When you picture an entrepreneur, you might think of a sharp, energetic young person ready to take on the world. They might be in their twenties, working from a trendy office space, or they might even still be in university, coding a groundbreaking new piece of technology.
Here to inspire you, the UK’s favourite company formation agent, Rapid Formations, will take you through the unique advantages of starting a business after 50.
Years of Experience
By the time you’re 50, you’ve gained many years of rich, invaluable experience in the workforce. Whether you’ve worked as an employee or outside of the corporate world, you’ll have gained a significant amount of first-hand knowledge about making decisions and building relationships – in essence, what it takes to run a business well. Years of watching others lead will help inform you of the kind of leader you want to be when running a business of your own.
Wide-Reaching Professional Networks
One of the biggest challenges for younger entrepreneurs is building a reliable network of contacts. Over 50s, on the other hand, have a rich network of colleagues, mentors, and industry connections to draw from.
The contacts you’ve made throughout your lifetime can help you find talent and investment, and some may become valued customers. And it’s not just your professional network. You can also get in touch with old friends from school and people you met on holiday; anyone you’ve built a friendly relationship with over the years. Turn to social media channels like Instagram and LinkedIn to see who may be of help.
Financial Stability And Access to Capital
Compared to younger entrepreneurs who might struggle to secure funding, those over 50 are more likely to have the financial stability to self-fund or access loans.
They may have accumulated savings and assets that prove their creditworthiness and provide a safety net.
While it’s still necessary to assess financial risks carefully, this greater access to capital can be a huge support in your business’s early stages, allowing you more room to experiment and grow the business sustainably.
Emotional Resilience
Starting a business is challenging at any age, but it can be particularly demanding for those without the resilience you gain through decades of overcoming personal and professional struggles.
As someone with experience handling life’s stresses, you’re built with a higher level of emotional resilience and patience when you get to over 50. Your mindset often enables you to handle setbacks quicker, and it could make you less likely to give up when things get tough.
Greater Commitment to Your Cause
Unlike younger founders, who may still be uncertain about what direction they want their lives to take, people over 50 tend to have a clearer sense of purpose and vision. That’s because they’ve already made several life-changing decisions in their twenties and thirties, such as: “Shall I buy a house?”, “Shall I start a family?” and “Shall I move abroad?”.
As someone in middle age, you have more roots and grounding. You’re more likely to stay put and commit to your next decision than somebody young with no responsibilities and nothing to lose. This can lead to a more focused and driven approach to business.
Also, many older entrepreneurs are motivated by more than profit alone. You may feel a stronger desire to create something meaningful, such as a company that reflects your personal values. This is buoyed by the likelihood that you may have achieved more financial security than somebody in the earlier stages of their life.
Embrace The Opportunity – You’re Not Alone
Starting a business after 50 is not only possible, but it can also be a great opportunity for success. Plenty of people choose to take the plunge once they’re a bit older.
In fact, the average age of the UK’s small business founder is currently 46, and 35% of businesses are started and run by people over 50, according to Enterprise Nation’s Small business Barometer.
What’s more, research by Penn State indicates that a 50-year-old entrepreneur is 1.8 times more likely to be successful than a founder in their 30s.
Clearly, it’s never too late to become an entrepreneur. So, if you’ve been considering launching your own business, don’t let age be a barrier. Instead, see it as your strength.
Here to help you make your entrepreneurial dreams into reality are company formation experts, Rapid Formations. Check out their website to see the range of services they offer to help you get started, including registering your company, business address services, and the filing of your first confirmation statement.