Three ways over 50s can streamline their start-up business
Posted on: 22 March 2018 by Amy Smith Brown
Tall tales of youthful entrepreneurship are famous in the annals of entrepreneurship — from Richard Branson chartering his first flight as a feisty five-year-old to Mark Zuckerberg founding Facebook before he grew facial hair.
But with reduced conventional job prospects and higher levels of savings, over 50s are the new startup generation.
However, just because you might have more money to invest than a millennial, it doesn’t mean you shouldn’t be thrifty with your new enterprise — here are three ways over 50s can streamline their startup business.
- Use your wisdom
If you don’t want to launch an entirely new career, capitalising on your wisdom and professional expertise can open up a lucrative new income stream —with no need to spend money retraining.
Becoming a business consultant can allow you to advise companies throughout a particular project or on a retainer basis.
You’ll likely work fewer hours for an excellent rate of pay and can enjoy the buzz of helping associates hit targets without bearing the same pressures associated with a full-time role.
Or for something a little different, use your unique life experience in a new position as an online agony aunt or uncle.
If your advice is straightforward, wise and witty, you’ll build an audience as well as providing a useful service.
- Go digital
Renting new premises and paying for maintenance can be some of the biggest outgoings for a new business.
But although physical premises are the default choice for certain sectors, many successful startups operate solely online.
If you invest in an optimised website that’s set up for ecommerce, promote yourself on social media and grab a free business listing on Google, it won’t take you long to get started and you can work from the comfort of home.
As your business expands, your new team can work remotely too — you can cast your recruitment net further than your local area in order to attract the best talent for vital roles.
So working online can help you cut costs and maximise profits.
- Remote HR
As your enterprise grows, you might feel the need to hire HR professionals to help you organise staff salaries and benefits and maintain tax compliance in the relevant jurisdictions.
But hiring human HR staff can get really expensive, so a reliable outsourced payroll service might be your best option.
These solutions are more accurate, so they prevent the inconvenience and admin costs of errors. And the software can generate payroll reports and automate year-end tax filing.
Once core admin functions like payroll are handled off-site, you can concentrate on making money without worrying that staff members aren’t receiving payments promptly.
Starting your own business is challenging at any age — but over 50s can use their life experience to make the process as painless as possible.
These three ways over 50s can streamline their business can help you enjoy an affluent retirement.
Did you set up a business as an over 50? Share your advice in the comments section.