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Business planning for New Jersey "encore" entrepreneurs a must

The number of people in New Jersey over the age of 50 that are branching out into business for themselves is on the rise. What the Small Business Administration and AARP have dubbed "encore" entrepreneurs are people that have finished one career and want to work for themselves as they enter retirement. What many of these people are discovering is that without solid business planning, their dreams of being an entrepreneur aren't going to happen.

It's not enough to take an idea and run with it. Most businesses can take years before they actually see a profit and some people end up working harder and longer than they did when they worked for someone else. Still others are struggling with whether to go all in with their own money at this stage in their lives.

The Small Business Administration may be able to help with funding. Also, the newly opened New Jersey Small Business Development Center offers to help people find a business that utilizes an individual's talents and strengths. There is help available to those who need it.

It's no longer necessary to be young to realize a dream, but it is necessary to do some business planning prior to starting a new business. Anyone could be an encore entrepreneur. It may take longer to get started and slower to really take off, but there is no reason to let the fact that a person is over the age of 50 and already has a career in the rear view mirror dictate whether it's possible start again as the boss.

Source: nj.com, "Founding a business at 50 and beyond, N.J. workers prepare for their encores," Stacy Jones, April 30, 2013

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