Women aged 50 are the fastest growing group of new businesses in the UK. There are good and not so good reasons for this. But whatever the reason for your entrepreneurial leap at age 50, you have some fantastic benefits.
Just a few of the following list – 10 Reasons to Start a Business in Your 50s – will help you grow your business. And if you can think of anything else, please share them in the comments at the end of the article!
1. Freedom to be yourself
When you turn 50, perhaps for the first time in your life, you will find freedom from the expectations of other people and be able to truly be yourself.
“I feel like I have a new freedom to follow my dreams when I turn 50. Don’t worry about balance, don’t worry about whether people like me or not, in fact at 50 I seem to be taking more risks than I ever have in my life. I love this phase of my life and business,” says Hazel Walker, who runs her own coaching and networking company, She Said.
2. Experience to lean on
You were there, you did it, and you probably have a T-shirt. Half a lifetime of working and learning to manage all types of people and situations – making mistakes and growing from them – and yes, lots and lots of great accomplishments – now you’re in a position to put all that wisdom to work for you. .
Sue Grogan from Collaboration says: “I am now 54 years old and run my own small consulting firm. I think if I had tried it when I was younger, I would have given up because of all the obstacles – wisdom comes with age and knowing what makes people tick.”
3. Energy and interest
Postmenopausal women often experience a new burst of energy. Anthropologist Margaret Mead called it “the highlight of postmenopause.” This inspired her to personally challenge the notion of older women as “beyond the mountains”. When David Frost asked her on TV how she manages to keep up a pace that tires women half her age, she replied: “It could have killed me at that age. I attribute my energy to my post-menopausal enthusiasm.” Too right!
The nest will most likely be empty. In the 30s and 40s, women’s lives tend to be busier than ever with careers and family matters. For many women, when they turn 50, they finally have time to think.
You can also have cash on hand for the first time. Maybe you finally paid off your mortgage, received redundancy benefits, received an inheritance, or even a pension. Be careful with your stash if you have something to fall back on. Prove your business idea in a small way before putting your money into it. Starting a new business takes time, and those with a buffer are more likely to stay the course.
The older you are, the more people you know! And there is a lot of truth in the old saying: “It is not what you know that matters, but who you know.” So make sure you make the most of old and new connections. LinkedIn it’s a great way to keep your network fresh.
7. You understand the huge and growing silver market.
The discretionary purchasing power of people over 55 is on average twice that of their younger counterparts. It is estimated that this group owns 70% of the net worth of all households. Most companies do a terrible job of reaching out to this valuable market segment, either by ignoring it completely or by putting forward points of view that are often patronizing and sometimes offensive. Maybe it’s because their marketing departments are often so “young”. On the contrary, you are in harmony with the needs and desires of this most valuable market segment!
7. You know yourself
Relationship building is essential in most businesses. And it’s much easier to understand and empathize with others when you feel comfortable with yourself. The more you have gone through, the more likely you are to get there.
8. You have experienced setbacks.
Few people live past the age of 50 without some experience of failure. You should feel sorry for those who have led a completely golden life, as one wise friend said, “You don’t know who you really are until you get retribution!” Significant failure can be a blessing; giving you the push you need to finally follow your dream.
9. You are more likely to succeed in business
If you start a business in your 50s, your chances of success will increase. Aston University research shows that 48% of people over 50 are successful after 5 years in business, compared to only 29% of people aged 18-49. They attribute this to experience, contacts and capital accumulated over a long career.
10. You still have years of work ahead of you and a lot to give.
June Zaft founded her own business country walks 17 years ago at age 52. “I still find challenges inspiring and inspiring,” she says. “I am honored to have a cause that is still my passion and that I fully intend to keep going until I drop. I firmly believe that “work” keeps you young, and if you enjoy good health and fitness, age is not a hindrance.”
So you have it. Starting a business is a big step, but if you’re in your 50s, there may not be a better time.
Download our checklist for setting up your business and start moving forward today.