The key to a successful business is acquiring market edge over your competitors, such as superior products, better marketing, and more efficient business models. Regardless of what gives a business an advantage, it always boils down to having the proper vision and desire. If you’re not sure where you want your idea to take you or lack the motivation to realize it, you’ll never succeed.
Who is in Charge of Most Startups?
With that in mind, it should be no shock that a growing number of successful startups are being launched by baby-boomers, or boomerpeneurs. Who else in this economy is better positioned to craft a compelling vision of a business than someone with the experience, wisdom, and understanding of what it takes to succeed? The problems boomerpeneurs are facing don’t lie in their inability to construct a viable vision or find intense motivation; they know when to quit the job they’ve already found success at to pursue their startup idea.
Financing is one of the biggest factors when considering a startup. Financing for startups usually includes a loan, selling equity or using a business credit card. Depending on how much capital is needed and the rate of return expected, you should use a mix of these lines of credit. Extreme caution should be used when one mixes their personal credit with their business credit. Entrepreneurs should avoid using their own credit card and instead opt for a business credit card with a reputable institution like American Express. You’re APR can change if you use your card for business and it can be an accounting nightmare. Using a business credit card from American Express and other companies can provide you with small business perks and incentives that are unavailable to a regular consumer. Regardless of where your funding comes from, keep in mind the advantages of different sources and how quickly you plan to turn a profit.
When to Leave Your Corporate Job
Deciding to leave your day job and pursue market dominance on your own is a big decision and should be arrived at carefully. Once you know how you’ll initially pay for business expenses and when you’ll be able to recoup your costs, it’s time to turn your vision into a business plan. To do this, you will have to do your research and formulate an outline with specific deadlines attached to it. For boomerpeneurs, they’ve already amassed a level of expertise in a particular industry, which is one of the reasons they feel comfortable starting their own business. In this case the research should be focused on the nitty-gritty of running a company. Look at the different components of a business, assess your ability to run these areas and plan to hire others for the things you either don’t know how to or don’t want to do.
The intricacies of starting and running a profitable business are vast and, at times, tedious. If you have the experience, vision, and drive, you can become a member of a growing segment of baby-boomer entrepreneurs. You can start your own business today. Quit your day job and begin your dream job.
© 2013 DemGen Inc.