Business Startups Over Age 50
Do you think you are too old to start a business since you have passed 50, 60, or even 70? Well, since you are reading this, you are obvously not too old to cruise the internet. To me, that means you are the type of person who keeps up with technology, the news, and business! I think that’s a great sign that you are not too old to start a business. In fact, it may just mean you are good and ready!
Retirement is For Other People
According to the Small Business Administration, 63% of non-retired Americans plan to work in retirement. When most of them were asked why, they said they wanted to work for enjoyment. Even though most of us run our businesses for income, I think we run good businesses because we like it. Running a business takes a different mentality than working for somebody else. It can be pretty absorbing. To stick with it, I think you have to get more out of it than money.
Do What You Love
So when you are trying to decide what sort of business you want to start, you have to figure out what you have always enjoyed in the past. You have a lot of things going for you now. You should have years of experience, energy (a good vitamin supplement?), and maturity. Lots of older Americans are earning income and finding personal fulfillment in their own businesses.
Why Start a Business After Age 50?
There are lots of reasons to start a business.
- Layoffs or stagnant income in today’s hard hit economy.
- Retirement savings are not where you thought they would be.
- The desire for a more flexible lifestyle without the burden of standard working hours.
- You spent years working at a job, but always dreamed of running your own business.
Starting Small
A lot of us started our own businesses by moonlighting while we had other employment. This is really not a terrible idea. You will still have the security of a paycheck while you are teaching yourself the ropes. Many businesses lend themselves to this. In fact, sometimes the fact that you will be available during non-standard businesss hours may be a selling point.
If you want to prepare taxes, cater events, or landscape homes, you can be the guy (or gal) to call in the evenings or week-ends. Even some consulting type businesses that are usually open 9 to 5 may be started this way. Some small business owners will be happy to meet with you in the evenings or week-ends because they are tied up during the work week.
Buying an Existing Business
Many older people are interested in using some of their savings to buy an existing business or franchise opportunity. Before you take the plunge, make sure you understand how much of an investment you will have to make to keep the business running over the next few years. It is really important to do your homework here. You cannot just fall for some sales hype because this will be a lot riskier than starting on a shoestring while you employed elsewhere.
Small Business Resources
Here are some helpful resources we found.
- Small Business Administration – You can find online and offline local tools to help you get started.
- Houston Business Lists – This is an example of a local online business directory. These are good places to start getting your business website listed so potential customers or clients can find you online. Do not ignore local directories or target market niche directories.
Come Together! Right Now! Over the Over50Website.com. Also check out our latest project, BeHappyYourself.com.
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[...] you start a business over 50? Actually, your middle years may be prime time for starting the business you always dreamed of [...]