A woman from Oregon has posed a question about resources for women over 60 who would like to start a business, particularly in a rural area. The questioner particularly mentioned grants and small business programs.
I asked Leslie North, a CPA in the Chicagoland area about areas to explore for women over 60 looking for startup funding. Leslie smiled and reminded me of the old adage that if you are a starting a business and need money the banks aren’t interested, but if you have a successful business and don’t need money, banks are VERY interested! The old Catch-22.
That doesn’t mean the answer is no, it means it is time to get to work and be creative. The first stop should be your local Small Business Administration (SBA). Even if you are in a rural area, there is an SBA office (even explore their website) in the closest sizable town. Your local Chamber of Commerce could be an excellent resource. Your librarian. Isn’t it remarkable that we still think of our librarians as limited to checking out books? Librarians are highly skilled researchers — give them a try. Have you approached women’s organizations such as American Business Women’s Association (ABWA), Business and Professional Women (BPW), National Association of Women Business Owners (NAWBO)? Have your talked to your own CPA, attorney, or banker?
Yes, Virginia, there are people who want to help you get your business off the ground, but you must work hard and be creative to find them!
This entry was posted on Tuesday, September 11th, 2007 at 8:21 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.7 Responses to “Starting a New Business Over 60”
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September 12th, 2007 at 6:01 pm
I just learn so much when I read your blog. This one is particularly interesting to me since I am 65 and starting a new business. (not my first) May I also add this, there is much more to a business than just getting it funded. I encourage everyone to visit the sites you listed for any and all support.
September 14th, 2007 at 2:33 pm
[…] Starting a New Business Over 60Entrepreneur - 23 minutesI asked Leslie North, a CPA in the Chicagoland area about areas to explore for women over 60 looking for startup funding. Leslie smiled and reminded me of … […]
September 25th, 2007 at 7:02 am
Bonnie,
I am not quite over 60, but the SBA funded my start-up business 5 years ago. There are some important steps to take to get the funding. Here’s what I did:
1. I started working on my business as soon as I had the idea even without funding. To get clients I gave away my services for 6 months with the understanding that if they got business from my services they would pay for the next six months. This wasn’t easy. Many nights I came home crying to my husband, “I can’t give it away…!” But I kept trying and finally I got 18 clients to say, YES.
2. I wrote a complete business plan with overview and outline of the start-up business. I included spread sheets on how the business would make money and from what sources/clients. These spreadsheets showed planning for 5 years including increases and expenses. I provided research on possible competition and on similar businesses in other states, and countries.
3. I wrote a marketing plan for how the business would be marketed to the community and the types of businesses that would use my services.
Finally I presented my business plan. The SBA rep was so surprised that getting me the funding seemed the EASIEST part of all the preparation.
My business is an Internet business. I provide a way for small businesses to advertise on the Internet whether they have a web site or not. I stand out from my competition because 89% of my clients are found at the TOP of the Search Engines.
Who says over 55ers can’t get with technology!!
If you have an IDEA go with it. I didn’t even have any real results to show to my first clients, but did have PASSION and they are all still my clients 6 years later.
October 18th, 2007 at 7:21 am
[…] Starting A New Business Over 60: Learn how to secure financing if you’re an entrepreneur of a certain age. […]
October 22nd, 2007 at 8:59 am
Hi Bonnie:
At 62, I don’t feel any older than I did at 42, probably because my mind and body never stops due to new business adventures. Just started a beach property watch business…A NO-Brainer… 10’s of thousands of local vacation properties are owned by out-of-towners…as my property was….I worried all the time(a woman’s curse)..what if the pipes burst…what if the fridge goes out..what if somebody breaks in…lordy…from the bowls of my brain came this idea and I thought…surely I’m not the only person that feels this way…with no place to turn….So I started it…on a wing and a prayer. Just put yourself in other folks situations and know there is a need. Public tax records can give you owner mailing addresses. Write an ole timey note to them like we were taught to do…if there’s a need…they’ll contact you. Serve a need…that’s the best business.
October 23rd, 2007 at 11:28 pm
What great comments! Even though I have been blogging for several months, I had no idea how to respond! So much for my position on getting up to speed. Each of you has touched on a different part of starting a business - Linda, thank you for your kind words — you’re right, money is not the only thing in launching a business. Judith, your outline is a great template for those wondering what else they need to do other than get funding and your remarks about passion and going for it are right on the money! Mikell, you too are right on target. We don’t feel any older because we have passion and smarts and we love what we are doing. Life doesn’t get any better, does it? I love how you looked around, saw the need (or what would make YOUR life easier) and then went and filled it. So cool.
Rock on, ladies!
Bonnie
October 27th, 2007 at 5:04 am
[…] Starting A New Business Over 60 […]