How to start your own business?
In my post discover new talents after 60 I mentioned as one of the possibilities to start your own business. Why should you do that?
- it is necessary to earn an income;
- you want to spend more time on your hobby, in a more professional way;
- you are still full of ideas and want to do something with them;
- you want to be able to organize your time in your own way;
- and all the other reasons (I can’t imagine at this moment)!
Let’s be honest, to be 60 years old today is not the same as in 1960. We are healthier, live much longer, can make plans for the time after leaving our job because chances are we can realize them. After all we are a gehneration whose children left home, we have often more money to spend and more time to experience new things and perhaps even “to reinvent our selfs”.
Chase your dreams but live in the real world. Richard Branson
Let’s start:
Investigate
After discovering your talents (read my blog discover new talents after 60 ) you now have to decide what you want to start. Do you want to sell products or services. Maybe you already have a well-defined idea, otherwise get inspired and motivated by reading about other entrepreneurs or by listening to their podcasts. (find a list at the end of this blog).
Business Idea
Ok you know what you want to do. What is your business idea? Figure out whether it is a good idea or not by talking to people about your idea (not only friends but people working in the industry, expected customers) and by checking Google to read what similar business are offering. In todays market (due to Covid) your first idea will not be selling products in a physical store, even if that is your dream. Prepare already for a next phase, maybe you can start online and be ready for “Life after the pandemic”.
Write a businessplan
Reasons why a business plan is Important
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- if you need funds to start your business
- to explain to other partners your plans
- for yourself, it is a useful help to make your plans concrete.
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A formal plan is needed if you have to present it to outsiders like your bank or the chamber of commerce. I like to have a plan that looks good but if you don’t have to present it, the formal plan can be replaced by an outline of your thoughts.
Ask your bank or chamber of commerce what kind of business plan they expect to be sure to deliver the right information. You can find a lot of information on the internet.
Think of a name, style, logo, branding,
I started with a Pinterest board to get an idea for myself and once it was clear I could use it to select a website format and to show it to the logo-designer. To make this pinterest board you need to have an idea of your brands identity.
These next items can help you to describe the identity of your brand:
- Describe your brand, like simple or luxurious, natural or technical, cool or warm;
- find your color palette, you can use Pinterest and search for color palette branding (if you want to know more about the psychological effects of colors, you can check my blog more about colors ;
- check the style of the brands you like;
- which typography matches your style;
- what is your ideal customer and try to imagine what they will like.
Administration
- What kind of company do you want?
- Do you have to register,
- how will you do the bookkeeping,
- what about taxes.
Off you go
Are you ready to start? It will take time, lot of energy, you will think sometimes “why did I want this”, you will fall and get up again but it will give you energy, you will learn a lot and feel proud with every step you make. And isn’t that a feeling we all love?!
So: off you go!
Inspirational and useful information: books, podcasts, institutes
- inspiration: the four hour work week, how I built this, TED talks
- business model: Business model generation canvas
- chamber of commerce: British Chamber of Commerce UK, Kamer van Koophandel NL, Chamber of Commerce USA, business all over the world (select the economy where you want to do business)
- taxes: USA, NL
Did you experience problems or advantages because of your age?