Tag Archives: online business

You’re Never Too Old To Start A Business

Another great article I found at Richmond

Enjoy!

QUESTION: I recently retired, am not a very good golfer, and not sure where to volunteer my time. Perhaps I should start a small business. Am I asking for trouble?

ANSWER: You have reached another milestone in life. Retirement is a major lifestyle change.

You no longer have to punch a time clock, and no one is coming to you for advice and counsel. You have time on your hands and no idea how to spend it.

At this juncture, I can’t resist putting in a plug for SCORE, a national organization of volunteer business counselors. If you want to help young entrepreneurs and share the knowledge you have attained over your long career, consider becoming a SCORE volunteer.

As far as you starting a business, you are never too old.

For instance, Mary Kay Ash founded Mary Kay Cosmetics in her mid-40s.
And J. Harwood Cochran, who founded Richmond-based Overnite Transportation Co. in 1935 and built a trucking empire before he sold it in 1986, went on to start Highway Express Inc. trucking company at age 79 in 1991 and sold it in 2003.

Regardless of age, you start by developing a written business plan.

Pick something you have both background and passion about. Ideally it will fill an under served niche that has little competition.

A major consideration is finance. You are at a point in life where you no longer generate a paycheck.

In addition to business startup costs, you will require enough working capital to pay the monthly bills until you reach break-even (income versus outgo), usually six to nine months.

The value of a business plan is that it enables you to assess your strengths and weaknesses. It makes you focus on all the elements of running a business.

You will find you must wear many hats, some of which you are ill-suited. Do you muddle through or consider a partner who contributes in those areas you are least competent?

Do yourself a favor before you spend a dime: Develop a business plan.

Gray Poehler is a volunteer with the Richmond Chapter of SCORE, Counselors to America’s Small Business. To ask a question or request free and confidential business counseling, go to Richmond.score.org/mentors. A counselor will respond. Select questions and answers will be featured in Metro Business. To learn more about management issues facing small business and SCORE’s workshops, go to the website or call (804) 350-3569.

New Online Stronghold

A very Interesting Article from www.taxassist.co.uk

News: 21st August 2015
Northern England: the new online start-up ‘stronghold’?

Manchester has taken the crown of the UK’s biggest online small business hotspot, with London surprisingly left trailing behind in 26th place.

That’s according to a recent study of Britain’s most active web regions for ambitious small firms, carried out by eBay, which placed Lancashire and West Yorkshire firmly at the top of the UK’s web start-up tree.

eBay’s business ‘Digital Density’ ranking is calculated on the volume of small online retail businesses operating in a region and their sales, as a proportion of the local population.

Although there are more solely-online businesses operating in London, other areas of the country are showing signs of more concentrated hotspots for these kinds of start-up businesses.

An eBay spokesperson said he anticipated northern cities to enjoy an even greater stronghold on online start-ups in the future.

“Our research shows that technology is opening up tremendous opportunities for small businesses across the UK, with digital clusters spread across the country, particularly in the North West.

“The region has a proud history as an industrial powerhouse – but today it’s economic potential is intertwined with tech rather than textiles.

“Our technology is now breaking down barriers to global markets by allowing small businesses access to products and services that were once the preserve of large firms, such as smart shipping, international payments and translation.

“The North West, and Greater Manchester in particular, is well placed to capitalise on this with its successful universities, famous football teams and legendary culture, making an attractive proposition for budding entrepreneurs who might otherwise have been tempted by London.

“This, combined with improved infrastructure across the north, means that we may well be witnessing the birth of a new stronghold for start-ups.”

John Allan, national chairman, Federation of Small Businesses (FSB), believes small businesses are becoming increasingly durable and confidence appears to be returning to pre-recession levels.

“We welcome the emergence of digital hubs in the North West,” said Allan.

“Small business confidence is high across many areas of the UK and companies are in a robust mood.”

Mr Allan attributed the growth of northern digital hotspots to improved access to finance, additional investment in digital infrastructure and the cheaper running costs in comparison with the capital