The midlife crisis is real, so starting a business instead of laboring in a career makes sense. However, it is not simply a reason for someone to find a new, younger sexual partner or an excuse to wear hemp while wandering barefoot on a third-world beach. According to a study published by the Institute for the Study of Labor, the average person from a first-world country will experience the lowest level of happiness between the age of 40 to 42.
Given that it will most likely happen, our choices are to create something new and exciting or regain youthful experiences that are no longer there for us. Research from Oliver Robinson and Gordon Wright shows that a career change is a healthy way to combat a midlife crisis.
Get Your Head Right
Technically called a midlife nadir; this is the lowest point of overall human well-being. This means that you are starting your new dream business from your lowest emotional state. Before you get into business plans and investor relations, you need to be clear with your needs and goals. And you need a support system. Talk to your spouse and be emotionally and financially honest. Let’s face facts. If you cannot convince someone who loves you about the viability of your business, you have little hope of getting an investor to support your dream.
Have A Plan
With your support system of friends and family lined up behind you, it is time to create a plan. Most experts agree that starting a business plan is essential to a successful startup. The Small Business Administration is a vital resource for entrepreneurs, offering step-by-step instructions on building a plan. Make particular you have a solid budget that includes reserves for equipment, money in savings for emergencies or expansion, and an exit valuation strategy that forecasts five years into the future. And, make sure you budget money for business insurance.
Find The Money
If you need capital to start your business, there are ways of accessing the cash tied up in non-liquid assets like insurance and structured settlements. Look at the J.G. Wentworth Twitter feed to learn more about selling your future structured settlement payments for a lump sum of cash now.
If you do not have these resources, you may need a venture capitalist. One of the benefits of undertaking a new business venture midlife is that you have financial resources. Investors respect the wisdom that comes with age, so you are bringing experience equity to the table. When you approach an investor, do so from a professional consultant’s point of view. Make your proposal reflect the monetary value needed if your business hires you as a consultant.
Beginning Marketing Before Production
Your support system is your marketing team. Social networking is the marketing method for new businesses with a shoestring budget. The moment you have buy-in from your support network, create your social media profile and begin to request followers.
For an excellent social media campaign, you will want a minimum of 500 “likes” on Facebook and 500 Twitter followers. Using other social directories like Pinterest or Instagram will depend on whether or not your business can use photographs for promotion. With social media marketing, “the ask” is essential. Tell your family and friends exactly what you need from them. If you need your information shared, then tell them to share it.