Many women over the age of 50 are in the perfect position to start a business. Life circumstances like an empty nest, independent children, divorce or evolving family dynamics make this the ideal time in life to turn an idea or hobby into a business.
Many women in this age bracket want to step outside the box, assert themselves and take control of their present and future. Starting a business offers the chance to feel a sense of identity and achievement and tick off the bucket list dreams that they’ve held for so many years.
There are many benefits to starting a business in your 50s. Whether setting the business up to make money, build a sense of achievement or legacy, or to fulfill a passion or purpose, starting a business at this age can help women in their 50’s stay motivated, driven, and mentally and physically active.
So, how does one start a business over the age of 50?
1. Establish a formidable mindset
Often confidence is shaky as women navigate this new territory and that’s ok. Anyone who is new to business will struggle with mindset, no matter their age. This is where family support comes in. Surround yourself with a supportive community who can give you experienced and genuine feedback, empathy, and support.
2. It’s all about market research
Check your competitors and run the numbers to check the pricing of your product or service. If you’re financially savvy, you’ll already be comfortable with a financial commitment however be sure to monitor, check, review, analyse, adjust, and repeat.
3. Get a handle on sales and marketing
Digital marketing may come as a challenge, so immerse yourself and lean on the experience and knowledge of others. Follow social media experts for tips and tricks or ask a friend who is familiar with this space. They are usually happy to help!
4. Consider collaborating with a friend or former colleague
Why does collaborating make sense? It allows you to fill the skillset gaps, broaden your opportunities and create a better business. Doing it alone almost doesn’t make any sense.
5. Use your connections
In your 50s, you’ll likely have a network of potential customers, supporters and other professionals to call upon. Make a list of people who could be a valuable asset for your new business.
6. Use all the resources that are available to you online
All state governments will have small business advice for newcomers, and you could even be eligible for a grant or program to help you get started.
7. Importantly, focus on your customer
Do the research to gain insight on who your customer is. You want to be ultra-clear on this. What do they look like, what problem are you solving, and how will you find them? If you’ve been considering this business idea for a long time, then there’s a good chance you are already clear on this. Check the market statistics, run some surveys and get your ideal customer down on paper.
8. And finally, a little self-belief goes a long way
It’s not easy, but it will be worth it!