Challenges of Becoming a Late-Life Entrepreneur

The statistics are overwhelming; now more than ever before, those near retirement age are looking to start their own business. The reasons vary. Some can’t bear the thought of an idle retirement, while others need to supplement their income to continue paying the bills.

If you’ve considered turning your life-long passion into a business, are interested in testing your limits with a second career, or are simply looking to be our own boss, you’ve come to the right place. Let’s discuss some challenges you may experience as you begin the process and how you can overcome them.

An Overwhelming Start

Whether you have prior experience or not, starting your own business can feel overwhelming. There’s a lot to consider: from financial planning to goal setting, marketing ideas to leadership approaches. Rather than see that as a negative, I prefer to see it as encouragement to get you started on the right foot. Planning is a key factor in the success of your business so avoiding feeling overwhelmed by starting slow. This may not be the most fun part, but it is the most important.

Creating a Business Strategy

Business plans give you a direction and that’s a good thing to have when you’ve got nothing else. Defining a clear strategy gives you something to quantify and qualify so you can keep track of your progress and make sure you’re on the right path. Use the simple, yet powerful, Prime Strategies Business Success System to help you get started. Outline your vision, define your mission, understand your objectives and what you think the best ways to fulfill them may be. Then work out a budget; what kind of finances do you need to get started? What kind of preliminary inventory and supplies do you need? What is your monthly income versus monthly expenses? Once you have those questions answered, you’ll be ready for action.

Management Technique

Learning the ropes of management and mastering a good set of skills can be tricky. Is your family involved with the business or have you hired from outside? This could make all the difference in your approach. The biggest difference between family and non-family workers is family workers will require that you set a boundary dividing family time and work time. What family and non-family workers will both demand of you is consistency and leadership. You’ll have to train your employees in the specifics of the industry or, at least, according to your own business structure. But managing people takes a certain finesse that will pay off tenfold if you master it.

Starting a business can be overwhelming, but don’t let the details stop you from accomplishing your goals. Creating the right plan and taking the right first steps can be a major help.

If you’re a late-life entrepreneur seeking support in business planning and management techniques, Prime Strategies can offer the necessary guidance and expertise to help you reach your goals.