Encore Entrepreneur: Steps to Business Ownership
Is Starting a Business Right for You?
Are you nearing retirement and exploring new opportunities? Or, are you wondering how you will generate income once you retire? A growing number of individuals over the age of 50+, or “encore entrepreneurs”, are turning to small business ownership.
Whether you are interested in starting a small business right away or are intending to wait until after retirement, now is the time to explore the possibilities.
The U.S. Small Business Administration (SBA), AARP and SCORE are teaming up to host an event as part of the Summer of Encore Entrepreneur Mentoring targeted at entrepreneurs over the age of 50. As a resource partner of the SBA, SCORE is presenting a series of workshops which help entrepreneurs test their new business idea and get started on the right path.
These sessions will help you understand the basics of:
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the concepts involved with assessing a business idea,
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marketing your product or service,
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understanding business financials and how they work, and
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how to fund and finance your business.
Free, one-on-one mentoring is also a part of the workshop process.
The first workshop in this series is designed to help you reach a "go" / "no go" decision on whether to pursue your opportunity. Those who complete Session 1 with a decision to move forward, will be invited to 2 more low cost workshops in the series to help them ensure a successful start to their business.
Session 1: Start-up Basics - August 17th
This introductory workshop focuses on the basics of testing your business idea and identifying the key factors that influence start-up success. Start-up Basics provides you with an overview of the skills and tools you need when deciding to start a business. In this session, you learn about: the advantages and disadvantages of owning a business, the most profitable form for your business, licensing requirements, and the fundamentals of formation, organization, marketing, cash flow and funding sources. This session is designed to help you reach a decision on whether you are ready to take the next steps towards owning a business.
Sessions 2 and 3 - follow on August 24th and 31st - address the key steps to business ownership. You will learn how to develop the elements of a business plan including marketing and financial plans and where and how to look for funding sources. You will participate in a case study designed to guide you through the thought processes which you can apply to your own business concepts. Session 3 ends with a self-evaluation to help you decide if you are prepared to move forward.