SECOND INNING AT CAREER: WOMEN ABOVE 50
If one looks closely, there are various female leaders present around them, the working women, who are female role models who led their whole life leading different roles. They have been managing both their work life and family life, not only played supportive roles but the leading roles in both aspects. From being the head of the family inside the house and a boss with a strong voice outside the house, these women have always led the full of self-respect, confidence and financial independence.
In the current situation of women entrepreneurs in India, these women are evident role models who have overcome various situations and have the hustling quality which makes them perfect for their second innings at having a career. As their retirement age approaches, their lifestyle and routine will create a need for them to start a second inning and entrepreneurship is a feasible option.
The start-up options for women aged above 50 are unlimited and those who are eager to start a business must follow this advice:
- Preparation: Starting from the ground zero might be difficult after playing a leadership role in the organisation. Finding a mentor, a person who could guide along the new path can be a great first step. If one is looking for learning new skills in marketing or finance, they should sign up for a community college or certification program. There are different platforms one can look for advice at including the local Small Business Development Centre for assistance, too.
- The Future Prospects: The second step essential is to be aware of the relevancy of solutions one is looking to provide. They should look forward to spending a lot of time talking to future customers or people in that category. Trying to find solutions to questions like what are their needs is an essential brand-building exercise. It is also a great marketing step as one is letting people know that they are going to be starting a business.
- Write a business plan: Crafting a business plan is one of the most important steps for any startup as it guides the entrepreneurs at every step. The constant hustling requires a plan and sometimes, one may find challenges in the plan itself. Hence it should be taken care off at priority.
- The Plan: Starting with a simple plan that outlines the key areas of focus is a good option. This should be simple yet be systematic and show results as the one will have to submit it to get financing. It should extensive around 20 pages. The business plan will include a summary of what the company will do, the products or services it will offer, who the customers will be, why the entrepreneur staring it is qualified to run it, how they will sell the goods and services and the company’s financial outlook.
- Planning the key elements: In the business plan, one must also look for the specifics i.e. detailed description of the business, its location, the management team and the staffing requirements as well as a market analysis about the industry. Along with these factors, competition and sales and promotional strategy to reach the customers or clients should also be included. The plan must have a realistic forecast of start-up outlays and how much one expects to sell and to earn.
- Manage Personal finances: Personal finances are the most essential part when one starts a business. Deeds notes, personal finances and business finances are three inseparable elements. One must know the finances needed every month to run the business and for your personal life and prepare accordingly. Cutting down personal expenditures ahead of time for that year or two before one starts earning an income should be an essential step on the list.
- Line up sources of funding: There are various sources through which one can opt to fund their start-ups including their savings. It is advised to the women entrepreneurs who are looking to start their second innings with entrepreneurship that they should set aside at least six months of fixed living expenses and try not to dip into the retirement savings as it can result in being subject to withdrawal penalties and income taxes and will lose the tax-deferred compounding that could serve you well in retirement.
- Managing Loans: In case, friends or relatives lend the money interest-free or at a low rate, get it in terms of writing to avoid potential misunderstandings about interest and repayment. If one thinks that borrowing this way might have the possibility of turning ugly, they must pursue an economic development program for financing.
- Get started with sorted accounts and taxes. Accounting and taxes are the most essential elements of business needed to be handled carefully and timely. With digitalisation, a sole entrepreneur can easily make sure that they understand sales tax law. One should be open to know about the new technology and be more familiar with small business taxes at the beginning to avoid tax headaches you’ll have in the future.