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It is undoubtedly possible and achievable to embark on a business when you’re over fifty years old. Many would think that the entrepreneurs and businessmen/women of this generation have the upper hand on the middle-aged.
But this thinking isn’t correct! As a matter of fact, the National Bureau of Economic Research (NBER), reports that the fastest-growing newly established businesses had owners with an average age of forty-five years old.
So, what’s their advantage? Well, older startup owners or founders have more experience and knowledge with regards to starting a business. In this post, we’ve covered some things to consider before you start a business after age fifty.
Before you strike out on your own, check your financial fitness first. As a person with years of work experience, for sure, you will understand the significance and seriousness of drawing up a budget and paying down debt.
Look closely at the expensive and costly items, not only on the restaurant expenditures, to ensure that you have the capability to be flexible. Additionally, don’t use your retirement funds because you might have a hard time saving it up again.
It is wise to get good financial advice so that you won’t make any rash moves. You can find many financial planning firms online that provide financial advice tailored to your needs, for instance, Adelaide Advice.
People who want to start their own business a little later have more advantages in many areas. First, the experience. Individuals, after age fifty, have undergone some ups and downs. These people can usher some balance that the younger entrepreneurs cannot, who do not have their work-world experience.
Also, people at least fifty years old most probably have some extra money to begin, to put it simply, they are likely self-funded. Keep in mind that it is important to have this kind of support beneath you.
Lastly, they have the network. Those who are starting a business in an industry they have already worked in as a client or customer have a network to reach out to as potential customers or clients.
Take Advantage Of What’s Free
Embrace what’s free. Yes, you read it right! What we mean here are the free resources that you can leverage. Take SCORE, for instance. This organization, a partner of the SBA (Small Business Administration), offers free business education and mentoring for people who are seeking experienced entrepreneurs and help.
Find ways to talk or communicate in your community. What’s more, the internet has tons of free templates and websites for business plans.
Your Promise Of Value To Be Delivered
Check and inspect the market to see what you can come up with that nobody else is doing. You can either moonlight or volunteer. However, look for something that’s almost similar to your work to see it if it’ll work out for you.
Take a scenario, for example. It may seem good until you try it on. Moreover, you may have to acquire a certification or some new skills. Keep in mind that it is worth looking for ways to build up your professional profile, but without going as far as getting a master’s degree.
Think of a junior and senior partnership. Take the movie called “The Intern,” with Anne Hathaway and Rober De Niro, for example. When a young entrepreneur and an older one pairs up, you get an excellent, unparalleled combination.
This partnership has the enthusiasm and tech-savvy of the younger entrepreneur, and the resources and capital of the older one, as well as wiser contacts. With this partnership, you can start a business that will undoubtedly last for years. Besides, you need a business that’ll grow organically and slowly.
If your startup is all about selling items or consumer-based, then take advantage of the many different social media platforms like Facebook to advertise it. On the other hand, if your business is a B2B type, make use of LinkedIn to advertise it. Even better, you can utilize both social media platforms to promote your business, remind clients you’re there, or to make people notice you.
What’s more, these social media platforms provide you with insights, tracking the interaction of your user towards your page.
Undoubtedly, starting a business after the age of fifty is the new retirement for some. In fact, The Kauffman Foundation reports that the age group launching lots of new businesses are those 55 to 64. Looking at the experience of these people, which they’ve obtained over the course of their careers, they are perfect for starting a business.
Other than that, the over-50 set looks at their retirement years very differently now. They are not content with the retirement’s definition as being done.