The Pros and Cons of Becoming an Entrepreneur as a Senior

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StrategyDriven Entrepreneurship Article | The Pros and Cons of Becoming an Entrepreneur as a SeniorSeniors typically have a lot of time on their hands after they retire, and after being retired for a few years, it’s common for them to want to take up a new hobby, learn something new, and for some, to start a business. Some seniors have great success as an entrepreneur in the elderly years, especially those that either ran a business or worked for a successful one before.

If you are a senior and have aspirations to become an entrepreneur, you need to think about a business plan in order to be successful. What are you selling/what is your service? Do you have experience in this field? Do you have a legitimate chance at becoming successful/how long will it take to become successful? Here are some things to consider.

What are the Pros of Becoming an Entrepreneur as an Elderly Person?

Becoming an entrepreneur as a senior has many pros, here are a few:

You Can Live Comfortably in Your Elderly Years

If your business becomes successful, you have the opportunity to live extremely comfortably in your elderly years. For many seniors, it’s hard to live comfortably when on a fixed income, however, if you become a successful entrepreneur, you won’t have to worry about living frugally any longer.

Living comfortably in your older years can open a lot of doors for you. You will have the chance to go on that dream vacation you have been dreaming about, you’ll be able to live where you want, go where you want and you won’t have to rely on social security.

You Will Pay Your Debts

In addition to living comfortably, you will be able to pay off any debts that you may have. Whether you have debt from buying a home, credit card debt, medical bills you need to pay, or any other kind of debt, becoming an entrepreneur will be able to help you pay off all of those debts. You will also likely be able to keep yourself out of further debt as long as your business remains successful.

An employee from a retirement community in PA pointed out that it’s refreshing and comforting to see elderly residents live debt-free and no longer have to worry about paying off years of debt.

What are the Cons of Becoming an Entrepreneur in Your Golden Years?

Though there are copious benefits of becoming an entrepreneur in your elderly years, there are also some cons that can be extremely detrimental to your overall well being.

The Start-Up Cost

Becoming an entrepreneur is rarely cheap, in fact, it is often fairly expensive and can end up costing you large amounts of money. If you are living on a fixed income and are solely dependent on social security and your savings, you may want to reconsider becoming an entrepreneur unless you are sure your business will thrive.

If you truly want to become an entrepreneur in your elderly years, but you recognize the start-up cost can be an issue, consider starting out small. Instead of creating an entire business from the ground up, start a part of your business to see how successful that is so you don’t end up losing money.

Additional Life Stressors

Seniors are especially susceptible to stress and this stress can have an extremely negative impact on their health. Seniors that experience large amounts of stress may not be able to handle it the way that they used to or the way that younger adults do, and becoming an entrepreneur sets a person up for large amounts of stress.

Once up and running, your business may not be stressful, however, starting out most likely will be and this can not only take the joy out of becoming an entrepreneur, but it can also affect your health as a senior citizen. Think about how to either avoid stress as an entrepreneur or rethink your business plan.

Make The Choice That is Right For You

Whether you chose to start a business or not, it’s important that you make the choice that is right for you. If becoming an entrepreneur in life has been your dream and now is your chance, create a business plan, and do your best to get rid of the cons. Like any major decision in life, there are pros and cons, so as long as you make your choice favoring the pros, you are bound for success.

About the Author

StrategyDriven Expert Contributor | Kelsey SimpsonKelsey Simpson enjoys writing about things that can help others. She lives in South Jersey and is the proud companion to two German Shepherds and spends her free time volunteering in dog shelters.

Tips for Giving Your Business a Successful Global Presence

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When you are trying to run a global brand it is so important to understand what this entails. You need to try to make the most of any opportunities you get to improve the business. There are a lot of things you can and should do in order to help take your company international and develop a strong global presence.

Modern businesses develop in a lot of ways, and one of the best things you can do is to think about the changes you need to make in order to help make the most of this. Now, there are a lot of things you are going to have to get right when it comes to giving your company a global presence, and these are some of the best ideas that can help with that.

Diverse Employees

One of the best ways of turning your business into a global brand and trying to make positive changes in the future is to ensure that you are hiring a diverse body of staff. Trying to bring in people from all walks of life, and with different backgrounds and cultures is really important. You are going to have to figure out the best way of being able to achieve this. Do as much as you can to figure out some of the best employees you should be hiring as a business right now.

Professional Translators

Something else you could do to really set your business apart from the rest, and make a great impression moving forward is to hire professional translators. This is a hugely important move when it comes to impressing foreign clients, and showing them that the business cares about them. Head over to this website and check out the services they offer, so you can see what it takes to make the most of this and find the ideal translators for your business.

Rebranding

You have to do as much as you can to ensure you have a business that is perfectly suited for a foreign marketplace, and the way to achieve this is to work on rebranding. You have a lot you need to keep in mind when it comes to improving and assessing the best ways of being able to do this. Sometimes, you might find that things get lost in translation, and this means you need to consider a rebrand so that your company is in the best condition it can be to thrive in a foreign market. One of the things that is going to help you the most is to think about the cultural differences between the country you want to build a presence in and the one you are from. Getting this right could make all the difference when protecting your company.

As you can see, when you are trying to run a successful business it is important to look at how you can turn it into an international brand. Now, there are plenty of ideas that will help you with this, and trying to launch a business abroad isn’t exactly an easy proposition. Follow these ideas and you will be well placed to make the most of this right now.

How to Successfully Market a Niche Business

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StrategyDriven Marketing and Sales Article | How to Successfully Market a Niche BusinessMarketing any business is a tricky process. There are many different elements to consider, from the target audience to the allocated budget. Then there are all the different advertising channels available, where you have to try and figure out which ones work best for a business.

It’s difficult, right? Well, throw a specialised niche into the mix, and the challenge becomes even more severe.

Or is it?

While working in a particular niche will limit the options available, there’s still plenty of potential to craft a killer marketing plan. It just depends on how you approach the task. To help you out, here are a few tips on how to successfully market a niche business.

Know the audience

As with any business, any marketing plan begins with getting to grips with the audience it is targeting. You need to understand why customers decide to shop at your niche business. You also have to figure out what might be turning them away, and if there are any potential opportunities available that are currently untapped.

Remember: this is more than just the basics like gender, age range, and income. You must gain a deep understanding of their behaviour patterns and preferences.

Use the right content

Once you understand the audience, you’ll already have a firm grasp on what type of content will work to bring them in.

For instance, if you were promoting a law firm, flashy graphics and funny videos are not exactly suitable. The audience you are targeting is one that seeks a company that exudes professionalism and expertise. Posting cat memes is only going to reflect badly on the law firm.

Get the content right, engage with the audience, and start reaping the rewards.

Don’t avoid local customers

When you’re marketing a niche, it can be easy to try and cast a net wide in an attempt to capture every potential customer. This is a possibility depending on just how specialised the niche is, of course, but you shouldn’t lose focus on an important aspect: the local audience

In fact, certain specialised businesses depend on their local customer base. To use an example, a reputed accountant, Liverpool based firm is Alliance Accounting. Despite their reputation and expertise, their main targets are clients that are in Liverpool and Sydney. The reason is simple: people from other areas of Australia are less likely to travel across the country for an accountant.

Listen to feedback

If you’ve created a business from scratch, you might have a tendency to ignore any feedback that goes against your grand vision.

Never do that.

It is fine for you to feel proud and be protective of your company. However, any business needs to listen to its customers. If they have a valid point, require assistance, or are simply there to complain, respond to them. If you do it in a respectful, self-assured manner, this will reflect well on your business and may even turn complainers into loyal customers.

Feedback will also help you to shape your marketing plan. After all, your marketing strategy should be one that’s open to change. Continually refine your approach, and you will be able to reach a more considerable number of targeted customers.

Property Investment 101: What Is a Real Estate Broker?

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Property Investment 101 What Is a Real Estate BrokerMany millionaires say one of the best ways to get rich is to invest in property.

That sounds like a solid plan and easy enough to pull off. But the actual process of buying a new property can be very technical and difficult to work through. Which is exactly why you may need a real estate broker.

Let’s take a deeper dive into what is a real estate broker and how they can help you.

What Is a Real Estate Broker?

There is some confusion among people new to the real estate industry regarding the titles “real estate agent” and “real estate broker”. They are, in fact, two different jobs.

A real estate agent is the bridge between the prospective property and the potential buyer. Agents often handle a lot of the research part of buying by matching listings to their client’s needs.

They work with the agents from the other side of the sale to find a deal that works for everyone. They then help their client through the closing process.

A real estate broker, on the other hand, takes their responsibilities one step further than an agent.

These individuals have completed more educational training than agents. In order to be given this title, they must pass another exam and be certified. This extra training includes deeper knowledge of real estate law and complicated transactions.

Real estate agents must work under a real estate broker. This is done to ensure that quality service is being given and standards are upheld.

A broker can work for themselves, work under another broker, or start their own brokerage. So they have a few more options than an agent or realtor.

What Does a Real Estate Broker Do?

The extra training that a real estate broker receives allows them to handle more during a property sale transaction.

A real estate broker can represent either side of a transaction (selling or buying) and each role comes with a few different responsibilities. Let’s take a deeper look into exactly what do real estate brokers do.

Seller Transactions

When a real estate broker is helping a client sell a property their main goal is to ensure that the desired price is obtained.

One of the first ways they do this is by helping their client get the property ready to sell. They won’t be doing the handy work, but instead, advise on things that could make the property more appealing.

Before someone can become a real estate broker they must be a real estate agent for at least three years. That time gives them a lot of experience in understanding what will help a sale and what won’t.

After the property is ready, they then list it on the MLS and other real estate sites. The broker will handle the advertising efforts needed.

When an offer is made on the property, the broker will handle the delivery. They will then advise on how to proceed (either countering the offer, accepting, or declining). Once an agreement has been made, the broker will help their client through the whole closing process.

A broker is especially helpful in the sale of a complicated property. They will know the best course of action to receive the best outcome.

Buyer Transactions

The responsibilities of a real estate broker who is working for the buyer-side of a transaction are fairly similar.
Instead of helping to list the property, they will use a list of client needs to search available listings and find one that fits. The broker will help facilitate any walk-throughs and viewings of the property.

Then they will help their client submit an offer, work through the negotiations, and eventually through closing on the property.

Other Roles

One of the main roles of a real estate broker is to help others perform their duties in the real estate industry.
A principal real estate broker is in charge of all of the real estate agents in their office. As we mentioned earlier, a real estate agent must work under a licensed broker in order to comply with the law.

This broker will oversee transactions and step in whenever they become complicated or difficult.

Principal brokers are often involved in real estate broker sponsorship as well. Any new real estate professional has to work with an approved, qualified person to activate their new license. This type of mentorship sets them up for success.

When to Hire a Real Estate Broker?

Most often during the sale or purchase of a property, the client won’t work directly with a real estate broker. They are more commonly involved with the big picture and overseeing all the agents in the firm.

It’s really beneficial to hire a real estate broker when you are working with a more complicated scenario, though. This might include a foreclosure, a short sale, or a multi-part property.

These sales have different requirements under the law and a real estate broker will have the training to understand these requirements.

Though not necessary, working with a real estate broker can bring greater peace of mind through your transaction. Their extended knowledge will give confidence that the transaction will be handled properly.

Find a Real Estate Broker

Real estate investment is often a very smart financial decision. This type of ownership can have real, lasting positive effects on your financial health.

But this type of investment is also intimidating, and sometimes, complicated. When these transactions are more than you can do on your own, hiring one of the more than 465,000 real estate professionals can make a big difference.

Now that we’ve answered, “what is a real estate broker” you can find the right one to work with. And they can find you the right property to invest in!

If you are interested in learning more about how to achieve maximum success in business, check out our other articles!

Tips for Being A Landlord

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StrategyDriven Entrepreneurship Article |Being a Landlord|Tips for Being A LandlordA business idea that you might have had to make a good amount of income is to be a landlord. If you already have a suitable property, perhaps because you inherited it or you have moved in with a partner and now have a ‘spare’ house or apartment, then the idea might seem even more interesting. Even if you decide to be a landlord and then buy a property to make it happen, it really can be an excellent way to make some money. How much money will depend on the property and the area, but if you are making more than you are paying on your mortgage, you will be doing well.

To be a successful landlord, you need your property or properties to be occupied more than they are empty – an empty property is a serious issue and will result in a loss of money. Therefore, you need to be a good landlord to keep your tenants happy. Here are some ways to do it.

Customize the Lease

You can get a standard lease form at many different places; you can even download it online. However, to be a good landlord, and one that tenants will be happy to stay with, you should customize the lease. This means ensuring that both you and the tenant are completely happy with everything included within it.

You can take the standard lease form as the basis for your customized lease, and then add specific clauses and take others out. You can make the lease wholly unique and personal to the situation. One good thing to include in any lease, no matter what else might be written there, is that your tenants need to have Insurance Geek renters’ insurance. Then you will know your property is protected.

Allow Changes

For the most part, if a tenant asks you for permission to make changes within the property, it is a good idea to say yes. Not only will it keep your tenant happy, but it will most likely save you money in the long term. If the tenant is willing to pay for a new kitchen, bathroom, flooring, or even if they are just happy to do some cosmetic work and make some updates in that way, it means you don’t have to do it yourself, so it’s good all round.

To make sure you are happy with the work, it’s a good idea to have some provisos; you can say that changes can be made, but you want to inspect the work when it’s done, or you want to look at the plans before any work is started. This is your property, after all, and you need to make sure that any changes made are not going to make it worth less or be less desirable.

Make Repairs

Although your tenant might be more than happy to make small repairs around the house, they do not have to (unless the lease says they do, of course, but this is not the usual way that a tenancy works). One of the benefits to renters is that their landlord is responsible for making repairs around the home, so don’t be surprised if you get a call or email from your tenant asking you to do this work.

To show that you are a good landlord, you should make any necessary repairs promptly. This will protect your property and ensure your tenants are happy to keep living there.