Starting a new business in your early age can be easier than starting a business in your retirement age when there is a lot to lose including your life savings. When you are young, there is a lot of zeal and energy and if your idea is good then you can succeed easily.
Not many people in the later stages of their life possess the courage to start a new business and are scared of what could go wrong. But if planned properly, it is not that difficult to succeed. The challenge is figuring out what to do and how to do it, without betting the farm on a venture that might not work.
On the other hand, those budding entrepreneurs over the age of 50 can draw on enormous reserves of life experience to help give them some perspective on what to expect, and how to deal with the unique pressures of starting and running their own profitable enterprise.
Here’s a quick example…
John Smith spent his entire life painting houses of others when at the age of 50 he realized it was not something he wanted to do. He opted out and decided to retire. He started his own company giving consultation to budding and established companies for general contracting and painting. Today he hasa lot of work, a job he finds extremely rewarding and a flexible work schedule which seemed an impossible dream in his previous job.
Why was John so successful, and how was he able to accomplish so much?
Based on my 30+ years of business experience, I firmly believe the following five factors are keys to business success at any age:
1. Find a niche and untapped market in the business in which you have experience. Sometimes the best way to determine what business to start is to identify a loophole that was left at the place where you worked.
2. Consider turning your hobby into a business. You can only become successful if you do what they enjoy the most. If pleasure is mixed with work, then you’ll be prepared to invest the time and effort required, your mind is at peace, and provided your focus and planning are in place, success will follow.
3. Use your connections and social networking. The old saying of “it’s not what you know, but WHO you know” has never been truer, and this is where older entrepreneurs enjoy a distinct advantage over their younger counterparts. The network of contacts and people you’ve developed over the course of your business career will help you to get ideas and develop, and grow your business faster than you would ever have imagined possible.
4. Don’t make a large initial investment. Plan your investments wisely: after all, this is a new business you’re starting, and like a tender plant, it needs plenty of ‘sun and water’ to help nurture it and bear fruit. Moral: do not spend a lot in developing the infrastructure of your business at a very early stage. Focus on attracting customers (and keeping them delighted once they’re with you), increasing your order sizes, and the frequency of their transactions with you.
5. With proper planning and focus, you’ll find a way to be productive and make money even
after your core earning years are behind you. In fact, depending on how well you structure your business, you could find your business earnings far exceed your previous salary.
History is littered with examples of successful ‘late starter’ entrepreneurs, with Ray Kroc, who founded McDonalds at the age of 53, and Colonel Sanders, who created the Kentucky Fried Chicken franchise when he was over 60, to name but two. Moral: it’s never too late to start…
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