What is a 'Plus-Starter'? A Plus-Starter is someone aged 50+ starting a business. Many people in this age bracket feel they have much more to give and are starting a business but, why now? Couldn't you sit back and enjoy your days of golf outings, coffee mornings and free time?
Well, apart from the customary motivating factor of being your own boss, here are 5 Reasons for someone aged 50+ to start a business:
1. Follow your passion
It’s time to use that business idea you feel passionately about that you’ve had ferreted away for too many years. Whether your business idea is in the field you have experience in or not, there is never going to be a better time to take a leap of faith. Don’t be afraid, back yourself and see where your passion takes you. When you’re older and finally feel it’s time to retire, trusting yourself and doing something you love is not going to be something you regret! Let’s not forget…
“Do what you love, and you’ll never work a day in your life.”
2. Higher Chance of Succeeding
Did you know, 70% of businesses started by people aged 50+ in the UK last at least 5 years, while only 28% started by younger people last that long according to Age UK. I bet you didn’t know that now, did you! Ride that rising wave into entrepreneurship.
Indeed, many famous people didn’t find success until later in life – Momofuku Ando (say that 3 times fast) struggled with bankruptcy and jail-time until he invented the infamous instant noodles at age 48 but it wasn’t until he was 61 that he found true international success. Testament to their popularity, instant noodles were voted the best invention of the 20th century in Japan. Very cool.
3. Use your Rich Networks
As you have been in the game for a long time, you might know people that can help your business. Many of our graduates from our 2016 Build Your Own Business programme, for those 50+, sang sweet songs about the fantastic connections they have procured through the course. Fortunately, another starts in September. This is due to everyone on it having a wealth of connections accrued from years of work experience. You are already ahead of the curve as many younger entrepreneurs have to work tirelessly to grow their network community.
4. Years of Experience
According to Enterprise Ireland,"50-64 years, have the highest rate of perception of good media coverage for entrepreneurs (80%), are the least inhibited through fear of failure from starting a business (35%)." Experience strengthens your resolve and instills a more steady confidence.
It doesn’t matter if it’s as a solicitor, bar-tender, financier or plumber you are almost certain to have wonderful real-life work experience. While younger entrepreneurs could happen to have a great network, a good business idea and work ethic, they can’t replace the life and work experience you have. Your unique depth of working knowledge built over decades cannot be replicated and be sure to remember, it is the strongest asset in your arsenal.
5. Retirement Fund
Whether you’re winding down your job or your offspring have finally sprung the nest, you might find yourself with a little more time on your hands. Your newly acquired free time is an opportunity. Instead of waiting for the pension to kick-in or bonds to fully mature, get out there and see what you can do. You never know, it could mean a nice supplement to your base.
Never forget, whatever your motivating factors, do something that you really want to do. Happiness is the most useful and emboldening motivation of all.
“Age is a hindrance in the corporate job world, but it’s a major benefit in the entrepreneurial world”
Jeff Williams, founder of Bizstarters.com