Starting a business can be a scary prospect for some in New Jersey. It often means leaving a more stable career and taking a big risk. There is no guarantee for success with business formation. These concerns can be even greater if the person starting the business is older. But while the risk is great when starting a business, so are the potential rewards.
Recently many older people have decided to take the plunge and start their own businesses. Many people may see this as too big of a risk, but some say that their experience puts them in a good position to start and run a successful company.
Some experts have recommended a few tips for older entrepreneurs to be successful. One, experts say new business owners should listen to and incorporate ideas from younger staff and other professional connections. Two, it is important to incorporate and embrace new technology. Finally, older people should educate themselves on how much money they will need to start the business as well as sources of financing and competition. With all this information, they can make more informed decisions so they can be successful.
There are many other issues that people at any age must think about when starting a business. They must consider what type of business entity they want to create as well as the financial and tax liability implications of that choice. Furthermore, start-up companies must find space, employees and customers. Each of these things can mean drafting complex contracts that could affect the course of the business for years to come. With the right experienced help, these business formation issues can be handled to give businesses a better shot at success.
Source: USA Today, “On the Job: You’re never too old for a start-up,” Anita Bruzzese, Nov. 11, 2012