Try to choose wisely.
Consider your startup cost, analysis who your competition is and if there may be an above average change of losing all or part of your savings you're investing. Since a good number of our working years is behind us we must consider many variables before that final commitment. Some of us don't have that many good years left anyway.
If you're married and you've always shared in the financial decisions during your married life, then by all mean get the feedback from your better half. This is a venture that will affect you and your spouse and may be the deciding factor of marriage troubles in the future. Shooting craps at this stage of our life is something that most of us may not be comfortable with. Financial security becomes more important to most of us as we grow older.
If you need to seek the services of a professional accountant, financial advisor, marketing consultant then by all mean do so. The time and money you save will be well spent. It's been said that paying for this type of service early on in the starting a new online business may well be the best money you will ever spend.
As we grow older the physical demands sometimes may be difficult to accept. Our energy levels are lower than they used to be, however, your mind is what you need to be using now more than your back. You may be working 12 to 14 hours a day to begin with and your mind may be able to take it but your body may say "no way." Be prepared to establish a happy medium between these two critical issues of your life.
The whole purpose of this change in your life is to make your life more enjoyable and fulfilling. Find a niche market that will let you do exactly that. If you love technology then try to find a venture that fits that interest of your life. If you hate technology then why choose such a challenge that probably will bug you even more later on.
In this age of technology you must consider the computers, the internet, wireless gadgets and purchasing of software that is going to be expensive that you may not be accustom to paying for on a regular basis. If you don't want to be bothered with learning how to use all this new fan dangled equipment then be prepared to secure the services of professional that know how to do it for you. The only two choices you have here are that you either learn the process or hire someone who knows the process to do it for you. Time is money and money can buy time from the professionals.
If office procedures have been a challenge in the past, then you need to hire someone who is qualified for the task at hand. If you want to learn some of processes of online marketing then you can expect to encounter challenges that may have a steep learning curve for many individuals. Be prepared to pull out some hair if you have any left at our age. This is just part of the business for promoting online.
Be extremely cautious about getting involved in any type of franchise. With a franchise you will have to commit to a long term commitment and then give a percentage of your business to the company who you purchased the franchise from. If you do choose a franschise, by all means get a good attorney who specializes in franchises.
The information in this article is not to discourage anyone from pursuing their lifelong dreams, but has been an attempt to help you avoid some of the pitfalls that every new individual faces when starting a new online venture.
The eBiz Solutions Team is standing by to help you in your "quest for success" on the internet. Call today for a free 30 minute "no obligation consultation.
"Let's Build your Business Together"
Larry L Miller SEM/SEO Consulting
Private Line: 321-594-4405
Skype: larrylmiller121
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