Starting a New Business at Midlife? Here Are 5 Things to Do First
Planning a midlife business startup? This is a big step, but it's also one that can be made less stressful with some preparation. What kind of preparation? Here's a handy checklist for anyone working toward that big change.
Assess Your Motives. Running away from a job you've grown to dislike doesn't guarantee that you will hop into a new business you love. If you're just seeking change, you may be able to find satisfaction in a simpler adjustment, like moving to a new department, changing your job focus, or moving from full- to part-time.
Build Your Funds. Moving to a new business or career may involve accepting a lower income for a while, getting more education, or spending time learning new skills. All this may increase your costs or decrease your income while you transition. So, be sure you have a healthy emergency fund (often recommended to be about six months of salary or expenses) and a transition fund to cover your own personal expected costs and the business's startup needs.
Get Some Help. If you're starting a new business venture, spend some time researching how you will accomplish your goal. It may be wise to meet with a business consultant with experience in your industry. In addition, you can write up a business plan so you continue to think about the long term. If you're not familiar with the process for writing a business plan, you can find help online.
Keep Long-Term Goals in Mind. While you may be focused on starting the business and surviving the current monetary changes, it's also important to stay on target to meet your longer-term plans. This includes retirement contributions, college savings, and long-term care plans. Working with a financial planner such as one from Global Wealth Consultants LLC before you make any large-scale changes can be a big help in figuring out how to juggle your current needs with your overall goals.
Take Advantage of Freebies. Look around you for education and assets that can help you make your career change. This can include free or low-cost education options with your current employer, certifications, local small-business organizations, willing mentors, and networking. Before you jump into a new business, be certain to make use of all available resources to prepare and plan.
By knowing what to do to prepare to start a new business at midlife, you can help ensure the smoothest and least stressful adjustment period. That way, you can focus on growing your new business rather than stressing over how to make ends meet.