Of all the reasons to start at business after age 50, perhaps the best one is that the years are passing.<\/p>\n\n\n\n
Maybe it\u2019s something you always wanted to do. For some, it\u2019s a good strategy for getting more work years in before retirement.<\/p>\n\n\n\n
Sure, it\u2019s a lot of work and a lot of hours.<\/p>\n\n\n\n
But there\u2019s one thing that should not stop you.<\/p>\n\n\n\n
Your age.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Read on<\/strong> CNBC<\/strong><\/a><\/p>\n\n\n\n The older you are, the greater your chances of success. Those over 50 are twice as likely to be successful<\/a> as those under 25.<\/p>\n\n\n\n In the U.S., the U.K., Ireland and Australia, the age group is launching more start-ups than any other cohort. That stat comes from Elizabeth Isele, founder of the Global Institute for Experienced Entrepreneurship<\/a>. She started the institute at age 70.<\/p>\n\n\n\n It\u2019s entirely possible to start a business after age 50, and Kerry Hannon profiles 20 successful older entrepreneurs in her latest book, \u201cNever Too Old To Get Rich: The Entrepreneur\u2019s Guide to Starting a Business Mid-Life<\/a>. \u201d<\/p>\n\n\n\n \u201cIn today\u2019s world, you don\u2019t need a brick-and-mortar store,\u201d Hannon said. \u201cThe beauty of the world we live in is that you can accomplish a great deal from a home office.\u201d<\/p>\n\n\n\n Hannon, a nationally recognized expert in career transitions and retirement, says you need to start with a deep dive into your soul: \u201ca solid MRI of your own passion and personality, talents and inner drive to start a business.\u201d<\/p>\n\n\n\n Ask yourself the big questions: Why start this business? Why you? And why now?<\/p>\n\n\n\n \u201cMost people who did it say it\u2019s more work than they imagined,\u201d Hannon said. They also say they wish they\u2019d started sooner.<\/p>\n\n\n\n Among other reasons, it\u2019s hard to get back into the traditional workplace after 50 if you were forced out. Starting your own business puts you back in the driver\u2019s seat.<\/p>\n\n\n\n In fact, with a few more years under your belt, you have more of an edge than you think when it comes to starting a business, Hannon says. The 50-plus crowd has some advantages that don\u2019t get enough attention. Here\u2019s what to keep in mind before you strike out on your own.<\/p>\n\n\n\n People who go into the game a little later have more capacity in several areas.<\/p>\n\n\n\n No. 1: experience. \u201cYou\u2019ve been through some ups and downs,\u201d Hannon said. \u201cYou can bring some balance that a younger person can\u2019t, who doesn\u2019t have your world experience.\u201d<\/p>\n\n\n\n Next, you likely have the financial cushion to help you launch. \u201cMost people who start are self-funded,\u201d Hannon said. \u201cIt\u2019s really critical to have that support underneath you.\u201d<\/p>\n\n\n\n You\u2019ve got a network. \u201cIf you\u2019re starting in an industry you\u2019ve already worked in as customer or a client, you have a network to call on as potential clients and customers,\u201d Hannon said.<\/p>\n\n\n\n That network can also help you. Hannon recommends turning to your friends, colleagues and former work associates to get the ins and outs of your industry before you launch.<\/p>\n\n\n\n Before you get started, Hannon recommends a financial checkup. Again, as someone with a few decades of work-world experience, you\u2019ll understand the importance of paying down debt and drawing up a budget.<\/p>\n\n\n\n Scrutinize your spending to see where you can get lean and mean. Have at least three years\u2019 worth of expenses saved up.<\/p>\n\n\n\n Some people consider relocating when they scout starting a business, Hannon says. You might want to look at your cost of living against that in other areas, and downsizing your home is another option.<\/p>\n\n\n\n \u201cThese are all things you can do ahead of time,\u201d Hannon said. \u201cPay attention to the bigger-ticket items, not just cutting back on restaurant spending, to make sure you have that ability to be nimble.\u201d<\/p>\n\n\n\n One critical financial warning: Do not tap your retirement funds. It may be tempting, but that should be the absolute last resource you turn to fund a business. \u201cSomeone younger may have time to build it back up again,\u201d Hannon said. \u201cYou don\u2019t have enough time.\u201d<\/p>\n\n\n\n Take advantage of all the free resources you can. Hannon mentions SCORE, a partner of the Small Business Administration. This organization provides free business mentoring and education for those looking for experienced help from experienced entrepreneurs.<\/p>\n\n\n\n Look for ways to reach out in your community, says Hannon. The internet also offers plenty of sites and templates for business plans.<\/p>\n\n\n\n Forget the common wisdom about reinventing yourself.<\/p>\n\n\n\n It\u2019s not so much reinvention as redeploying skills you\u2019ve used throughout your career. \u201cDon\u2019t make any rash moves,\u201d Hannon said. \u201cDo your homework to see what you can do.\u201d<\/p>\n\n\n\n Look at the market and see what you have to contribute that no one else is doing. Then, do the job first. You can volunteer or moonlight, but find something that is as close to the work as possible to see if it will work for you. A work scenario might sound great until you actually try it on.<\/p>\n\n\n\n You might have to pick up some new skills or a certification. Without going as far as a master\u2019s degree, it\u2019s still worth thinking of ways to ramp up your professional profile.<\/p>\n\n\n\n Consider a senior\/junior partnership.<\/p>\n\n\n\n Think \u201cThe Intern,\u201d with Robert De Niro and Anne Hathaway.<\/p>\n\n\n\n \u201cThis kind of business is fantastic,\u201d Hannon said. When an older entrepreneur pairs with someone younger, you get an unbeatable combination: They\u2019ve got tech savvy and enthusiasm, and you have the capital, the resources and older, wiser contacts.<\/p>\n\n\n\n You could build a business that goes on for 20 years. After all, you want a business that will grow slowly and organically, Hannon says.<\/p>\n\n\n\n Women are especially good collaborators, Hannon says, and women over 50 are the top demographic worldwide who are starting businesses.<\/p>\n\n\n\n![\"\"](\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2019\/06\/hannon_never.jpg?resize=640%2C967&ssl=1\")
<\/figure>\n\n\n\n1. Two top qualities<\/h2>\n\n\n\n
2. Check your financial fitness<\/h2>\n\n\n\n
3. Embrace what\u2019s free<\/h2>\n\n\n\n
4. Your value proposition<\/h2>\n\n\n\n
5. Partner up<\/h2>\n\n\n\n
6. Winning women<\/h2>\n\n\n\n
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