Seniors are now starting to create their own businesses with a significant rise over the past 10 years. One in three new businesses in the United States were started by an entrepreneur who was over the age of 50. They are risking it all to explore new business ventures like never before.
The Advantages of Starting your own Business
It takes a lot of confidence to walk away from a stable career or chose to spend your life savings on a new business endeavor. Starting new can be stressful and time-consuming, especially getting the business off the ground. Although, with the proper plan the benefits can be worthwhile.
The top advantages of starting your own business after 50:
Positive Benefits for Health:
People between the ages of 50-70 are known to be healthier if they keep working. It keeps their mind agile and their body in movement.
Avoid Age Discrimination:
When you’re your own boss it avoids having to deal with age discrimination. This is a positive benefit because two-thirds of seniors believe that discrimination exists in the workplace.
Make your Dream a Reality:
It could of always been your dream to start your own business and now is a better time than ever. Working for yourself brings many positive benefits. Now is the time to make your dream job a reality.
Chances of Success are Higher:
Businesses started by people over 50 are more likely to be successful than those started by young entrepreneurs.
Gain Life Experience:
Starting a business allows for great knowledge and experience. Nothing can beat the skills you’ve gained in the course of your business and personal life. This can make you stronger when it comes to confronting inevitable challenges.
More Savings:
When you’re older it’s more likely to have access to higher amounts of money to fund your own business.
How to Start your own Business
To become successful with your own business it takes more than a dream and money. A detailed business plan should be designed with realistic expectations. These plans should include a timeline, possible bumps in the road, and the amount of work required for the business to succeed.
We share tips on how to start a successful business later in life:
Have Courage:
Other people may have negative views of the idea, such as saying that starting a business later in life is risky. These risks could be citing health concerns and other unnecessary risks. Don’t let them deter you from following your passions, stay focused and surround yourself with those who share the same entrepreneurial spirit as you.
Find a Partner:
Find a partner who knows things that you don’t. By partnering with someone who has a different skill set than you, you can cover more ground and each use your strengths.
Manage Assets:
As with any entrepreneur, older people who start their own business would do well to keep expenses in check, particularly at the outset.
Networking is Key:
Be sure to use your network of colleagues, family and friends throughout the launch of the company. Capitalize on their assistance and collective wisdom. Many of these people can be of help to a startup, with connections or even as a sounding board.
Fairmont Grand Senior Living Community
Fairmont Grand is a resident centered senior living and memory care facility in Rapid City, SD. Our goal is to create an environment where resident well-being is at the heart of everything we do.
Our wide range of services are designed to meet you or your loved one’s daily needs. We offer restaurant style dining options, a variety of physical activities, and give residents the opportunity to live as independently as possible.
If you or a loved one near Rapid City, South Dakota are considering assisted living or memory care, contact Fairmont Grand to learn more about individualized living options or tour our community.
