Tips for Starting Your Own Business

I did not have the education pedigree that I needed to get hired into a career I wanted to try… I didn’t have even a two-year degree. Yet I felt confident I could do that job. I faced an education bias…..

So I started my own business in that field and ended up earning way more than had I worked for someone else. That bias ended up being a positive; it is only because I knew no one would hire me that it even occurred to me to start a business.

I agree it is a little tricky to start businesses. A couple of points:

Keep your investment and overhead very low in the beginning, until you know if your venture will work. I invested $1500 to get started. I did not upgrade equipment, rent a business space or hire anyone until my business generated the surplus income to pay for those things. Service businesses are best… for example being a consultant in your field of expertise.

Second, live cheap. The only criteria determining if a business is successful is if it generates enough income for your needs. So the less you need, the greater chances your business will be successful.

Editor’s Note: This tip was originally submitted as a comment in response to the question Any Ideas for Jobs Post-Retirement?