Learn how you can be a successful business owner in your 50s.
Some may think that it is too late to start a business when they reach their 50s but in reality, this may be the perfect time for you to do so. In fact, you may have a distinct advantage over your competitors when you enter the world of business after age 50.
Studies indicate that people belonging to this age group have acquired enough industry skills and knowledge and have established reliable networks that would be useful when starting a business. In addition, 72% of those belonging to this age group have set aside some money for their retirement, have more time on their hands, and have a greater sense of independence compared to their younger counterparts. Taking all of these things into consideration, it is easy to see why those aged 50 and above have the makings of a good business owner.
Tips for Senior Entrepreneurs: Launching a Business in Midlife
Do something you know or love. What would be better than turning your passion into profit? If you have a hobby that you can turn into a viable business, then go for it. You may also consider something related to your career since you already know the industry and have developed a network of reliable contacts who can help you succeed in the business.
Know what makes your product or service special. Before starting a business, know what makes your product or service better than your competitors’, and what you can do to further improve on their offering. This may entail a lot of research and hard work but you need to do it if you want to get your business off the ground.
Ask for feedback. Rather than asking your family and friends for feedback, consider asking your target market what they think about your product or service, and what you can do to improve it. Listen to what your target customers have to say and do not get offended by their opinions.
Be creative when sourcing funds. There are a lot financing options (grants, crowdfunding, incubators and angel investors) available so do your research before raiding your savings or taking out a bank loan.
Get help. You cannot do everything on your own so don?t hesitate asking for help. There is a wealth of information available online so consider visiting the official website of the Small Business Administration (for information on where to find funding, find employees, etc.) and other informational sites such as SCORE (a site offering free advice on a number of topics related to running a small business), Shake (provides free legal agreements for businesses of all sizes), and Mint (provides tips on personal finance, money management and budget planning), to name a few.
Starting a business in your 50s can prove to be the opportunity of a lifetime so follow these tips and you can improve your chances of being a successful senior entrepreneur.