Can you be “too old” to be an entrepreneur? I would say no! Are you willing to put in the work? Do you keep up with trends in your business niche as well as in the technology needed to run a competitive business? Does age matter for entrepreneurs? We don’t think so.
Have you ever wondered whether you, as an older entrepreneur, are at an advantage or a disadvantage? We know there is age bias in many industries when it comes to hiring older workers. When you’re an entrepreneur you have control over our destiny.
We are seeing more older entrepreneurs because people are retiring, don’t want to or can’t afford to, be retired and are jumping into business ownership in greater numbers than ever before. Coronavirus has also been leading older entrepreneurs to look into side gigs as a way to bring in extra money and to have more satisfaction in their lives.
What are you waiting for?
Does Age Matter For Entrepreneurs?
Can you afford to open a business? Are you physically and emotionally capable? This is a question every entrepreneur needs to ask him or herself.
Here are a few points to consider on the road to becoming an entrepreneur:
- What are the start up costs and how will you pay for them? You don’t want to drain bank accounts or take out a second mortgage or cash in a life insurance policy. How much cash outlay will you need? Can you operate on a shoestring until you are making enough money to expand?
- Does going into business fit with any retirement plans you had? Were you planning to move down south after you retired or move to be closer to your children and grandchildren and will opening a business change that? Will opening a business impact your plans?
- Do you have a dream or a passion you want to follow but never did because you were employed? Is it time to start your second act?
- If you’re not yet retired, should your business idea be your side hustle until you know if you’re cut out to be an entrepreneur? Will your side hustle bring in the money you’d hoped for. More importantly, will your side hustle be as satisfying as you’d imagined? Owning a business may not be reality; a side hustle might help you figure that out.
- What are you hoping for with your business? Do you want to grow it enough to pass it along to your children? Are you hoping to grow it large enough that someone will buy it and you can add to your retirement savings? Write down your goals and determine how you will meet them.
- Where will you network? We know that coronavirus has put the kibosh on many in person networking events, but you can meet and network on Zoom. Do you know a business coach or a mentor from an organization like SCORE or your local Small Business Administration? Get your ducks in a row before you hang out your “open for business” sign.
- Don’t forget marketing. How will you market your business? Do you have a website? Do you have a social media presence? Do you know how to set those up or do you know where you can find an expert who can help?
Write a business plan. Make note of the resources you will need. Enjoy your new endeavor! How can we help?