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Blogging for Dollars
Blogging for dollars might sound like the latest game show or some new drinking game, but it's the latest craze to hit the Internet. Bloggers began blogging for a number of reasons, but as the blog movement has increased in popularity, they have...
Every company, whether big or small, needs to obtain a business credit card
As a business person working in a competitive environment, owning a business credit card is crucial, especially in today’s world where every credit card company is fighting for your business. If you are like many business owners that think that...
Small Business Q & A: How To Handle The Occasional Oop-See!
Q: My company is really in hot water with one of our best customers. I can't reveal exactly what happened, but suffice it to say that we really dropped the ball and the customer is furious. I'm not even sure we can save the account. What's the best...
Tax Savings Tips for the Small Business
Deferring income
Shifting taxable income from the current to the next tax year is
useful only if you expect your next year's income to be equal or
less than your current year's one.
* Waiting for a bonus? Keep waiting. Applies only...
The Demand for Business Security Cameras
Businesses with employees to monitor were the largest purchaser of security cameras prior to the 9/11 attacks in New York City. Up until that time all kinds of businesses were interested in protecting themselves from employee theft of valuable items...
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Small Business Q&A: Entrepreneurs Just Get Better With Age
Q: I'm thinking about starting a business after I retire next month. I'll be 65. Am I too old to start a business? -- Milton A.
A: Milton, congratulations on your pending retirement. I find it admirable that after many years of hard work you are thinking about starting a business. While most men your age would be content to sit on the porch and watch the world go by, you are considering a ride on the entrepreneurial roller coaster. You're certainly tall enough to ride this ride, but are you too old?
Here's my standard answer: It depends. It depends on your health, your energy, your drive, your goals, and of course, your finances. If all those are in good shape and you have your spouse's approval (that's a biggie), then there is absolutely no reason why you should not start a business at your age.
In fact, the numbers are actually in your favor. According to recent studies 22 percent of men and 14 percent of women over 65 are self-employed. That's compared to just 7 percent for other age groups.
According to a Vanderbilt University study the number of entrepreneurs age 45 to 64 will grow by 15 million by 2006.
That's compared to a 4 million decline for entrepreneurs age 25 to 44.
A 1998 survey of baby boomers conducted by the American Association of Retired Persons (AARP) revealed that 80 percent of respondants planned to work beyond retirement age, and 17 percent of those planned to launch new businesses.
The study noted, "Self-employment among American workers increases with age, with the most dramatic jump occurring at age 65."
Older entrepreneurs may also find starting a business easier than their younger counterparts because older entrepreneurs tend to have more experience to draw from and more assets with which to finance a business.
Further evidence comes from a report released by Barclays Bank entitled Third Age Entrepreneurs - Profiting From Experience. The report shows that older entrepreneurs are responsible for 50 percent more business start-ups than
10 years ago. This amounts to around 60,000 business start-ups last year alone.
The survey also showed that today's third age entrepreneurs (as the report calls entrepreneurs over the age of 50) don't mind putting in the hours required to build their business. Nearly 49 percent work an average of 36 hours or more a week.
Third agers also rated holidays, lack of stress and a balance between work and home life more important than their younger counterparts.
The report further showed that only 27 percent run the business as the only source of household income, with 51 percent supplementing their pension.
Other key findings showed that third age start-ups account for 15 percent of all new businesses, and third age entrepreneurs are three times more likely to be male than female. There is a downside (isn't there always?). Many businesses fail within the first few years and older entrepreneurs may be less able to handle the financial loss than younger entrepreneurs.
It's one thing to lose everything at 25, but it's a much bigger deal to be financially ruined at 65.
So my advice, Milton, is that if your health and finances allow (and the Mrs. gives the green light) by all means start your business.
Climb on the entrepreneurial roller coaster and hang on tight.
You get the senior discount, by the way.
Just try not to lose your lunch when things get bumpy and you'll probably do just fine.
Here's to your success.
Tim Knox, Founder For more information on starting your own online business visit http://www.dropshipwholesale.net, the website for online entrepreneurs.
About the Author
Tim Knox as the president and CEO of two successful technology companies: B2Secure Inc., a Web-based hiring management software company; and Digital Graphiti Inc., a software development company. Tim is also the founder of dropshipwholesale.net, an ebusiness dedicated to the success of online entrepreneurs. http://www.dropshipwholesale.net http://www.smallbusinessqa.com
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United States Small Business Administration |
An electronic gateway of procurement information for and about small businesses. Search engine for contracting officers, marketing tool for small firms, ... |
www.sba.gov |
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SBA |
The Small Business Planner includes information and resources that will help you at any stage of the business lifecycle. ... |
www.sba.gov |
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Main Page - SmallBusiness.com - Small Business Resources |
Find Small Business plans, advice, tutorials about organization, corporations, entrepreneurship, and smallbusiness. |
www.smallbusiness.com |
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Yahoo! Small Business: Domain Names, Web Hosting, E-commerce ... |
Yahoo! Small Business provides products and services that enable you to establish and grow your business on the Internet. Services include domain name ... |
smallbusiness.yahoo.com |
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Small business advice business start up small business finance ... |
business start up small business finance start up advice. |
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Smallbusiness.gov.au redirect to business.gov.au |
Business Entry Point - Helping small business in big ways. An Australian Government initiative. The content from this website has now been consolidated into ... |
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Business & Small Business |
Online and print small business publication. Information to help start, grow or manage a small business. |
www.entrepreneur.com |
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Microsoft Small Business Center |
Your home for information about Microsoft's small-business products and services, tailored business advice, technology tools, and more. |
www.microsoft.com |
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The Small Business Advisor - advice for starting and operating a ... |
Advice and assistance for starting and operating a small or home based business. |
www.isquare.com |
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SCORE "Counselors to America's Small Business" |
A nonprofit association dedicated to encouraging the formation, growth, and success of small business nationwide through counseling and mentor programs. |
www.score.org |
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Small Business and Self-Employed One-Stop Resource |
IR-2006-2, January 3, 2006 - Temporary and proposed regulations will significantly reduce tax filing burden for nearly 950000 small business owners. ... |
www.irs.gov |
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Welcome to Small Business BC your business resource in British ... |
BC Business Services offers assistance and resources for those running or starting a business in British Columbia and Vancouver. |
www.smallbusinessbc.ca |
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Small Business Service | Home |
Provides information and advice to help small businesses realise their potential. |
www.sbs.gov.uk |
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NSW Small Business |
A site developed by the NSW Department of State and Regional Development for small businesses. Topics include management, resources, current issues and ... |
www.smallbiz.nsw.gov.au |
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Business Management & Advice: Small Business Resources & Information |
Looking for business management and advice? Our website includes small business resources and information that can help you. Visit the small business ... |
www.businessweek.com |
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Small Business Lawyer, Attorney, Law, Legal Help - FindLaw for ... |
Information and legal sites relevant to small business. |
smallbusiness.findlaw.com |
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Small Business Funding Opportunities (SBIR and STTR) |
Links to Small Business Funding Opportunities and SBIR / STTR Applications. |
grants.nih.gov |
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Microsoft bCentral Small Business Directory |
Directory categorized by industry with company business card feature. |
sbd.bcentral.com |
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Facilitates the sharing and exchange of information among small business development centers, the small business administration and other business-oriented ... |
sbdcnet.utsa.edu |
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Small Business Development Corporation |
Our business information services provides guidance to improve business skills and knowledge on advice on starting, buying, selling and expanding a small ... |
www.sbdc.com.au |
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