Valley Breeze

The Valley Breeze & Observer 05-09-2019

The Valley Breeze Newspapers serving the Northern Rhode Island towns of Cumberland, Lincoln, Woonsocket, Smithfield, North Smithfield, Pawtucket, North Providence, Scituate, Foster, and Glocester

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14 SENIOR LIVING GUIDE MAY 9-15, 2019 | THE VALLEY BREEZE SENIOR LIVING | WORK LIFE Baby boomers are redefining the retirement market with their strong sense of entrepre- neurship. According to the American Association of Retired Persons, the number of entrepreneurs over age 50 has actually doubled since 2007. The manufacturing industry has the highest percentage of business owners aged 50 and older. If you have a great idea and the drive to start your own business, here are some tips to consider. DEVELOP A BUSINESS PLAN To succeed, your business must be based on something you are passionate about. But don't rush into a business without a solid plan in place. Consult with experts in the field you're interested in and also talk to an attorney about establishing a new business. Also look for local resources like business incubators and mentors. Seek conferences and trade associations in your area. FIGURE OUT THE FINANCES Consider the location your company will need to thrive. Is the product something you can offer from a home office or will a brick-and-mortar loca- tion be required? The amount of financial help you need will largely depend on your vision for the business. If you require assistance, don't be afraid to reach out to investors for help. But be wary of the percentage of your busi- ness they own as your opinion may not be valued as highly as someone with a larger piece of the pie. DON'T FEAR TECHNOLOGY Modern technology grants business owners a new way to reach the masses affordably and at the click of a button. Embrace learning the ins and outs of advertising on social media, using networking to your advantage, and reaching out to members in your com- munity for a referral or recom- mendation of your product. Look for classes at your local community college or library. A n enticing option for seniors who are riding the retirement wave but could benefit from extra income is to become their own boss. The flexibility of working for yourself allows the time to partake in the activities you enjoy while still (hopefully) growing a savings account. © ADOBE STOCK Start a Business Content Produced by Green Shoot Media. © 2019 Start a Business To schedule a tour, call 401-949-3880 20 Austin Ave. Greenville, RI 02828 All the Comforts of home. And more. Traditional Assisted Living Two Memory Care Communities Subacute Skilled Nursing & Rehab Memory Skilled & Long-term Care

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