The number of new business applications in the US in 2021 was almost 5.4 million. And while this number may seem gigantic, it just shows that people are prepared to take a leap of faith and invest in business ideas that spark joy.
Now, if you’ve been toying with the idea of starting a business but you’re worried that it might be too late, don’t fret. There are plenty of reasons why you should still consider doing it.
One of the main benefits of starting a business when you’re over fifty is your experience.
Sure, many people think that doing something new or out of the ordinary at a later stage in life is too risky. However, the truth is that there’s nothing more valuable when starting a new business than having a few years under your belt.
Yes, you may need to work harder to keep up with trends when targeting a younger audience. But you’ve also got a lay of the land in your field of expertise. And that means that your business decisions are bound to be evidence or experience-based — which is one of the best ways to guarantee success.
Your age is just a number in the business world. Especially if you’ve got a great idea. So, if you’ve got one, why not share it with the world?
Sure, you may not hit the jackpot right away. But if you know you’ve got something special, don’t hesitate to stick with it. After all, even giants like Steve Jobs, Walt Disney, and J. K. Rowling struggled before the world was finally prepared to embrace their visions.
Another valuable asset that older entrepreneurs have at their disposal is that they have connections. And the best part is that these don’t even have to be proper business connections.
Perhaps you have a friend whose experience in a particular niche could help you get your idea off the ground? Maybe you’ve met an angel investor on vacation who’d be willing to hear your pitch? You may even have a support system behind you with people ready to put in their time and effort to help you launch a new business.
Youth is great. But it’s also a time of inexperience, wanting things too fast, too soon, and not knowing how to pace yourself.
Luckily, after you’ve reached a certain point in life, you’ve (hopefully) gained the wisdom and patience to allow yourself to slow down.
You see, when starting any business, the most challenging thing you’ll have to do is set your goals. And if you don’t know how to be realistic, you’ll never be able to reach them. Or, worse yet, burn yourself out trying to do something impossible.
So, if you’re considering starting a new business late in life, make sure that you listen to your gut. Be prepared to prioritize sustainability over unreachable dreams. And be realistic about the amount of work you’re willing to put in.
Remember, a side job or passive income that gives you something to do a few hours per day might just be more fulfilling than slaving away at a startup 80 hours per week.
If you don’t already have a business idea you’d be willing to explore, you might find yourself feeling lost. After all, how, exactly, do you identify the thing that will bring you satisfaction and success?
Well, truth be told, the answer is quite simple: go with whatever you’re passionate about. It doesn’t have to be complicated at all. The only thing that matters is that you understand the industry, your potential customers’ frustrations and that you’re willing to learn through the process.
For example, if you’re a passionate golfer, you might consider doing something that has to do with the sport. This is what the team at Golf Cart Tire Supply did, deciding to help fellow golf aficionados source and maintain their golf accessories.
Or, if you love flowers, you could look up to Robbie from boo•kay, who decided to use his downtime during the 2020 health crisis in New York to pursue flower arranging.
And if you’re an avid baker, you might even choose to start your own baking business. All you need to do is open up an Instagram profile, take some photos of your lovely creations, and add some contact details. It’s fascinating how quickly these types of services can get off the ground, resting on nothing more than social proof.
Are you tech-savvy and want to reach younger audiences? Why not channel your inner Julia Child and start a cooking YouTube channel, as done by BBQ Pit Boys?
Or put your mentorship skills to use by creating an online course?
You might even see success by doing something as simple as starting your own blog.
Starting a business is something you can do at any stage of your life. And the great thing is, what will determine your potential level of success won’t be your age. Much more importantly, it will be your passion, dedication, and willingness to combine previous experience with newly attained knowledge.
So, if you’re looking for new professional opportunities, do not hesitate. Instead, bite the bullet and give your dream a try. Who knows, you might just find that it’s precisely the thing you need.