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Starting up instead of slowing down: Starting a business later in life

December 10, 2012 - Tags: Planning, Startup

After working for others for most of your career, it might be time to strike out on your own. Reluctant to take a chance on entrepreneurship so late in the game? Rest assured that you're not alone. Older entrepreneurs are turning to start-ups in larger numbers than younger ones. You are part of a demographic with a lot of experience to leverage.

Consider starting your own business if you want to:

  • Reinvent yourself and follow a new path
  • Enjoy more creative freedom
  • Transition slowly from a full-time career to retirement
  • Bounce back after losing your job and not finding a new one
  • Develop new financial goals

What are some of the challenges?

  • Risk: You may have to take on debt, trade benefits for less salary and risk your assets at a time when you should be preparing for your future. However, compared to a younger entrepreneur, you may have more savings to draw upon for funding and a longer credit history to improve your chances for financing.
  • Time: Experience is on your side, but you may feel the pressure to achieve results more quickly than you might have in the past.
  • Self-sufficiency: Less access to technical and administrative support now that you're on your own? New technologies can help you adapt more easily.
  • Personal responsibilities: The time and effort required by a start-up may have an impact on your private life, but your quest for personal fulfillment could help keep things in balance.

How lucrative does your start-up need to be? Is your goal to make a lot of profit or to be fully engaged? Depending on your requirements, you may decide to:

To meet the challenges of tackling a start-up, make sure that you are well-prepared. Do your research and be aware that experience alone cannot replace a solid business plan.

Boomerpreneur, zenpreneur, or seniorpreneur — call yourself what you want, but know that as an entrepreneur, you're opening the door to an exciting and potentially rewarding future.

Comments

Having been “Self-Employed” all of my working career, actually from the age of 19, it is one thing dealing with the general public, but when an Individual such as myself have to deal with local bureaucrats (bullies) who will do everything within their power and ability to put me “Out-of-Business” or better yet, move to another municipality to carry on my business.  How or why should an Individual, carrying ALL necessary licenses and insurance and working within the law should be harassed to a point where I was FORCED to SHUT-DOWN, my legitimate construction business!

By Murray on December 10, 2012

Merci pour ces informations utiles, je me sens concernés et motivés.

By Alain on December 10, 2012

Too many pencil pushers that love the power control!!!

By linda on December 12, 2012

I’ve also been in my own business a few years ago before I gave up. The taxes to collect and remit along with the dread of pst and gst payments whether my customers paid me on time or not, rent (which is unbelievable now a days. I don’t know how business can operate anymore with the high overhead) and the dread of meeting weekly operating costs, which my wife got tired of hearing about (when are you going to get paid too?) made operation of my own business a nightmare full of stress. Working for someone else is a lot less stress, but the low wages are hardly enough to pay your rent. In other words, it doesn’t matter what you try to do, the first thing you have to figure out is how many others have their hand in your pocket before you do. And of course, how can you compete with China? (you can’t)

By John on December 12, 2012

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