Seniors: Plan Carefully to Start Up

by | Apr 8, 2024 | Entrepreneurship

There is an increasing trend of individuals over 50 opting for entrepreneurship as a career shift rather than traditional retirement.

Older individuals are well suited for entrepreneurship due to their extensive experience, problem-solving skills, and business networks. They are in better health than previous generations, and therefore, starting and sustaining a business is more realistic than ever before. However, there are cautions for senior entrepreneurs.

Financing: As securing financing for startups can be challenging due to age biases among potential funders, personal savings remain the primary source of startup capital for older entrepreneurs.  Alternative financing options such as bank loans are limited due to the high credit risk associated with new ventures lacking a track record.

Senior entrepreneurs need to be prepared for a lengthy period before their business generates sustainable income. Advisors suggest that you save enough money to cover 12 months of both living and business expenses. Therefore, if you are still employed, put aside part of your nest egg for a future venture opportunity.

Shark Advice: Mark Cuban’s advice to aspiring entrepreneurs bodes well for seniors as well. In an article 7 Reasons Not to Quit Your Job to Start a Business | LinkedIn Cuban advises wantrepreneurs to start a business only if “your heart is in it” and to “know your s—- better than anyone else in the room!”

Next steps: In the meanwhile, refresh old connections and build new relationships to create partnerships as a talented team will make your venture more attractive to financiers. Furthermore, invest in education and skill development through programs like the Kauffman Foundation’s FastTrac and AARP’s Work for Yourself@50+.Go to: CoreFour Coaching & Training for Entrepreneurs | Mindful Communication

With those suggestions in place older individuals considering entrepreneurship can leverage their experience and invest in personal development to increase their chances of success in starting a new business venture.

Need help getting organized and following through with a business idea? Let’s start off with a plan. Contact me at Rebecca@MindfulCommunication.com. Visit MindfulCommunication.com

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rshafir

Rebecca’s CoreFour Coaching

“It takes more than courage to be an Entrepreneur, it takes CORE.” Find out more. 

Who is Rebecca Shafir? Speech/language pathologist, author, voice and executive function coach
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