Starting a new business as well as designing a career around that business with a flexibility to grow with you is not easy, most especially if you are starting it in midlife. You may have already identified a business idea. The next step can be asking yourself if you have the skills and the perseverance to make it work. Here are 33 tips for you to make a good start with your business in midlife.
Step 1. Visualize what you want in life. The idea is to imagine what you really want to do in life. Visualizing the goals can certainly make a difference.
Step 2. Visualize the steps to get there. This is how you actually make it happen. Reaching your goals has always been easier said than done. I am not saying this can work like magic but experts and fulfilled business entrepreneurs agree visualization helps set things in motion.
Step 3. Make a business plan. Yes, math still works. If you intend to fund the whole side hustle business by yourself then you should start making a list of what you need and what the expenses would be in a monthly basis. In short, plan your finances.
Step 4. Pick a business name. If you intend to turn your side hustle into a full time business, then you need to pick up a business name.
Step 5. Register the business name. You need to make the business legal so after you pick up a business name, proceed to registering it.
Step 6. Choose a domain name. Because all the businesses are usually getting leads online, you need to take your brand online too.
Step 7. Choose a hosting company. This will host your website and domain.
Step 8. Get licenses and permits. Know what licenses and permits are required to get your business started.
Step 9. Pick up a location for your business. It is important that you know the best location for your type of business. Realize that rent can eat up a lot of your working capital funds. Make sure your target customers really hang out there.
Step 10. Start setting up profiles in social media. Find your voice and maybe work with micro-influencers to make your brand known.
Step 11. Build your brand. Promote it through social media but don’t over promote. Drive awareness for higher engagement. Have a powerful brand presence online.
Step 12. Network with friends and family. Grow your business when you grow your network. Meet new friends and say hi to strangers. However, you need to read their profiles first before you say hi. Attend cocktail, seminars, workshops and any other organized events to spread your wings.
Step 13. Stay current. You need to read more information about the industry and the product or service including the alternative product and service offers in the market. Also, stay current with technology and not only the news about the industry.
Step 14. Test the demand. Demand makes money.
Step 15. Create a marketing roadmap. Innovate and twist models to fit your business.
Step 16. Get some feedback. Do not ignore the power of information. Listen to what the experts and veteran business owners tell you. Understand everything about your business and your potential customers.
Step 17. Research about the industry. Make some research about the industry and entry level. Collect information about the competitors.
Step 18. Accounting system. Set up your accounting system so you can monitor the expenses and the sales. Don’t forget to set a budget and try to control the unexpected costs.
Step 19. Earn while you build. Don’t quit your day job yet until such time that your net earning is already more than your day job. The first three years are truly challenging.
Step 20. Know the legal requirements. Forming a business requires legal licenses and permits plus a lot more. As you hire employees, you need to be familiar and updated with the employer laws.
Step 21. Enliven passion. Be passionate with what you do. Passion motivates you to move forward. Makes you persevere. Keeps you patient.
Step 22. Get the right team. Let us say hire an accountant or a legal advisor during the first stages of the business would be good. Also, a social media marketing guy in the team can be most helpful.
Step 23. Be a solution. Choose an active approach to define as well as find solutions to the present challenges of your target customers.
Step 24. Take care of your health. Manage your reactions to stress. Some relaxation strategies can be mindfulness and guided visualization.
Step 25. Learn to say no. If you do not want to provide your service to customers who are not a good fit, they don’t do it. While the money fills an immediate need, you may experience too much stress in dealing with the wrong fit customers. Find customers who value what you bring to the table.
Step 26. Connect with high profile bloggers. This should be part of your perfect plan. Dive in to your market and get a wider coverage plus endorsements. This will help you get through your first three years, which can be a bit difficult.
Step 27. Build a list. Add an opt in on your site so you can build an email list.
Step 28. Improve as you go. You know what I mean. Tweak the little things that need to be developed. Try to make everything functionable.
Step 29. Cut back hours on your day job gradually. Try to balance time and if the new business is really working for you then try to scale it by spending more time on research.
Step 30. Set a monetary goal when you are going to quit your day job. Don’t pressure yourself. Everything has to be eventually laid out.
Step 31. Minimize distractions. Manage your free time well. With less distractions, your focus is better.
Step 32. Change your mindset. Stop negativity. Change your negative talk to an empowerment visualization of “I can do this.” Cultivate a positive mindset and attract more opportunities.
Step 33. Consume positive media. Seek positive friends for support. Alter your perspective. Ignore old thinking that might pull you down. One technique is to abstain from all bad news for now.
Midlife entrepreneurship isn’t for everybody. Just remember that age brings experience and wisdom. They might work for your favor.