For some Americans, the best part of life begins at retirement.
This new stage of life means no more answering to senior management, managing a 40+ hour work week or fighting against traffic during peak hours.
And while the spontaneous trips to the shore and the relaxing ambience of an empty house can be a draw for some, the novelty often wears quickly. That's why many retirees often become entrepreneurs.
Contrary to popular belief, entrepreneurship is not only for the millennial generation. In fact, a recent Gallup survey shows that people over 50 are one of the most dynamic groups of entrepreneurs in the United States
But what are these so-called blast entrepreneurs need to know before taking the plunge? Here are four proven tips for a successful entrepreneurship later in life.
1. Select your passion
According to a recent report by Gallup, 70 percent of Americans are unhappy with their jobs? Do not become a statistic. Instead, become happier and healthier to do something you love.
If you want to start your own consulting business, become a furniture craftsman, opened an art studio or perform an action adventure tourism department, the possibilities are endless. Make sure your new business is something you really enjoy doing.
2. But also be realistic
Of course, you might have a strange affinity for dressing your cat in wacky outfits. But does this mean that there is a huge demand for kitty couture? Probably not.
Before moving full steam ahead with your business idea, start by asking a group of colleagues, mentors or counselors if your idea weight. Friends and family can help, too. You can even form a source market research focus group or crowd to test your designs and get feedback. If you discover nine out of 10 people would pay big money for a feline fedora, you might be onto something. Otherwise, back to the drawing board.
3. Stay fresh and current
Social media and the influence of technology on business will not disappear anytime soon. So make sure you brush your digital skills. Whether you need to develop an application to better communicate your product or service to consumers, meaning Google+ critical or masters of social media, it is wise to keep updated on what is there.
4. Shot and protection of
Starting a new business can be, well, risky. It is important to protect the nest egg you created before retirement, in addition to protecting your new business. When the decision to leave the pension and the labor market, be sure to get all your documents in order.
"The new business owners in their later years should always be prepared for the unexpected," said Leo Heintz, vice president and product manager, Commercial Lines, Erie Insurance. "The police of insurance is a must. It can help support your family if something happens to you. It can also ensure that your business can continue to operate, benefiting employees and their families. Everyone benefits. "
insurance bargains protects against personal liability and business (process of reflection) and damage caused by storms, fires and other natural disasters. It is the coverage given the sentence for the property, rented or private vehicle as you drive "on the job" and the workers' compensation coverage for all employees that you bring on board. If under or uninsured, it could leave you with empty pockets and regret.
While starting a new business can be an exciting and rewarding business, it is essential to talk to an insurance professional as an Erie Insurance agent to get all responded to your important questions. He or she can help you ensure that you are covered for you to focus on running the business you love.
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