Starting a Business
Your Entrepreneurial Financial Profile
When it comes to financial considerations, there are basically two groups of prospective
business owners among the 50-plus age group:
- Those who are already well fixed for retirement income.
- Those who wish to supplement their retirement income so as to lead a more
comfortable lifestyle.
Within each of these groups is a subgroup, making four categories in total.
Review each of the four categories below. Select one category based upon the financial
reward you expect from owning your own business.
Your selection should give you a pretty clear idea whether the money you desire to make
from owning your own business is a pleasant add-on to your retirement income, or whether
it will be a critically important part of your overall financial security.
This selection will help you determine how much investment of time and money you
are prepared to make when launching your own business.
_____ Category 1 - You are married and are able to cover all of your family living
expenses out of your current retirement income (may be a combination of one or more
of the following sources for you and/or your spouse: pension, social security, and
investment income), but you are seeking some extra income to enjoy the "finer things in
life".
_____ Category 2 - You are married and have a fair retirement income, but desire
the extra income to provide a "safety cushion".
_____ Category 3 - You are unmarried, widowed or divorced and can cover all of your
living expenses from your current retirement income, but would enjoy some additional
income to give you more peace of mind.
_____ Category 4 - You are unmarried, widowed or divorced and are unable to
completely cover all of your living expenses out of your current retirement income.
You seek additional income to give you a greater sense of security.
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