The first step: complete an SBA self-assessment to understand your readiness for starting a small business. SBA also offers a wealth of resources designed to help entrepreneurs age 50 and older get started: business planning, professional counseling, financial services, and much more. If you are already a small business owner, our resources—and Resource Partners—can help you fine-tune your operation.
FACT: Nearly half the country's self-employed workers--7.4 million--are so-called "boomers," reports the U.S. Department of Labor. A recent AARP study on self-employment by the RAND Corporation found that about one in three self-employed workers age 51 to 69 made the transition to self-employment at or after age 50. Get the Facts.
SBA resources can help you learn more about your market, shape a winning business idea, and build your professional network. We can also help you understand the impact on your finances of small business start-up capital, taxes, and social security.
Business is about change. Stay on top with services and resources from SBA.
Small Business Borrowing Basics
At some point, your small business will probably need to borrow money. Your borrowing power is based on what lenders refer to as the "Five C's" of credit:
Capacity (ability to repay)
Capital (money being invested in the business)
Collateral (your assets that secure the loan)
Character (you and your credit history)
Conditions (economy, finances, anything that will affect your business)
Start Smart with SBA Resources
SBA small business planner Careful planning is fundamental to success. The Small Business Planner includes information and resources that will help you at any stage of the business lifecycle.
Buy a franchise Business franchising offers many opportunities and this form of ownership has helped many entrepreneurs.
Finance a business An integral component of starting a successful business is raising sufficient capital. There are many challenges here, but we have numerous resources are available to help you.
SBA healthcare resources Did you know that small business owners may be able to deduct some of health insurance premiums from their taxes? Also, Health Savings Accounts (HSAs) offer more ways to save on healthcare costs. Find out more about healthcare here.
Contract opportunities The SBA provides information on the various programs that can help you position your business for contracting opportunities throughout the Federal Government.
