Do you have an idea for a business but are afraid that it may be too late in life to become an entrepreneur? Don’t allow your age to become a hindrance. There are lots of over-50s creating start-ups and, instead of worrying about this, you could be making a steady income. Starting a business later in life is particularly beneficial if you are missing the buzz of business after retirement, or if your income isn’t quite as high as it used to be.
So where do you begin? The fact that you are a bit older has its advantages in business as you bring valuable industry experience and contacts to the table. However, if you are starting a completely new venture, you will need to devise a business plan.
Your business needs to fit with your lifestyle
As you plan your business, think about how it will fit into your life. For example, frequent travelers may do best with a business they can manage online rather than one that requires in-person work in a store or office. If you have caregiving responsibilities, you’ll need backup in-home care some of the time so you can give work your full attention while your loved one is well looked after.
Your business has to give customers what they want
Before you invest your post-retirement time in a new business, do some very thorough market research. Who will your customers be? Do they need the products or services you offer? Wil they buy enough to allow you to earn a profit and grow your business? How will they find out about your business? What does the competition look like and how can you set yourself apart? Entrepreneur magazine has a step-by-step article on marketing research for new businesses if you’re not already familiar with the process.
For more tips and help getting started, take a look at this helpful guide for everything you need to know about starting a business later in life.