Why Being Over 50 Makes It the Perfect Time to Start Your Business

by Duane Adams –

I was recently invited to speak to a group of folks over the age of 50 who are potentially looking to start a business.

The last time I was asked to participate in an “encore” entrepreneurship program I was in my early 40s. Imagine the epiphany that I had when I came to realize that I am now part of the target audience.

Admittedly, I had to sit down and catch my breath. I just turned the big 5-0 last year. As someone who always tries to tackle life with optimism, this task could be no different. In researching my presentation, I came to realize that technically, there are few differences to starting a business in your 50s as opposed to starting in your 20s. In many ways, the pros outweigh the cons.

Starting a business later in life comes with unique advantages. ​With years of experience, established networks, financial stability, and a clearer vision, individuals over 50 are often better equipped to launch successful ventures. Many renowned entrepreneurs, such as Ray Kroc (McDonald’s at 52), “Colonel” Harland Sanders (KFC at 65), Arianna Huffington (Huffington Post at 54), and Ernestine Shepherd (renowned personal trainer at 56) prove that age is no barrier to success. ​

In all honesty, I’m not fond of the term “encore entrepreneur.” From this point forward, let’s just refer to ourselves as “experienced proprietors.” Here are some things to consider if you are looking to build a business later in life.

Planning Your Business

You’re more prepared now than ever.

• Begin by identifying your business idea.
• Assess your skills, passions, and market needs. ​
• Reflect on your work history and milestones. ​
• Brainstorm ideas and validate them by aligning your experiences with market demands. ​
• Identify potential clients and gauge their interest and willingness to pay. ​

Conducting Market Research ​

Understanding your target market is crucial. Start by collecting primary information and sharing your ideas with potential customers, business partners, and mentors. Leverage your network to build word-of-mouth referrals and use tools like empathy maps to dive deeper into your audience’s needs.

Analyzing Competitors and Market Trends ​

A simple Google search can help you understand your competition and clarify your value proposition. Evaluate competitors’ online presence, social media strategies, and website content to identify opportunities for differentiation. ​

Creating a Business Plan ​

A solid business plan is essential. Include key components such as:

• Financial narrative
• Executive summary
• Marketing strategy, operations, and industry research.

Set realistic goals and ensure your financial narrative aligns with the written plan. Resources like Liveplan.com can assist in creating a professional plan. ​

Legal and Financial Considerations ​

Choose the appropriate business structure (e.g., sole proprietorship, LLC, S-corp) based on your business’s nature, scope, and risk level. Research legal requirements and permits and consult resources like the Economic Development Partnership of NC (edpnc.com). ​

Funding Your Business ​

Explore funding options such as:

• Owner’s equity
• Friends, family, and personal loans
• Commercial loans
• Grants and donations

Budgeting is key: build a snapshot of your monthly expenses and assess your personal net income to determine available equity. ​

Building Your Brand

Your brand identity is how you’re perceived. Consistency across all platforms is essential. Define what you want to be known for and ensure your messaging reflects it. ​

Launching and Growing Your Business ​

Effective launch strategies are often organic and customer driven. Once launched, focus on scaling by:

• Seeking mentorship and forming an advisory board. ​
• Implementing technology to stay competitive.
• And then, GO FOR IT!