Baby Boomers are finding themselves out of work and not being able to get a new job. College grads are having difficulty landing a job in the field for which they just spent 4 (or more) years studying. Many retirees took part-time jobs and now cannot find one.
What do all of these people have in common – other than being out of work or not finding the right job? Many are choosing to start a business of their own. They have decided that business ownership can give them the opportunity to take control of their future.
Baby Boomers and retirees are most likely looking for a business that can be part-time, meaning they can work just the number of hours they choose per week or month. Others will be seeking a full-time business, and often want flexible hours. There are a plethora of business models available today to help the aspiring entrepreneur (no matter what their age is) find a business that is suitable for them.
Start-up kit, license agreement, business package, or franchise
There is always the option to start from scratch without anyone’s help or support. Other options, which give various levels of assistance either just at start-up, or continuing through years and years of owning the business. Start-up kits are normally in the low hundreds of dollars, offering just enough to get started (thus, “start-up” kit) and then you’re on your own. There are licensing agreements and business packages that provide various degrees of assistance from being very similar to a start-up kit to offering features and benefits that are similar to most franchises. And then there is the franchise industry. The investment is normally quite a bit higher for a franchise than any of the other business models.
8 questions to ask yourself
- Am I looking for a business that creates a product or do I want to offer a service?
- Do I have the funds to start my business?
- Would it cost more to do it all on my own, or is the business investment less expensive in the long run?
- Do I know what it will cost in addition to the initial investment?
- Is the owner/manager of the business I’m interested in available to answer my questions?
- What is my time frame of when I want to be ready to do business?
- How much assistance do I need/want?
- Will this business give me the flexibility/hours I want to work?
These 8 questions will help you create a clear picture of what type of business model is a good fit for you. The options are endless!