How to Start A Business, And Grow it in Your 70s
When you start a business, many people think that you are crazy, and many will offer an alternative way to spend the cash. The mere fact that you are taking up the opportunity makes them very nervous. Now, what if you decide to start your business when you are in your 70s? Many will tell you that you are supposed to be winding up and giving back to the community as compared to gearing up for more responsibilities.
As a rearing to go business owner aged between 50 and 80 years old, you need to understand that you don’t need to be working for someone else anymore – instead, you need to have something that you run on your own.
You also need to supplement the small retirement funding that you get each month. And you also need to make sure you have the passion and energy to take this the right way.
But there are also a few reasons why you need to rethink your decision. First, you only have a few years to get back if the losses come, which means the risk is great, though the rewards are greater. But with the right research and a focused plan, you can overcome any barrier that comes your way.
So, how can you be a business magnet in your 70s?
Understand Your Funding Options
You need to understand the funding sources available to you at this point. The first one is the pension. Instead of using your pension to fund the whole financial needs of the business, you can use the pension as the security for your funds. Your business, therefore, pays interest to your pension fund, though you have to pay interest on the fund.
You can also use part of your savings from your job to set up the business, though you need to be careful not to exhaust your funds.
If you have some property, you can sell one and use the proceeds to set up the business. However, be careful so that you don’t spend all the proceeds on the business.
If you have paid off the mortgage on a home, you can borrow using the home as security.
Which Business Options To Invest In
You have so much to think about when it comes to this aspect because you have so many types of options to invest in. Let us look at two ideas that are ideal for your situation.
- Buy to Let
This is the property market, as you know it. You can decide to buy houses on foreclosure, work on them and then let them out to tenants. This means you get monthly payments in terms of rental fees. This is ideal because you can set up the homes in record time and start collecting rent in under a year.
- 2. Set Up a Franchise
Buying a franchise is one of the ways to start earning money right away. Franchises range from professional service providers and restaurants. You need to make sure you put in money so that you grow it. You never know, you might be starting a franchise that will be a name in all homes a few years down the line.
Don’t limit yourself to these two – you can always find a niche that you love and come up with an idea to explore.
How Do You Nail It?
One of the ways to keep up with the intrigues of working into your sunset years is to stay in an assisted living facility. This means you get time to attend to the tasks of running the business without having to worry about taking your medicine or cleaning up. However, you need to be wary of negligence, since some homes have issues. When this happens, talk with a lawyer that offers legal representation for victims of negligence.
Working into your 70s is a joy because you continue to do what you love and get some income along the way.
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