What do you think the qualities you must have to set up a new business? Passion, dedication, skills, vision and above all young age; wait, is it necessary to be young to start a new business? Some believe that you are no longer creative as you reach your 50s, some think that you cannot afford the risk associated with your business, and some have a stereotypical thought that young energy brainstorms fresh ideas.
Well, debunk these myths. There is no particular age of starting a business. If you look around, you will find that the number of olderpreneurs is rising day by day. If you hark back to the growth in self-employed people between 2001 and 2015, you will find that part-time self-employed people went up by 88%, with 25% growth in the full-time self-employed people.
In addition, a new trend in the age of the self-employed was noted clearly. Surprisingly, the total number of self-employed over 60 has doubled within these years and almost more than 50% of those run their own business at the age of 70. We are stepping into the world of Olderpreneurs.
When you cross the age of 50, it becomes hard to get a full-time job. Health issues become the prominent factor to avoid applying for full-time jobs. Further, employers also prefer young people as they are more energetic and get ready to do work for less than they deserve. Of course, you need money and for this you need to work. This is why many people show interest in setting up their own business.
However, setting up a new business at this age is not as easy as it seems. You have to ask yourself a few questions, for instance:
• Do you have enough capital to invest in it?
• Are you able to make it to the top?
• Is your business idea successful?
What if you do not have money to get the ball rolling? Is there any way to finance your business needs? Can you take out a business loans? Self-employed loans are the best option to finance your business. You can take out these loans despite your bad credit history. Most of the time, people do not find it a suitable method because of high interest rates. What can you do?
First off, you should build your credit. You will get personalised loan offers at lower interest rates in case of a good credit score. If you will not be able to repay the debt, consider other alternatives:
Pension is a cash stockpile that you get for remaining time of your life. The amount may help you to rely on for your day-to-day operations if you are not able to generate funds with another source of income. Of course, you will not be able to live luxurious lifestyle but it will at least help you to make ends meet. It is not a bad idea to invest the whole of pension in your start-up provided you are certain of the success of your business. Whether you use your pension outright or partially in business, take the decision wisely. Ultimately, the burden is on your shoulder.
Buy to let
You should buy a commercial or residential property to rent out to generate extra cash. Once you generate a fixed source of income, managing debt will be much more manageable that is not likely to be while having pension as the only source of income.
Look out for a franchise business
A franchise business will work to your advantage more than starting a new business. You just need to buy the franchisee to get the ready-made route.
No matter what your age is, you need to have funds and the right strategy to make your business successful. The success of business does not depend on age rather it depends on your talent and skills. Go for it!