There are thousands of mature men and women asking themselves whether they can start a new business after 50. The answer is, yes, you absolutely can! It’s never too late to start a business. Being older shouldn’t prevent you from being a business owner, but there are some things that entrepreneurs of more advanced ages should pay special attention to. Growing up under different circumstances and following a specific set of values can sometimes cloud our judgment and make it harder for us to connect with a younger audience.
Here are some important things that business owners who have been around the block should keep in mind.
- Take Risks
One big advantage that young entrepreneurs have is time. They are at the very beginning of their career, so they have less to lose and are more likely to take risks. On the other hand, older entrepreneurs usually invest their lifetime savings into their business and are much more careful when it comes to taking risks. But only those who take risks put themselves in a position to succeed, so don’t be afraid to try new things.
- Build a Capable Team
You may not have all the necessary knowledge, but if you’re a good manager you can surround yourself with people who have it. Acknowledge your weaknesses and assemble a team of people whose strengths make up for them. You have the idea and the resources. Now it’s time to find people who can put all of this to work and give life to a new business.
- Go Back to School
Just because you’re past your college years doesn’t mean you should stop learning new things. Once you decide to start a business and dedicate yourself to growing your enterprise, you should focus on educating yourself to be the best in your field. There are plenty of online courses that can help you learn more about things like marketing, finance, the Internet, etc.
- Realize the Importance of the Internet
You may not have grown up with the Internet, but people born since the 80’s have. Even if you use the Internet daily, you still might not understand how big of a role it will play in your everyday business life. Whatever business you may be running, growing your Internet presence will certainly benefit it. Hire a consultant or an agency to help you harness the full potential of the Internet for your business.
- Don’t Forget about Mobile Users
Just like with the Internet, there hasn’t been a time in the past when mobile phones play such an important role in people’s lives as they do now. This is why it’s important to keep mobile users in mind when planning to grow your business. So, if you have a website, you should make sure it runs smoothly on mobile devices.
- Work with Freelancers
Freelancers are becoming more and more popular with the development of new technologies. There are a couple of reasons for this – they are cheap, professional, hungry, and thus usually very easy to work with. Prepare a brief based on your needs, then hire a freelancer to help with certain aspects of your business, such as design, marketing, and programming. All freelancers on sites such as Fiverr.com, Freelancer.com, Guru.com and Upwork.com earn grades and reviews. Read these carefully and don’t be afraid to pay extra for someone who has a stellar track record.
- Take Care of Yourself
It may sound silly, but one of the most important things that 50-60 something entrepreneurs should do is taking care of themselves. Younger entrepreneurs can stay up all night and bounce back from round-the-clock work hours. But these nights start taking their toll once you reach a certain age. And since you are the most important person in your business, taking care of your physical and mental health should be your top priority.
Being a 50-60 something entrepreneur isn’t much harder than being a young business owner with a lot of potential. Consider these techniques when starting your own business.
Here’s to your Business Success!
Pamela Wigglesworth CSP, is an International Speaker, Marketing consultant and CEO of Experiential Hands-on Learning. She is the author of The 50-60 Something Start-up Entrepreneur: How to Quickly Start and Run a Successful Small Business.