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Business Insider

Starting Your Business After 50 – 7 Keys to Success

We 50+ Boomers are now the fastest-growing group of new business owners in the U.S.

We’re being attracted by the freedom to act upon our ideas as we see fit, the chance to achieve much better balance between our work and leisure lives and the opportunity to enjoy a source of income that’s only limited by our personal ambition.

But, as attractive as self-employment may appear at first glance, it’s important that you carefully consider the following seven criteria when considering whether to take the plunge.

Look for a business whose work will truly engage you. This is especially important if you’re feeling burnt out emotionally from the demands of your corporate career. A good starting point for identifying the right business idea for you can be to visualize how you can turn your favorite work activity in your corporate career into a business, or examine a long-held hobby to see if you can turn it into a full-blown business.

Understand the income potential and whether it matches your needs, and how much you are comfortable investing. Take a hard-nosed look at startup costs, your local competition, and your willingness to risk your savings. Take into account the fact that it takes most new businesses at least three years to break even – if they last that long. Later in life is not the time to shoot craps and risk your financial security. It’s worth sitting down with a reputable accountant who has worked with lots of startups and who can help you determine how much of a gamble you’re willing and able to take.

Match the physical demands of your chosen business to your energy level. A business that requires putting in long hours every day, or hard physical labor, may not suit you at this point in your life. On the other hand, if you love the outdoors, planning and planting landscaping or working in one of the building trades, by all means dig further into the possible business opportunities, but be honest about the sustained physical stamina that will be demanded to earn a steady income.

If day-to-day variety is important to you, rule out businesses that involve doing the very same thing for each customer. The idea here is to find something that will keep you passionately interested. Not every detail of running a business is equally interesting, but you want to assure that your business offers enough different experiences so that you remain eager to get up every day and run your business.

Do you love or hate technology? While most businesses require some computer use, consider the extent to which you’ll need to use other technologies – like wireless gadgets, the Internet, and various types of software – to help you manage your business. If you hate technology and would rather not bother with it, can you afford to hire technical help?

Consider if you’re ready to learn a complete new set of skills or primarily wish to build off of skills you already possess. Every new business owner has to learn some new skills, such as office administration or Internet marketing. But, it’s very important that you honestly assess how well you know the “nuts and bolts” of your prospective business idea, otherwise you face a steep learning curve your first year in business, at the same time you face the daily demands of selling your product or service.

If you find you’re drawn to a franchise opportunity, make sure you determine the total expected investment for the first two years. Be aware that, with a franchise, you will always have a business partner – the franchiser – who takes part of your income. Proceed with caution when considering a franchise: Talk with others who have bought outlets from the same company; make sure you understand everything the franchiser will expect from you (including how disputes, if any, will be resolved); and hire an attorney who specializes in franchising to explain the franchise agreement to you in detail.

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Business Law

Car Insurance Claim After A Car Accident In Ontario

Insurance companies are often very a lot hated, especially medical insurance corporations. In an effort to fulfill an agent’s obligations beneath the USA PATRIOT Act, an agent should know the supply of the funds that a buyer will use to purchase a life insurance coverage policy or annuity. It’s also a good idea to let the insurance coverage company know should you move or change your telephone quantity. If the process code, or service, begins with ‘992′, you’ll want to call your insurance firm and allow them to know your visit was a publish-op visit and billed as an everyday office go to.

Ask your neighbors, mates, co-staff if they have ever heard of them, or what there experiences have been with the corporate that they had chosen. Standards for due diligence have been set by FATF in Suggestion 5 (Customer Due Diligence and Report-Holding) of its 40 Recommendations, which is acknowledged because the international customary for combating cash laundering actions. If you haven’t provided proof of an out-of-pocket expense, for example, then the insurance firm will take the place (understandably so) that you simply’re not entitled to be compensated for that a part of your loss.

Though the insurance business consists of companies that ultimately may be exempt from the AML program necessities, it is rather clear that issuers of life insurance and annuity merchandise face significant exposure to cash laundering and terrorist financing schemes and threats. However when you buy insurance coverage, all policyholders pay premiums so that there is sufficient cash to pay your claims and the claims of others.

Nevertheless, to the extent that these merchandise have funding or saved value options with transferability, the anti-cash laundering rules would include them. Provisions: An inventory of actions a policyholder should take as a way to make an insurance declare. In contrast to previously the place one needed to go to company offices, the client can visit the corporate’s web site on-line for sooner transactions and declare dealing with.

Insurance coverage firms spend a fortune on promoting designed to dupe us into viewing them as our associates however when it comes time to file a claim, it is important to do not forget that your insurance coverage company is in business for itself and not for you. Permanent life insurance coverage policies are especially attractive for this function: the cash value account is obtainable for surrender, and partial withdrawals or loans can be found inside a relatively brief time after policy subject.

Unfortunately, if you have been offered life insurance by a friend or relative, or if you sought out life insurance from an agent, chances are you could have a cash worth coverage. Don’t stick with the same insurance coverage company out of behavior to avoid the hassel of adjusting automotive insurance firms – until you are fully satisfied with them. Some travel agencies and highway and travel clubs also routinely subject journey accident insurance policies, and employers sometimes pay dying benefits to staff who are killed whereas touring on firm business.