How to start a business over 50 is a babyboomer's guide to small business start-up.

1. Starting a Business Over 50
April 1, 2009

2. What is Building Your Business?
Building Your Business with Melinda Emerson is
one of the fastest growing ‘How to‘ brands
today, offering a fresh approach to small
business development that is innovative, cost
effective and above all from a real world
perspective!
Melinda Emerson known as the Smallbizlady
empowers small and medium size businesses
with vital information to start, grow and succeed.
www.melindaemerson.com

3. Who is Melinda Emerson?
• Professional Speaker and Business Coach
specializing in small business start-up,
leadership, and work/life balance
• Self-taught networking guru
• Seasoned entrepreneur with major clients
including Verizon, Enterprise Rent-a-Car, Pfizer,
Comcast and Johnson & Johnson
• Featured in Wall Street Journal, Black
Enterprise, US News and World Report,
Philadelphia Inquirer and US Airways Magazine
www.melindaemerson.com

4. Starting a Business Over 50
This workshop will help you:
• Understand what it takes
• Your life plan
• Your financial plan
• Understand potential pitfalls
• Develop an action plan to pursue small
business ownership
www.melindaemerson.com

5. Starting a Business Over 50
“When You Are An
Entrepreneur,
You Kill For Your Dinner
Everyday!”
www.melindaemerson.com

6. Starting a Business Over 50
According to the AARP,
“25 Million Americans intend to keep
working well into their 60’s.”
Most will burnout in Corporate America
Many will not have the opportunity to
continue in Corporate America
www.melindaemerson.com

7. Special Considerations
• Do you have the energy, health and
emotional fortitude?
• Do you have any other competing
priorities?
• How much money can you afford to
risk?
• Are you ready to transition from a
corporate to an entrepreneurial lifestyle?
www.melindaemerson.com

8. Entrepreneurial Jobs
• Sales and marketing guru
• Secretary
• Market researcher
• Technology expert
• Bookkeeper/Payroll Mgr
• HR Mgr/Therapist
• Bill collector
www.melindaemerson.com

9. Serious Start-up Entrepreneurs
• Love the primary work involved in their
business
• Demonstrate previous experience in the
business or have a plan to gain industry
experience
• Know the realistic expenses for her
chosen business, and has the resources
to risk this dollar amount
www.melindaemerson.com

10. Serious Start-up Entrepreneurs
• Are willing to be coached in how to plan
and run a small business
• Commit at least 20 hours of business
planning time each week
• Update and follow their business plan
• Have the courage to drive ahead when
things don't go right
www.melindaemerson.com

11. The Life Plan
Why Do You Need a Life Plan?
• Determine your goals
• What kind of lifestyle do you want?
• Determine what you will & won’t do
Your business must fit your
personal goals and ambitions
www.melindaemerson.com

12. The Financial Plan
Does this describe you?
– 700 or higher credit score
– Zero debt (including no car payments)
– 12 months of budget to sustain your household
– 6 months salary in emergency savings
– One year’s working capital to start the business
Why is this important?
– Your personal credit is your business’s credit
– It may take a year or more to financial reposition yourself
– Your credit cards, home equity, savings and loans from family and
friends is all you may have in the beginning

13. Basic Start-up Costs
• Rent
• Phone & utilities
• Marketing budget
• Business License
• Business Insurance
• Equipment & Inventory
• Payroll
• Transportation
• Professional services (CPA & legal)
www.melindaemerson.com

14. Business Models
5 Types of Business Models
• Start organically
• Internet business
• Buy an existing business
• Buy a franchise
• Freelance or Consulting
www.melindaemerson.com

15. Basic Start-up Costs
How much money do you need?
Average business needs
$25,000 to start
www.melindaemerson.com

16. Your Business Concept
How Do You Find a Niche?
• Go with what you know
• “You Must Be Kidding” Opportunities
• From Hobby to Money Machine
• Invent Something
• Look at your existing supply chain
www.melindaemerson.com

17. Why Do Small Businesses Fail?
• Failing to plan out their lives as an
entrepreneur
• Not saving enough emergency savings
• Lack of target market focus
• Undercapitalized
• Lack of fiscal discipline
www.melindaemerson.com

18. Action Steps
• Write out your personal long-term goals
• Understand your strengths and
weaknesses
• Clarify your finances
• Research a specific business concept
• Develop a specific timeline to quit
• Anticipate obstacles
www.melindaemerson.com

19. Contact Me
Melinda Emerson
Small Business Coach
610-352-0680
www.melindaemerson.com
melinda@melindaemerson.com