5 TIPS FOR ENTREPRENEURS

I have no connection with it, but I find "The Week" to be an excellent magazine that provides a precis of the best of British and foreign media.

There's a piece in the City section by enterprise expert Rachel Bridge offering her tips about how to get the maximum return from a business start-up. I think they're worthy of greater consideration so, to get you thinking, I've repeated the headlines here:

1. Make your start-up easy to sell.
2. Don't borrow if you can avoid it.
3. Do something you understand.
4. Outsourcing is your friend.
5. Set tangible goals.

All good advice for the budding entrepreneur and you don't need to be a 30-something 'whizz-kid' to create a new business. Many people in their 50's and 60's have started very successful enterprises. Tip number 5 above is particularly relevant to the older generation considering a small business to supplement their pensions.

The goals you set have to be tangible, but they also have to be achievable and fit within your time frame. No point is setting unrealistic goals about building a significant enterprise if you only want to work three days a week for the next five years.

If you're thinking about starting a small business to pay for a few of life's little luxuries, you could do far worse than join the members of the Retirement Revenue community. You can see their website here.