BMO Harris Bank Financial Tip of the Week: Advice to 'Boomerpreneurs' starting
their new business
CHICAGO, Oct. 25, 2012
CHICAGO, Oct. 25, 2012 /PRNewswire/ -- As part of BMO Harris Bank's ongoing
commitment to financial literacy and Helping Make Money Make Sense, BMO Harris
is providing weekly financial tips. This week's tip offers financial advice to
"Boomerpreneurs" launching new businesses.
The "Boomerpreneur" trend, which involves individuals on the cusp of
retirement looking to realize their self-employment dreams, appeals to many
for a variety of reasons.
For some, the change has been forced upon them by the tough job market. Others
are taking the leap to escape boredom, become their own boss, pursue a passion
-- or simply in hopes of striking it rich.
Whatever the motivation, entrepreneurs face a tough road.
So how can you beat the odds if you want to join the boomerpreneur boom?
While there are many benefits to opening a small business in retirement,
'Boomerpreneurs' should understand that entrepreneurship involves an enormous
financial commitment that is best managed with the assistance of a financial
professional. Lack of sufficient preparation could have a negative effect on
the business owner.
BMO offers the following tips to Boomerpreneurs-to-be:
oDo your research: Take advantage of the resources and network you have
built over the years and learn all you need to know to set up your
company. This includes gaining industry insight, arranging a new phone
number, deciding whether or not to incorporate the business and looking
into the potential tax implications.
oConsider the pros and cons: Think carefully about why you want to start
your own business. Being your own boss can offer some flexibility.
However, other sacrifices, such as longer hours and a possible decrease in
cash flow – starting up, and potentially over the life of your retirement
-- may be necessary to ensure your success.
oDevelop a plan: Stress-test your idea and research your marketplace,
including what products and services you will be offering, their
appropriate price point(s), who your potential customers will be and what
your sales targets will need to be to cover your costs. Keep your end goal
in mind as you build your company and maintain a positive, yet realistic,
outlook as you progress.
oSeek outside advice: Speak to an accountant and a small business banker.
Financial specialists that can provide insight into setting up your
company, market competition, personal and business capital and how it may
change over time.
Learn all the facts before starting your own business.
About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal
banking products and solutions through over 600 branches and approximately
1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota,
Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team
provides a combination of sector expertise, local knowledge and mid-market
focus throughout the U.S. Deposit and loan products and services provided by
BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM is a trade name used by
BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North
American financial organization with 1,600 branches, and a retail deposit base
of approximately $180 billion.
SOURCE BMO Harris Bank
Contact: Vanessa Hall, +1-312-461-6543, Vanessa1.Hall@harrisbank.com
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