It’s fair to say that almost everyone, at some point in their life, has either wanted to start a business or has an idea to make an existing product or service better. What the two have in common is that you haven’t done anything about it yet.
With people over the age of 50 being the largest group of new entrepreneurs (commonly called seniorpreneurs) in the world, don’t you think it is time to find out if entrepreneurship is for you?
Proof is in the data
- A 2013 report from TD Economics indicates that over 15% of baby boomers have started a business and 39% are considering starting a small business prior to retirement
- According to a Kauffman report, in 2015 twenty-eight percent of all new businesses were between 55-64 years of age in the US alone
- Close to 35% of new start-ups in Australia are started by a senior
- 28 countries in the European Union have a mandate to work with the over 50 age group with starting their business
Why start a business now?
- Retired but not ready to stop working
- Always wanted to be a business owner and now have the time
- Have an idea for a business
- Supplement a pension/savings to continue living the lifestyle they are accustomed to
- Didn’t save enough while working and now need an income
- Don’t have a pension and can’t find work
- Personal achievement
- Wisdom, Initiative, Skills = Entrepreneurship
Factors that may be holding you back
- Don’t know what needs to be done
- Lack of confidence or over-confidence
- Fear of the unknown
- Social Media
- Marketing and Sales
How do I know if I should start a business?
You have the mindset of an entrepreneur if starting a business is all you think and talk about to anyone that will listen; if it wakes you up at night and you are always trying to find pen and paper to write your ideas down, then it is time for you to start exploring what is involved in starting a business.
Starting a business can be daunting, but like most things in life, it’s a process.
What do I do and where do I go to get everything done that needs to be done? How do I find suppliers that are genuinely interested in what I am trying to accomplish? How can I afford to get my business up and running without having a lot of money? And when am I going to have time to do everything when I need to spend time developing my company and finding my first customer?
Starting a business later in life comes with it’s own set of challenges, but don’t worry, we are here to help you. Along with our podcasts with subject matter experts and our e-learning site with courses from experts in their field of business, we have a series of workshops and webinars to help you start and manage your new business.
We work with start-ups by guiding you through what needs to be done, in the order they should be done. An excellent way to get started is by taking the The Real World Entrepreneur Training video course. The course will answer many of your questions and even ones that you haven’t thought of.
There are many suppliers who want your business and we will be listing these companies but please note that we don’t endorse anyone that we haven’t worked with ourselves. If you know of a business that might help new entrepreneurs who are starting a business later in life please email us.
Entrepreneurship isn’t for Everyone
We know that not everyone is ready to take the risk of starting a business or don’t want to do it alone. If you are feeling this way, then don’t let anyone try and convince you to do something that you don’t want to do. However, there are other options that you might want to explore. What about an Intergenerational Business or even getting back into the workforce using the skills from years of experience?
The goal of WISE – Seniors in Business is to help you gain the confidence and provide guidance through the process of starting a business. This is done through speaking engagements, presentations on Discovering Entrepreneurship as an Encore Career and workshops.
If you are interested in finding out more about our offerings, send Wendy Mayhew an email or call her directly at 613 838 4353. We will be pleased to work with you on developing a program suitable for your organization.