Financial Retirement Planning

Starting a New Business

Starting a New BusinessMany consumers across North America are thinking about starting a new business. These consumers have either been laid off prematurely, retired prematurely or have retired but need something to do in their daily lives and starting a new business is one solution to meet this need to be busy and involved in their lives.

Aside from the fact that many consumers to find themselves in a position where they are able to start a new business, technology is providing many new solutions and opportunities for business people. Whether it is a technology solution that is being offered or technology is being used to enable a small business many consumers are taking advantage of this huge opportunity and creating their own small businesses. Millions of Canadians and Americans this year will develop and start their own small business.

Starting a New Business – Seniors

Seniors and people over 50 are part of the fastest growing group of people who are starting new businesses. The majority prefer to be self-employed and prefer to be their own bosses. Even though they may have left an employee position, they have much more freedom and opportunity when they run their own business. The self-employed are more likely to be educated with over a third of new business owners having a university degree. Women tend to be more successful than men at starting and maintaining a new business.

Educational services and healthcare services are the fastest-growing new business opportunities.

The following segments appear to be some of the major areas the people are starting new businesses in and provide many opportunities.

Starting a small business is not for the fate of hurt. Government regulations, incorporation, banking and technology services that are needed to operate the business, a strategic plan and a business plan, product development service development and marketing plans are all required to develop a long-term successful business opportunity. A lot of hard work and long hours is often required to get the business started and keep it profitable in the short-term.

Increased connectivity – Technology is increasingly leading to a higher level of cooperation between small business, self-employed and larger firms. Larger firms are calling upon the specific expertise of smaller enterprises to complete projects. This kind of cluster of competencies and strategic alliances will be temporary and at the end of a particular project they will dissolve and reform into other groups that are focusing on a particular solution, project or customer.

Growth in outsourcing – “Canadian small businesses are in a co-evolutionary relationship with corporate business in the economic landscape. Small businesses are needed by large corporations to create the necessary reach and depth into local markets as distributors and agents for products and services. Small-business owners also provide temporary manpower in terms of contract services to larger business and government.

Increased demand for personalized products – An aging population means growing sophistication and a rapid change in consumer tastes. This is positive for self-employment as small scale operations are flexible and can support increased demand for personalized services given their ability to focus on niche markets. Small-business owners can focus on providing services to a growing senior population who are unable or unwilling to do much of their own work around their homes and yards.

For more thoughts about changing lifestyles, click here.


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