7 Things Older Entrepreneurs Should Consider When Setting Up Their Own Business

November 24th, 2014   |   Posted by

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Yes its true. We are constantly hearing about all of these new successful businesses that are all being started by the younger generation. We’ve all heard of the famous Mark Zuckerburg who is now the world’s 2nd youngest self-made billionaire by launching Facebook out of his dorm room. What we tend to forget is the many successful entrepreneurs that got their start much later in life.

Arianna Huffington started Huffington Post at the age of fifty-four and even the founder of McDonalds, Ray Kroc sold milkshakes and paper cups until the age of fifty-two! The truth is that we greys are leading an entrepreneurial boom right now! Here are a few things to consider when you’re setting up your own business in later life.

BE CONFIDENT

Be confident and never doubt yourself! Its never too late to start your own business and no idea is too out there. As long as you are mentally fit and alert, there is nothing stopping you. Remember that you’ve got the experience and wisdom to build any dream that you can think of. In fact, it’s proven that people the age of 55-64 have a higher rate of entrepreneurial activity than those aged 20-34.

MAKE A PLAN

It can be more than a tad bit daunting and frustrating trying to brainstorm ideas for your business and it’s important to figure out exactly what you want. Take some quiet time to do some thinking and if you need a little help, try shooting some ideas back and forth with friends or family members. Make a plan, set yourself some goals and let your passion fuel and motivate you.

GET SOME LEGAL ADVICE

One of the most important things that you can do for yourself when starting your own business is get some proper legal advice. Find a good accountant and someone to give you tax advice because there are many different tax benefits that are available to you.

FIND A MENTOR

You’re never too old to have a mentor! Find someone that is knowledgeable, trustworthy and a person you know that you get along well with. A mentor will be there to help and give you advice and it’s important to have someone that you can bounce and test ideas off of.

BUILD A TEAM

It’s always nice to have a helping hand or maybe even a few! No matter whether your business is big or small, you can’t handle it all on your own. Even if you need to just bring one other person on your team for the time being, it’s worth it. Trust me, trying to do everything yourself can be exasperating and will quickly burn you out. If you’re budget isn’t quite there yet then consider having someone come in part time or even once weekly.

TAKE A CLASS

Technology is forever changing and taking a few classes or a course just to spruce up your skills is always a great idea. You might consider updating your computer skills or learning how to build your own website. Even taking a business class can benefit you greatly and if sitting in a crowded classroom just isn’t your cuppa , then you’re in luck because there are a ton of free classes on YouTube. Besides, you are never too old to keep up with technology ;)

GET A SMARTPHONE

If you don’t have a smartphone by now then its time to haul yourself over to your nearest mobile phone provider and check a few of them out. Introducing a smartphone into your life is going to dramatically help simplify your work life. It will enable you to keep up with all of your emails no matter where you’re at as well as give you access to some useful apps and tools.

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