You want to start a business at the right time, right?
Traditionally, a few decades of working life mean that you would start winding down in business and start thinking about retirement, not start a business over 50. But in the new age of free and abundant information that encourages entrepreneurialism in myriad forms, some believe life after 50 is a perfect situation in which to start a business. You’ve learned a lot and have time and financial stability on your side. Let’s have a look at what this means:
More Financial Freedom
Firstly, if we are to believe that 25-30 percent of homeowners in the United States are mortgage free, you can bet that most of those have taken a few years to get there. Over 50s are more likely to be in this category and this not only frees up earnings for those potential business owners but also provides security in knowing that you do not have to necessarily downsize or worry about where to live.
Secondly, although young entrepreneurs may have other things going on for them, money is not often one of them and frequently they are found seeking bank loans or chasing investors. As a 50 plus, the savings you have acquired over the years goes far to free up those financial concerns as well as time that would be spent in the pursuit of funding. And time is another factor that can lead to success.
Time
Now that the morning rush of speed breakfasts, schoolbags, and searching for car keys is a thing of the past you might be able to replace the chaos for a bit of morning planning time or, better yet, a few business lattes. As family obligations lessen and perhaps you even retire, you’ll find that time is that crucial thing that’s been missing in the past and here it is, knocking on your door. It’s a perfect condition to start a business over 50. You’ve already learned how to use your time wisely in your working life and now you’ll be able to apply those standards to how you focus your time on your new business.
Life Experience
Speaking of morning coffee meetings, another thing the over 50s have built up is a long list of contacts. Many of these will be former employers or colleagues but, don’t forget, your friends and social acquaintances (your kids’ teachers, the dental receptionist you chat to, the guy who runs your local cafe) are a vast and varied resource of advice and information. Further, with your industry knowledge, you know where to go for advice, how things work…and perhaps what doesn’t work, and who the gatekeepers are. Between contacts and inside knowledge, life experience is definitely on your side.
Independence
No doubt over the years in employment you’ve had many good and bad experiences. Some of the most frustrating, while working for someone else, are when you know your approach is a good one but a superior insists you do it their way. It’s time to break free. Starting your own business means, yes, you’ve taken in all those other viewpoints but now it’s your time to shine. It’s your time to do it your way. And you know there is no better motivator than the fact that this will be your business and only yours. You are in charge of making it successful and you’ve been waiting a long time for it.
There are many factors that prove age is no obstacle if you want to start a business over 50. Having the financial strength, time, and life experience, not to mention the drive for independence will stand you in good stead. You’ve always wanted to do it. Get out there and fulfill your dream.
George Meszaros is a serial entrepreneur and the cofounder of Success Harbor, a business hub dedicated to provide advice for small business owners and startups through interviews, original research, and unique content. George Meszaros is also cofounder of Webene, a website design and marketing company.