April 28, 2021 by Linkside Living

The Joy of Starting a Business over 55 - 2

One of the beauties of retirement is that you’ve finally reached a point where you can work because you WANT to and not because you NEED to. This opens many doors for you, including the door to starting your own business. There is a certain freedom that comes with the idea of being your own boss that is certainly alluring. It’s even better when you can make real money in the process.

CNBC reports that age has its benefits when it comes to entrepreneurs, stating, “Those over 50 are twice as likely to be successful as those under 25.” These are just a few reasons why starting your own business is an especially good fit for those aged 55 and older.

Experience

Experience is the best teacher. At this stage of your life, you’ve seen things, learned things, and experienced things that will all serve you well as you go through the process of starting your own business. There will always be new things to learn when starting a business, but you’re still young enough to learn a few new tricks along the way too!

Relationships

During the last 30+ years of your life, you’ve met, interacted with, and networked with a ton of people. Use those networks, developed over time, to help you advance your business. Whether as customers, coworkers, or references, these relationships can be invaluable in helping you get your feet off the ground and ensuring your success in business.

Financial Footing

The financial dynamics of your age shift dramatically once you reach a certain age. You’re no longer relying on your paycheck to get you through the next month of living expenses. In fact, you likely have a substantial nest egg tucked away by now to help fund your retirement. This means you have more means to invest in your business and ensure it has the financial foundation necessary to succeed.

Skills and Talents

Over a lifetime you’ve developed quite a few skills and talents. Some of those are unique to you and can be the foundation for your business. When you decide to start a business, lean on those skills. In fact, according to a study conducted by the Duke University Center for Entrepreneurship and Research Commercialization, three-quarters of successful entrepreneurs bring at least six years of related industry experience with them when they start their businesses.

Nothing to Prove

At this stage of the game, you’re not interested in competing for the role of top dog in the business. You don’t want to start over and climb another corporate ladder. Starting your own business allows you the freedom and flexibility you can’t achieve in many modern workplaces. More importantly, at this stage of the game, you’re doing business because you enjoy it and not because you have to go through the daily grind to get ahead in life.

You Know Yourself

There is a certain wisdom that comes with maturity. By this stage of the game, you’re far more comfortable in your own skin, and you know, not only who you are, but also what you’re good at. This is something many younger entrepreneurs lack that will serve you well when starting your business.

Resources Available to Help You Start Your Business

There are many resources available designed to help entrepreneurs of all ages who are interested in starting a business. You might find the following resources beneficial in your efforts.

The University of Missouri’s Small Business Development Center

The Missouri Women’s Business Center

The Columbia Chamber of Commerce

The Kauffman Foundation in Kansas City, MO

Linkside at Old Hawthorne is a 55+ active community located in Columbia, MO. Our mission is to help you enjoy an upgraded living experience as you consider retirement and beyond.

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Filed Under: 55+ Active Community, Entrepreneurship, Starting a business over 55