If you’re like many of today’s seniors who are worried about retirement security and due to inadequate funds, you can add to your nest egg by starting your own business with relatively low capital. You can stretch your budget to start up operate your own company even with limited resources, as long as you think out of the box. Aside from trading services or goods and outsourcing for employees, you can hire interns and take advantage of peer-to-peer financing.
If you don’t have enough cash or provide that many benefits to attract employees, you can look for potential hires through internship programs facilitated by local universities or colleges. Students from these programs may want to add to their academic credits, gain work experience, and earn some money. Usually, interns make motivated workers who’ll be willing to work for much less than their more experienced counterparts. Hiring interns can also be a good way to test the waters, for both the employer and employee – this arrangement can help students learn the ropes while the company gets the chance to develop great employees from the ground up.
Borrowing from peer-to-peer financers is a great way for new businesses to obtain additional funds to improve their operations. P2P financing is a micro-financing method that helps start-ups get the necessary resources without having to go to large financial institutions that usually set tough guidelines for its prospective borrowers. Here, business owners submit a range of figures that outline how much they wish to borrow, after which lenders inform the borrowers about factors such as the amounts they’re willing to lend and the interest rates they want.
You can start a business in or before you retire without having to put up as much capital as you expect. Barter for goods or services, outsource, hire interns, or borrow from micro-financers to help you get your business started and get a better chance at building a bigger nest egg.
Carina Smith is an author who specializes in financial topics concerning seniors. Puritan Financial Group gives seniors who want to start their own business with low capital more financial leeway from the profits they can get. For more information on how Puritan Financial Group can help you, visit their website at http://www.puritanlife.com