There are several steps in planning a retirement business start up. The first is to verify that you have thought through all of the aspects of the business model that supports your idea. Then one can proceed to starting the business. One thing not to do and is a common mistake in starting a business is to begin to invest and spend money to early. It is very risky to sign up for office space, by inventory, or hire anyone until the model is proven and cash flow can support it.
The Business Model
Planning all aspects of the business model for the new retirement business is extremely important. It is especially essential to clearly articulate the value proposition, target customers, and the sales approach by which those target customers will be reached.
A value proposition is a fancy business term that simply describes why someone should buy from you. More specifically, it explains how your product or service solves their problems or improves their situation. It is helpful to write down these very specific benefits to your target customer. In addition the value proposition should explain why they will buy from you and not your competition.
Understanding your target customer is essential to matching up the benefits your product will offer them and the sales approach that she will use to bring your product or service to their attention.
A very useful resource that has been developed is called the business model canvas. The original book on the business model canvas should be considered as an addition to your library.
An excellent online tool to help you develop your business model and ensure that you have all bases covered is called business model fiddle. It is free and has many features. And if you would prefer a paper approach you can download a business model canvas template.
There is more information available from BoomerBiz that can help you with this important next step.