Can someone who is at mid-life or older succeed in starting a business? Yes, it is entirely possible to start a business later in life!
We are living in a time of abundant opportunity. Gone are the days when life used to be almost over by midlife. Our life span has increased immensely due to advances in health sciences and our healthy habits.
With more and more people turning into enthusiastic entrepreneurs at mid-age or older, starting your business later in life means you finally have a chance to put all those experiences and skills that you have been accumulating to good use.
Whether you want to supplement your income or want to do something useful after retirement and looking at building a profitable business after age 45, incredible opportunities are waiting for you.
When you are starting a business later in life, there are mainly three categories you want to look at Service Business, Consultation, and Web Based Business. While all three categories present ample opportunities, you must consider your skill sets and experience before jumping into one.
This is the most popular category for most first-time entrepreneurs starting a business in later life! One of the main reasons why you should consider this type of business is, the abundance of opportunity. Be it a flower arrangement service or home decoration one, if you have the right skills, you can create a rewarding service business with very little investment. This is also an excellent opportunity to turn your hobby into a great venture.
For example, if you are an animal lover, you can easily start a dog walking service; or in case you are an amazing baker, you can start a bespoke cake baking service. Offering niche training on your area of expertise, such as cooking classes, carpentry lessons, painting classes, etc. can also be a fabulous idea for your first business venture.
Just make sure, you keep the investment minimal and stick to your area of expertise and interest, and you are all set to see some serious profit.
Consultation Or Coaching Business
The greatest asset you have when starting a business in later life is your experience! Use that to your advantage and launch a consultation business for those in need. A consultation or coaching business requires minimal funding and is mainly riding on the experience you’ve earned through your life. Here, your expertise matters the most.
So, if you have been working as a banker all your life, starting a financial consultation business can be an excellent idea. If you were into sales & marketing, starting business process consultation service can be profitable too. Simply, look back at your work experiences and figure out how you can help other businesses with your knowledge and expertise; and you already have a plan in hand.
Web Based Business
The best thing about web based businesses is that you can start one from home. The low cost set up and lucid nature being the biggest attraction factors, web based businesses attract many first business owners, and not necessarily over 45.
While many people over 45 believe, they need to be superbly tech savvy to start an online business; it cannot be further from the truth. Yes, you do need a basic understanding of how the Internet and search engines work to succeed in this field. A bit of research can easily help you out here.
Starting a blog on a niche, you are passionate about and monetizing it can be a superb idea to start with.
You can also put up an affiliate marketing website or set up an e-commerce site. In case you have expert knowledge in any industry, you can start offering online tuition or create online courses and sell them through a website too.
Most entrepreneurs, like us, focus more on lifestyle businesses. Meaning, those that we do not have to commute to our place of work, gives us time to go places or spend time with loved ones knowing that our business is functioning well even without us at the helm. That ideal lifestyle business is an online business.
Yes, there are risks involved in starting a business, but anything that is worthwhile doing has an element of risk involved. These business risks are lessened when you have prepared yourself in pursuing this dream. When we focus on ourselves – our mindset, strengths, talents and passion instead of comparing ourselves to other people.
Here are three of the eight steps in creating an online business:
1) Prepare yourself for success
Create a positive mindset that lets you get rid of the barriers that
stand between you and your dream business so that you can have a clear direction, an inspiration of what’s possible, and a challenge that will get you out of bed in the morning with excitement instead of fear and doubt.
2) Conduct a personal evaluation
Look into yourself and determine what are your skill sets and your areas of expertise? Gauge if you are mentally, emotionally and physically fit for starting your online business.
3) Match your personal evaluation with the business you have in mind
Often, people just jump into the most popular business idea of that time without going through this assessment. However, even perchance, they were able to create a good business, they still feel that they do not enjoy running their business because there is a disconnect between what they think they really want and what they created.