Have you always dreamed of owning your own business? Maybe there have been times during your career you’ve felt you could do things better than your employer or more efficiently. Maybe you want more freedom and more control over your money.
Whatever your reason, the fact is more than half of all small business owners in the US are over 50. And even more pleasantly surprising is entrepreneurs over 50 are more than 2.5 times more likely to have a successful company than an entrepreneur less than 30.
Age should not be a reason not to start a business. In fact, being older can work in your favor to get your dream business off the ground.
Money is a Motivating Factor
The older we get, the more worried we become about our health and our own mortality. Even as those concerns grow, they aren’t the biggest worry for older adults. The biggest fear for most adults is not having enough money to survive after retirement. As people are living longer in this modern age, there are genuine concerns about living in poverty as people live into their 80s or 90s.
Not everyone has been fortunate enough to max out investments and 401ks. Some of us were busy raising families and dealing with unpleasant surprises life enjoys throwing our way. The older we become, the less likely we are to see a big impact on our finances with saving and investing.
Starting your own business is a great way to change your financial circumstances. Yes, starting a business will likely be challenging, but the potential for self-fulfillment and financial stability are well worth it.
You Have the Right Skills and Expertise
There is a difference between the types of businesses young entrepreneurs start compared to what older entrepreneurs start. Younger business owners typically start with an industry they have zero experience or follow someone else’s path to success. The older generation of small business owners will go into an area where they have experience. Older entrepreneurs usually want to help solve an ongoing issue the business owner or someone they knew experienced.
There isn’t a lot of hype around the older entrepreneurs who start the boring typical businesses, but these businesses are usually more successful. Don’t worry about the media focus on the young, up-and-coming businesses. You have the know-how and wisdom to make your business work long-term!
You Probably Have the Network You Need
You probably know many people already in the same industry you want to start your business. Already having a professional network can be very advantageous.
Many people are hesitant to approach people they know to ask for help in starting a business. This is an uncomfortable step everyone needs to take as they get their business off the ground.
Have faith in yourself and use the contacts you have in place to help start your small business. I bet many of your colleagues, friends, and family members would be happy to help!
Need Help Getting a Business Started?
I’m happy to help you begin your new journey with your small business. Reach out to [email protected] today, and let’s start the conversation!