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The Golden Age: 3 Best Tips for Starting Your Business in Your 50s

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It’s normal to experience self-doubt when starting a business, but it’s the older aspiring entrepreneurs who often get hit by the bug hard. Some believe their abilities have gone rusty already. Others think that they’re no match with the younger, sharper entrepreneurs they’re going up against. But here’s the thing: research shows that the most successful entrepreneurs are middle-aged and older. You’ve had years of experience building your character, skills, networks, and worldviews, so you have a pretty good advantage over the others. What you just need is the courage to do it.

Here are some tips to finally starting your business:

Take smart risks

The life of an entrepreneur is filled with risks. The difference between you and young entrepreneurs jumping outside of your comfort zones is that they typically have less to lose, in terms of resources and reputability in the industry. Whereas in your case, you’ll probably use savings you’ve worked hard for decades and put your reputation on the line, with friends and family thinking that you’ve wasted money should your endeavour fail to take off. That’s why it’s important to be especially careful when taking risks.

Consider what most starting entrepreneurs do: trying franchising opportunities. These are businesses that have been proven promising already, so you can bank on that relatively lesser risk. B.Good Franchising recommends considering fast casual franchises, one of the fast-growing businesses today in the foodservice industry. Meet with franchisors and weigh which ideas generate better returns.

Create an excellent team

Business meeting
No business takes off successfully with only the effort of one man. It takes a great team to stay in the industry. This is where you can make the most of your huge network.

Think about all the colleagues you met in the years you’ve spent in your career. See which ones can help build your business. At the very least, you want to have an accountant, a lawyer, a business mentor, and a marketing specialist. This is your dream team. Of course, you don’t want to pick just about any tax specialist or attorney in your network, you want people whose values align with what you believe and how you want to run the business. This means you have to do the dirty work of getting to know the people you’re eyeing to include in your endeavor. But take heart, it will all be worth in the end.

Practice self-care

Let’s admit it, you’re not young. You won’t be able to handle late night brainstorming sessions or 24/7 management. Listen to your body and learn to take a rest. If you take self-care for granted, your health will for sure get back at you sooner or later.

The worst thing that could happen is you may not just be able to get back and grow what you started. Once you’ve laid down the foundation of your business, train a trusted employee in managing day-to-day operations, so that whenever you need to take a break, you can be at peace that your business is up and running.

Entrepreneurship knows no age. You can very well start your business into your 50s, 60s, or 70s, as long as your health permits you. Take your endeavours to the peak of success with these mentioned tips.

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