Few phenomenons in recent years have proven to be as disruptive as startups. While something like cryptocurrency has indeed created a noticeable dent in a few industries, startups have shown to be more widespread in terms of upheaval.
So what makes them lightning in a bottle? Startups as a concept have proven to be immensely effective for several reasons, but two of them contribute the most to their growth.
The first one is their purpose. Namely, startups strive to address pain points, i.e., problems in a certain market that many customers or clients would love to see go away. As such, successful startups will always have something relevant to bring to the table.
Anything that’s worth doing takes time and dedication. Meaningful relationships require thoughtful cultivation. Learning a language requires immersion and daily practice. Getting in shape requires discipline and sweat. These things don’t come to you with the snap of a finger — so why do so many subscribe to the myth of overnight success?
Venture capital. It’s an exciting concept for startups and often uncharted territory. Like other businesses who’ve gone through seed stage investments and received funds from angel investors, this money has helped move your startup from ideation to early product development. Seed funding, while an important step in a startup’s life cycle, is not enough to get a business to profitability but is a way to reach the next funding milestones: Series A, B and C.
Venture capital (VC) funding has helped many startups reach booming success levels due to a jump funding. This money allows startups to expand marketing efforts and in turn reach their goals.
If you’re thinking of breaking out of retirement as an entrepreneur, you aren’t alone. As a matter of fact, some research indicates a significant surge in new businesses started by older adults. Read on to learn how you can not only follow suit but be a smashing success.
Build Your Brand
No matter what your specialty is, as Forbes explains, building your personal brand is a must in today’s business world. Do a quick search for yourself on the internet to see what pops up, and think about how that might influence colleagues and customers. The more recognizable you are and the more positive your impression, the more likely you are to attract clientele.
One key toward building your brand is a top-notch website. While many people try building their own using website builder apps, there are certain drawbacks in doing so. The results tend to be clunky, inflexible, and can look off-kilter on certain devices. They also tend to be pretty limited, leaving you with a product that’s uninspiring, dull, and run-of-the-mill.
Your best bet is to hire a freelancer to create your website. This can be intimidating if computer coding and web design are beyond your comfort zone, but fear not. Thankfully, you can hire a freelancer for nearly any and all service you require these days. To find professional, well-qualified candidates, make sure you search through job boards offered by staffing companies such as Upwork, where they vet candidates in advance so you can feel comfortable that people are actually who they say they are.
Embrace the Advantages
A website gets you off to a good start. On top of that, you will also need an appropriate workspace, and you should plan on setting up a home office that allows you to be productive and enjoy your work. Choose ergonomic furniture, set up where you have ample natural light, and ensure the space is aesthetically pleasing. And make sure you track whatever you purchase so you can take full advantage of the tax breaks you’re entitled to receive.
Click Time explains that home-based businesses offer perks aplenty to entrepreneurs, and you should take advantage of them whenever possible. You have every opportunity to customize your environment, which can be especially helpful if you happen to have any mobility concerns. Similarly, you can flex your schedule, allowing you to keep up with your yoga class, the grandkids, or your coffee buddies to your heart’s content. Consider it an opportunity to savor retirement while still reaching your goals with your new venture.
About Those Goals
There are several personal reasons that might be driving your decision to break out of retirement. Maybe you miss the daily grind, you want to pad your savings, or you feel you have skills going to waste. Beyond those driving forces, it’s important to sort through your aspirations relating to the business itself. Start piecing together a business plan to help you define not only those goals, but steps involved in achieving them. It’s a lot like mapping the route to a destination when you’re planning a trip — and just as important.
Not only can a business plan help you chart your course, but it can also help you with things like getting loans, finding investors, and applying for grants.
One word of caution regarding finances: In certain circumstances, there are limitations on how much you can earn while receiving Social Security benefits. Many people find it advantageous to talk through their details with a tax professional.
Many seniors are starting their own home-based businesses these days. If you’re ready to jump on the bandwagon, it’s time to develop a business plan, set up a great workspace, and begin building your brand. Soon, you’ll be savoring your success!
For years and years people were debating how to make a brick and mortar business better. Then came eCommerce. With its nearly limitless audience reach, low startup cost, and even lower maintenance cost, it quickly became the golden child of retail.
But, brick and mortar businesses have begun finding new life by combining the personal touch of a physical location with the audience reach of eCommerce. How? Brick and click.