How can you beat the odds if you want to join the boomerpreneur boom and start your own company after 50? MONEY put that question to small-business experts and dozens of fiftysomething entrepreneurs for their best advice.
This is the third of three articles on how to become a boomerpreneur. This one will help you understand the real costs of starting up a business and how to finance with caution. You can also see if you’ve got what it takes to own your own business and how to put time on your side, and to see what lifestyle changes starting your own business will call for.
After a deal to become a partner in the pharmacy where she worked fell through in 2009, Sandi Bryant, then 45, decided to open a long-term care pharmacy service in Fairview, N.C. She projected startup costs of $300,000. Among other things, that would require using $100,000 from her 401(k) and putting her home up as collateral to secure $150,000 in financing. Understandably, she and her husband were anxious: “There was a lot at stake if the business didn’t take off.”
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