{"id":7065,"date":"2018-09-09T10:09:30","date_gmt":"2018-09-09T14:09:30","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=7065"},"modified":"2018-09-09T10:09:30","modified_gmt":"2018-09-09T14:09:30","slug":"declare-your-independence-and-start-a-business","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=7065","title":{"rendered":"Declare Your Independence and Start a Business"},"content":{"rendered":"\n\n\n
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\"\"<\/a>One of the best decisions I ever made was to declare my freedom from my full-time job as a columnist for a national newspaper and start my own business as a freelancer. That was my personal independence day, and I\u2019ve never looked back. Since then, I\u2019ve also become an author of numerous books, a frequent public speaker and an expert on jobs for people over 50.<\/span><\/div>\n<\/div>\n
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So my question for women over 50: Is it time for\u00a0you<\/em>\u00a0to declare your independence and start a business?<\/p>\n

For many women I have met and counseled, launching a business at midlife is often an inner pursuit to find meaning and to give back to society. That\u2019s tremendously rewarding. What\u2019s more, becoming an entrepreneur after 50 is not as risky as you may think (or needn\u2019t be) and the psychic and financial payoffs can be well worth it. Plus, launching a business is one answer to both the gender pay gap and the lack of advancement many women feel in today\u2019s workplace, as I wrote in\u00a0this New York Times article<\/a>.<\/p>\n

\"Eddleston-Kimberly-194x199\"<\/a>
Kimberly Eddleston<\/figcaption><\/figure>\n

After 50 can be a great time in life for women to launch. \u201cResearch shows that women\u2019s confidence at work increases with age while at the same time, their family responsibilities \u2014 especially related to child bearing and rearing \u2014 decrease. This makes entrepreneurship over 50 a great idea and a possibility,\u201d says Kimberly A. Eddleston, a professor of entrepreneurship and innovation at Northeastern University and a senior editor on the EIX Editorial Board of the Schulze School of Entrepreneurship at the University of St. Thomas in Minneapolis.<\/p>\n

Another compelling reason to consider it: \u201cWith their greater work experience and confidence, such women are more likely to see opportunities for a new business \u2014 customers whose needs are not being filled and gaps in product categories,\u201d Eddleston notes. \u201cIn turn, their work experience often gives them the networks to successfully launch a business at this career stage. They also often have the financial resources to support a new business.\u201d<\/p>\n

You don\u2019t have to go it alone and needn\u2019t be afraid to seek help, though.<\/p>\n

Read on FORBES<\/a><\/p>\n

\u201cMany universities offer entrepreneurship assistance for alumni, several offer programs and workshops specifically geared towards women and there are many local organizations \u2014 often government-supported or nonprofit \u2014 whose goal is to help women start and manage their own businesses,\u201d Eddleston says.<\/p>\n

I suggest you tap into the site of the U.S. Small Business Adminstration (SBA),\u00a0SBA.gov<\/a>, as well as\u00a0Score.org<\/a>, a nonprofit that provides small business assistance. Both are top resources for local seminars and other types of help for newbies. The SBA\u2019s\u00a0Office of Women\u2019s Business Ownership<\/a>\u00a0assists women entrepreneurs through programs coordinated by\u00a0SBA district offices<\/a>, including business training, advice on snagging federal contracts and tips on getting access to credit and capital. It oversees\u00a0Women\u2019s Business Centers (WBCs)<\/a>, a national network of over 100 educational centers.<\/p>\n

\u201cDo\u00a0not<\/em>\u00a0assume that these organizations are only for high-growth businesses; many have programs for all types of businesses,\u201d Eddleston says.<\/p>\n

I agree with all of Eddleston\u2019s suggestions and would like to offer eight more of my own:<\/p>\n

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  1. Be clear-eyed about your prospects.<\/strong>\u00a0Don\u2019t expect to make a substantial profit straightaway. Be content knowing that the reward, at least initially, will come from doing something you love, following a dream and being your own boss. I call this intangible income, and it\u2019s tax-free.<\/li>\n
  2. Take it slow.\u00a0<\/strong>Your skill set and experience offer the basis to starting your venture, but it will take time to lay the groundwork for a successful launch. You\u2019ll need to do your research to be assured there\u2019s truly a demand for your prospective service or product in the marketplace. Consider, too, which new skills you might need in order to get your business up and running. To learn them, volunteer or moonlight, if possible. Also, ask other small business owners in your field how they got started and dealt with challenges.<\/li>\n
  3. Don\u2019t wreck your hobby.<\/strong> Be aware of the distinction between a hobby that\u2019s a remedy to your frenzied working world and a pursuit that\u2019s really something you can relish round-the-clock. I love horses, for example, but a business teaching horseback riding would be a recipe for disaster for me. Horses are my escape valve and that\u2019s the way I like it.<\/li>\n
  4. Consider hiring a career coach or a\u00a0life coach<\/a>.<\/strong> Personally, I\u2019ve found that an unbiased outsider can help keep me motivated and focused on the next steps to take to keep my business viable. This kind of advice and accountability can be invaluable when you\u2019re planning and launching your business.<\/li>\n
  5. Assemble a support team.\u00a0<\/strong>Confiding in a spouse or partner, a mentor, a friend, a sibling or even your adult child can keep you balanced and help you steadily navigate the uncharted landscape of founding a business.<\/li>\n
  6. Get a firm grip on your finances.<\/strong>Many first-time entrepreneurs overvalue their initial income and undervalue their startup costs. Do you have enough socked away to support a few years with lower income (or none at all) if you will plow net income back into the business to keep it growing?<\/li>\n
  7. Be ready for obstacles.<\/strong> If you\u2019ve laid the proper groundwork, you\u2019ll get through the bumpy bits. Having your support team to lean on will help.<\/li>\n
  8. \"\"<\/a>Create the proper mindset.<\/strong> This is something Sanyin Siang, author of the excellent new book,\u00a0The Launch Book<\/em>, recently told me when I interviewed her for my\u00a0Next Avenue blog<\/a>. The best approach is to begin with a vision of where you want to go, tape a picture on your office wall of what it might look like or set it as your computer\u2019s screensaver, and journal about your goals.<\/li>\n<\/ol>\n

    Get things stirring with small steps and before you know it, you\u2019ll be able to jubilantly declare your independence.<\/p>\n

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    By\u00a0Kerry Hannon\u00a0<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n

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    Entrepreneurship and Personal Finance <\/span><\/p>\n

    Kerry Hannon has covered personal finance, retirement and careers for The New York Times, Forbes, Money, U.S. News & World Report and USA Today, among other publications. She is the author of a dozen books including\u00a0Money Confidence: Really Smart Financial Moves for Newly Single Women<\/em><\/a>,\u00a0\u00a0Great Jobs for Everyone 50+: Finding Work That Keeps You Happy<\/em>\u00a0and Healthy…and Pays the Bills<\/em><\/a>,\u00a0Getting the Job You Want After 50<\/a>,<\/em>\u00a0Love Your Job: The New Rules for Career Happiness\u00a0<\/a><\/em>and\u00a0What’s Next? Finding Your Passion and Your Dream Job in Your Forties, Fifties and Beyond<\/em><\/a>. Her website is\u00a0kerryhannon.com<\/a>. Follow her on Twitter\u00a0@kerryhannon<\/a>.<\/div>\n<\/div>\n<\/div>\n

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