If you’ve been sitting on a business idea for years, you might be worried that it’s too late in life to start your own business. You may figure entrepreneurship is a young person’s game and you’re too old to be taking risks. I want to stop you right there. This blog post is all about the reasons why it’s never “too late” to start your own business.
You’re more experienced
Even if you’ve never run a business before, chances are you have years of work experience behind you that you can put to use. You understand the importance of effective communications, creating a business plan, and sticking to a tight budget. Whether you want to start a full-time business or you have a hobby and you want to start it as a side hustle, you have experience on your side.
You have more connections
Personal and professional networks are essential to getting any new business off the ground. Throughout your life, you have built up these networks so that you may be closer to getting an introduction to the perfect person to invest in your business or your next client than you think. You’re also more likely to have experienced friends who will happily offer free or discounted services and advice to you such as accounting, marketing, or web design.
You’re financially secure
Many of us are far more financially secure in our fifties than we were in our twenties. We have savings and pension funds and more money to fall back on should our businesses have a slow month or even fail. That doesn’t mean you need to be wealthy to start a business – though it always helps. It does mean that you can be more secure in your finances and even have a better credit score for applying for a business loan when you’re older. Even if you don’t have an inheritance or huge savings to start a business, it’s perfectly possible to start a business with no money.
If you need a bank loan, investors, or you’re trying to win over your first clients, age is a good thing. Many of us are quick to trust older business owners who have experience behind them than young, plucky entrepreneurs. The people you will be approaching for investments or business opportunities are also more likely to be your age rather than fresh out of university twenty-somethings.
You’ve failed before
Failure is an important part of our personal and professional development. We’re often afraid of failure when we’re young, and even the smallest mishap can knock our confidence. However, when we’re older, we’ve already failed and made mistakes and recognised that we can continue to grow.
It’s easier than ever
The internet provides dozens of free and cheap tools, tech, and platforms that can help new businesses get off the ground. Everything from marketing to accounting is easier today than it was two or three decades ago. Even if you’re not as technologically literate as your kids or grandkids, online tools are more intuitive than ever, making it easy for business owners of any age to use online tools to their business advantage.