Thinking of Starting a Business Later in Life? Here’s Why You Should

Starting your own business and becoming wealthy is often a lifelong dream for many, but just because you haven’t achieved it when you are young doesn’t mean that it’s too late to make that dream a reality.

Below, mindset coach Mindy Paul says that those eager to pursue their passions and be their own boss should take a leap of faith and follow Gen Z’s mindset.

Below, Mindy explains why it’s likely we’ve seen an uptake in ‘olderpreneurs’ and provides some tips on the benefits of starting your own business post-60 and why you should take action now.

Gen-Z are inspiring the older generation

“It’s interesting that we’ve seen such an uptake in the number of people over the age of 60 starting their own businesses or going self-employed.  

“In fact, recent data shows that self-employment among individuals over the age of 60 has reached record levels, coinciding with a dramatic rise in millennial and Gen-Z millionaires, whose numbers have more than doubled in the UK over the past five years

It’s likely that we’ve seen this happen because the older generation are being influenced to embrace the entrepreneurial flexibility championed by Gen-Z and has contributed to one in five (22%) of households headed by someone over 65 having total wealth exceeding £1 million.  

This shift suggests that older generations are increasingly inspired by the entrepreneurial spirit and flexibility embraced by Gen-Z, leading to a growing number pursuing independent ventures later in life. As a result, one in five (22%) households led by someone over 65 now boasts a total wealth exceeding £1 million.

“As well as this, we’re also witnessing the younger generation changing the model of work, with retirement in the traditional sense being actively rejected and instead realising that business ownership and wealth can offer a stimulating, independent lifestyle no matter your age.”

Is it ever too late to start a business?

“A lot of people think that you should slow down after you retire, but people who adhere to this restrictive notion rather than making the most of their newfound freedom are less likely to realise their aspirations of becoming successful and affluent.

“Those that just go for it instead of thinking they can not do it are the ones who achieve the most in life, as we are seeing with young entrepreneurs more and more.  We deprive ourselves of opportunity when we dwell on all the “what ifs”. You never give yourself the chance to succeed; you play small, and you remain in your shell. While it is wise to plan for potential risks, it is much wiser to plan for potential outcomes.

“As well as this, just because you’re older doesn’t mean you’re any less capable. If 20-somethings with relatively little life experience can, why can’t you? In fact, starting a business later in life gives you the advantage that young entrepreneurs don’t have, which can help you be more successful: decades of professional and personal experience that will help you succeed.

“So no, it’s never too late to get going, make those dreams a reality and stop being held back by limiting beliefs.”

Tips to get started in running your own business post-60 

Start with leveraging your passions

One of the most important things you need to do when starting your own business is leverage your passions, experience, and skills. Starting with familiarity helps you build confidence and strive for what you want to achieve. 

Lean on the advice of younger generations

“If you’ve been inspired by the younger generation to start your own business, make sure that you lean on younger mentors who have built success where you get the opportunity. Every generation has something to offer, and Gen-z and millennials may even offer you fresh insights or perspectives you might not have thought of as they have had the advantage of growing up on the internet 

Don’t be afraid to make that move!

“Feeling scared about your next move? Don’t bury your head in the sand. Instead, reframe your fear as fuel. Remember that the fact it scares you means it matters. Let those nerves propel you forward, not hold you back.

Don’t wait until you ‘feel’ ready
“If you do this, you’ll put things off forever. Get used to doing small things that move you forward, keeping in mind that you’re doing the best thing for your future self, not just your present comfort.

You’ll make mistakes and that’s okay!
“It’s not about never slipping up or making mistakes. It’s about what you do after. No one is perfect, and you’re bound to make mistakes, but you can’t let it hold you back – move forward and learn from those mistakes instead of giving up altogether. Very few people do that, and that’s what gives you the edge and will make you successful.” 

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