Monday, March 4, 2013

Why You Are Never Too Old to Start a Business

It is easy to make the assumption that only young entrepreneurs with loads of ambition and a thirst for success are capable of starting their own business, but the truth is, anyone with the right mindset can start a business, even the over 50s. As the general population ages, older folk are redefining the marketplace. They might not have youth on their side, but they do have a wealth of experience and a willingness to work hard. 

Why Start A Business In Later Life?

Thanks to advances in healthcare and medicine, people in the western world are living a lot longer than their predecessors. As a result, it is not uncommon for octogenarians to be full of vigour and more than capable of extending their working life. So instead of sitting at home, bored, why not make the most of your health and get back out there and start a new business venture?

Retirement used to be something older people looked forward to. They worked hard all their lives, channelled money into a pension fund, and waited for the day they could sit back and enjoy the financial security of a regular retirement income. Unfortunately for many, a pension plan is no guarantee of enjoying a decent income in retirement, so starting a business can boost your retirement savings and help you enjoy the finer things in life.

Starting a business venture gives you a reason to get up in the morning. Retirement for some is the beginning of a downward decline, both physically and mentally, so instead of succumbing to the mental fugue of old age, stimulate your brain and enjoy the challenge of working for yourself. 

What Can Older People Bring To The Entrepreneurial World?

Older people often have decades of business experience. They may have successfully managed businesses in their younger years, which makes them well placed to repeat the experience in later life. Use the business skills you have accrued over the years and make them work for you. 

Issues To Consider When Starting A Business In Later Life

Finance is the biggest hurdle you may encounter if you wish to start a business in later life. No matter how successful you feel your business venture is likely to be, putting your retirement pot on the line might not be sensible, especially if you have dependents to consider. But if you need to secure financing from a bank or other lender, consider your options very carefully. 

Long Hours

Running a business inevitably means working long hours. This means you must be passionate about what you are doing as well as capable of putting the extra time into your embryonic venture. You will also need a strong support network in place. No matter how enthusiastic you are about your new business venture, one of the downsides of growing older is a slow reduction in energy levels. With this in mind, make sure you delegate responsibilities to others where possible and do not try and do more than you are capable of.

Frank retired ten years ago, but within twelve months he was bored silly, so he decided to start his own business. He had a wealth of experience to draw upon and he fully understood his duties as a director. Now he owns a successful family business and enjoys posting useful blogs online.

No comments:

Post a Comment

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics