top of page

6 Tips for Becoming an Entrepreneur Later in Life

Entrepreneurs aren't limited by age, and you can start a successful business at any stage of your life. However, becoming an entrepreneur later in life has its own unique challenges and rewards.

These are unprecedented times and they offer unprecedented opportunities. Consider these tips for starting a business later in life:

1. Avoid allowing others to limit your goals. As you get older, you may have more people in your life who try to persuade you away from the entrepreneur lifestyle.

* Your family and friends may have good intentions, but they can also limit your dreams.

* They may remind you that it's more difficult to start a new business as you get older because you have other responsibilities. Children, aging parents, and others can take up a lot of your time and present challenges when starting a business. However, knowing that these challenges exist can also help you make contingency plans for when time is tight. In fact starting later in mid-life can be an advantage for your business success.

2. Dreams don't have expiration dates, and entrepreneurs don't have age limits. As they say, "you're only as old as you feel." So if you feel like taking on the challenges of starting a new business, don't let your age hold you back or be on your mind as you move forward with your business plans. A benefit of starting later in life, is that you are more likely to be financially stable so that you can self-fund your idea and have more runway for your launch. And your life experience can give you a head start to building your business.


3. Be open to learning from others. The most successful entrepreneurs are open to learning new ideas. The Entrepreneur Mind by Kevin D. Johnson offers advice on how to reach financial wealth and achieve unimaginable business success.

* Stay up to date on new advancements in your field, either by keeping in the loop yourself or by hiring employees or contractors that incorporate this into their tasks.

* Finding a mentor with successful business experience in your field can help your new business see profits quickly and plan for successful growth.

4. Get your family involved. Successful entrepreneurs often have their family members involved in the business.

* Do your children want to help you build a business? Does your spouse have interesting ideas and want to collaborate with you? Your family can help you make your dream come true.

5. There is never a right time? It really has little to do with your age or when you feel ready. The biggest key is to just get started. You can do it while you are still working or take the plunge and make it happen. If you have longed to be your own boss and you can help others you can earn money while doing it.

Do your research. How can you turn your skills into a business? Decide what type of business you want. Is it a brick and mortar or an online venture where you can earn an income while you work from home?

Try something you love! Everyone has some kind of interest. Use your knowledge to start something new! Do you have a passion or a special skill like photography?

You can start selling your photos online and you don't have to be a professional to get started. You. photos would be used for websites, catalogs, books, magazines and ads. If you have a digital camera or Smartphone you can get paid to take photos. Or use your skills to train others.

Or maybe you want to consult. Could other companies benefit from your wisdom? There are plenty of consulting opportunities in areas such as business planning, marketing, or financial planning. You can start small and offer your services to friends and colleagues and test the waters while building your network.

6. Income plus wealth building in Retirement. Not only can becoming an entrepreneur help to increase your income, but it and give you the opportunity to sell it and earn money once the business is sold. And the added income can help you to be able to retire sooner.

There are tax incentives for small business ownership. It's important to keep good records. Consider your financial obligations and what might your start up costs be.

Freshbooks offers easy, online accounting software with simple to use invoicing, accept online payments from your clients, including credit card and ACH bank, as well as complete reporting for all your business needs. And it's designed specifically for small businesses.

You can become a successful entrepreneur and build a strong business at any age. Its never too late to get started. However, it's important to stay aware of the challenges that come with being an entrepreneur and make plans that will help you overcome these challenges.

And acting on our passions and having goals to work towards, can really do great things for a person's mind and soul. This can be an exciting venture!


bottom of page