As you enter your 50s could this be the perfect time to start your own home based business? What are the 3 Key Considerations when Starting a Home Business after 50? and What is The best online Business to Start after 50?
Table of Contents
- Introduction
- Is 50 Too Old to Start a Business
- What are the 3 Key Considerations When Starting a Home Business After 50
- Personal Audit
- Align with What Works
- Grab Free Offers
- What is the Best Online Business to Start After 50 – and Why
- Conclusion
- Other Aricles You will find Useful
1. Introduction
There may be many reasons why you are considering this, perhaps you are looking for the satisfaction of running your own enterprise, or are you facing a life event such as redundancy or perhaps like thousands of others you have the realisation that where you currently are at, is not sufficient in savings, pension, and financial terms for your future?
Starting a home business at this stage in life can help provide a solution to the questions above and the one great asset you have to help you is your wealth of experience and mature perspective to create something impactful and rewarding.
Starting a home business in your 50s is not just about having the spare time. Hopefully this article can help you understand the advantages and key considerations of beginning this venture and journey now.
2. Is 50 Too Old to Start a Business
Starting a business after 50 comes with its unique set of challenges, but your experience equips you to handle them with wisdom and patience. Age is no barrier. My own experience backs this up (see my About Me page here) as you will have an advantage over younger people in that you will have accumulated a variety of skills and knowledge, in various environments that are ripe for sharing in the entrepreneurial world.
For example; Arianna Huffington launched her media company, The Huffington Post in May 2005 when she was in her 50’s
Technology
It is true that the last 20 years has seen rapid growth and advances in technology and its use in the modern world. However, don’t worry too much about being a tech wizard from the get-go.
Yes, a dedicated website and active social profiles will be essential pieces of your marketing and earnings puzzle in a home based online business but if you check some of my articles below, I cover how you can establish a digital presence and grow a business at your own pace, plus in some cases you can start for free, all from the comfort of your home.
3. What are the 3 Key Considerations when Starting a Home Business after 50?
Before starting on your venture, it is important to look at the key considerations before diving straight in. In doing so, you will certainly be in a better position to succeed rather than just trying something, and then falling at the hurdle of something you had not bargained for or thought about.
1. Personal Audit
Carrying out a personal audit of where you are currently is vital. And there are two personal audits you need to carry out. Whilst working from home means that you don’t have a traditional bricks and mortar business, you still need to take the business seriously, particularly at the planning and research stage.
You need to budget for the business, and keep this expense away from any household or personal expense. Do Not eat into any retirement fund to run your enterprise. As we get older, we have less time to replenish any funds we draw down on.
So, the first audit you need to carry out is a personal wealth audit.
You need to ascertain where you are at financially, and that means what is your monthly income against your outgoings. Carrying out this exercise may be a bit uncomfortable but it is essential before you move forward. I have put a link to my article guide on carrying out a personal wealth audit below.
The second audit you need to carry out is a health audit. Or, in other words, Are You Fit for Business?
Running a business can at times be hard work. In the early days you will need to put the effort and energy in but with a bit of discipline you will be building momentum and things get easier.
However, you need make sure your health is up to it. What is your blood pressure like? How is your diet? Are you carrying too much fat, do you need to cut down on alcohol consumption?
The healthier you are the better able you will be to cope with the curve balls and rollercoaster challenge of running a business presents. It is worthwhile, even if you are not thinking of running a business, to have regular check ups with your doctor. Prevention is always better than cure.
2. Align With What Works
In other words, Don’t Look to Re-Invent the Wheel. If you are looking for a home based business opportunity and have done an online search you will come across just about every type of business out there. Almost every one promising riches within a month etc.
I can not stress enough how important it is to align with something that works and has a track record. As we get older, lets face it, we have less time. Please don’t go chasing unicorns or rainbows.
Carry out your research on anything you are considering, for example some questions to ask yourself are:
Is the Business Model Ethical
Does the Business model have a proven track record and is it an established business methodology
Can you expand the business (ie scale it up) and use the format in other channels you create
Is the business idea, something that you would want to do?
Is there support and training available to help in your success?
In my time researching Home opportunities the above were the common questions I was asking, and the final key consideration I had related to me being able to test drive a model without any heavy financial input in the early phase.
3. Grab Free Offers
Almost a try before you buy. You may have to get a feel of a few opportunities before you find one that is a good fit for you, but again check out if a business is happy to offer free training in the early phase, are they happy for you to join for free, and start your business and work at your pace before upgrading.
Do they (the opportunity) offer free resources, or at the very least key Resources included. You do not want to join something that continuously asks for upgrades or ‘Bolt Ons’
Finally,
4. What is The best online Business to Start after 50?
In my experience, based on:
Low Cost (and sometimes free) Start up
Minimal risk to Capital, Pensions or nest eggs that You may have built up
Huge Global opportunity in all markets
The Chance to specialise in a particular area that you will have a Skill and experience in
Plenty of Online help and Support
Ethical
is Affiliate Marketing
5. Conclusion
Starting a Business after 50 has never been easier particularly with the wealth of online opportunities out there. The key considerations are to make sure you are in shape financially and physically, do your research and start.
Good luck with your business and let me know in the comments below what business you are thinking of, what challenges you are facing or what is holding you back from starting
Best Regards
Del
6. Other Articles You Will Find helpful
7 Tips for Finding and Starting an Online Business Read Here
Top 5 Best Online Business Ideas Read Here
The Right Online Business Opportunity Read Here
Carrying Out a Personal Wealth Audit Read Here