If you’re around the age of 50 or older and thinking of starting your own business, have you asked yourself if your age should be a factor?
It’s a reasonable question but the short answer is ‘no,’ because reaching 50 doesn’t mean the same today as it did, say, 20 years ago.
These days many over 50s are fit, healthy and nowhere near ready to retire. It’s all about planning what you want to do with the next half of your life and starting a business may be exactly what you’re thinking of.
If that’s you, read on to find out how to be an amazing olderpreneur.
What exactly is an ‘Olderpreneur’
Simply put, an olderpreneur is an entrepreneur aged 50 or over. We’ve been given our own ‘tag’ because there’s now so many of us.
According to The Kaufmann Foundation the number of people in America that start a new business is highest in the 45 to 55 age category with the 55 to 65 age group following closely behind.
It’s the same in the UK with a 63% increase of business ownership by people aged 55 and over during the last decade as reported by the Birmingham Business School Blog.
Why olderpreneurs are likely to succeed
Starting your own business at 50 can be amazing because you’ve got much more to bring to the table than your younger counterparts.
You’ve got five decades worth of life and work experience. This means you’ve come across many situations in both your own life and your working life that can help you when you set up in business.
Think about it, as a young employee you learn from older colleagues and it may not always be work-related. You have probably picked up all kinds of wisdom that you can now use.
An impressive skill set
If you’ve been in a managerial position you’ll know how to handle a ton of challenging circumstances. Also, your negotiation skills should be well-honed. All useful when you set up on your own.
You may also have collected a good few contacts along the way and these can be invaluable when starting up in business.
Most people aged 50 have worked in various positions and therefore manage to build an impressive skill set.
All of this adds up to bags of confidence in your ability. You can bring all of this knowledge and experience together for your new venture.
Olderpreneurs have options
Being an olderpreneur means you’ve had years to save so you may not need a business loan. This is the preferred option for many older business owners.
You may have had a redundancy package or two so could use the money to keep you afloat for the first year of business.
If you’re 55 or over and live in the UK there’s always the option of taking your tax-free cash lump sum from your pension to fund your venture.
A paid-off mortgage may mean you can reduce your hours in a paid job and work your business on the side until it takes off.
Downsizing is another way of raising capital if your children have left home and you no longer need a big house.
Be professional from the start
Showing you’re an expert at what you do is crucial in a start-up business so begin as you mean to go on.
If there are any gaps in your skills get some training or seek the help of someone qualified.
If you have a website and let’s face it, what business doesn’t these days, make sure it looks good with awesome content and a clear message.
Putting a blog on your site is a great way to market your services and raise your visibility within your sector. Later on, you could add case studies to show potential customers just how good your business is.
Next steps to becoming an amazing olderpreneur
Becoming an amazing olderpreneur is within your grasp but everyone needs help sometimes. The challenges of starting a business are very real so before you launch enlist as much help and support as you can from family and friends.
It’s also worth considering joining your local Chamber of Commerce who can offer all sorts of business-related support from networking and webinars to training and specialised information.
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