Is Starting a Small Business Right for You?

♪ music ♪ >> [female speaker] This is John. John is 58 and at a crossroads. You see, he's looking toward retirement. But he's been out of work for a while, and the job market hasn't been very kind. So, in the meantime, John has enjoyed spending time doing the thing he loves—making fishing lures. But now it's time to get back to work, and John needs to plan what's next. He's thinking about turning his part-time hobby into a full-time business. But does John have what it takes to be a success? [Is a small business right for me?] There's a checklist to help him find out. John, do you have a passion and commitment to making fishing lures? Are you comfortable with taking a calculated risk? Are you able to juggle many goals, tasks, and decisions? Are you emotionally and financially ready to take the plunge? Having answered yes to all these questions, John's ready to take the first step. [My Plan] Advice to John: Make a plan. Write it down, and develop it into a formal business plan. Figure out how to structure your business. Will it be on-line or a brick-and-mortar business? Will you go it alone or hire employees? Next, determining the finances. First, figure out how much you'll need. Then, research where you can get it— through loans or grants, investors, or family. Just don't tap your retirement savings. It's probably not worth the risk. Finally, create a marketing plan. Make a plan for how you will tell people about your fishing lure business. Once you've taken these steps, you're ready for all the real possibilities of starting a small business. For more information and resources on starting and growing a business, Check out our website, www.AARP.org/StartABusiness. [AARP Real Possibilities]