If starting your own business later in life is an appealing idea, keep these tips in mind
1. Keep things lean. As with any entrepreneur, older people who start their own business would do well to keep expenses in check, particularly at the outset. Says Liz Dahl, 61, who started the travel Web site Boomeropia.com: “I first thought of starting a travel magazine for boomers, but it made more sense financially to create a Web site instead. That way, money was not really an issue.” Matthews says that sort of caution is typical among older entrepreneurs: “With their experience, they’re better at managing risk than others.”
2. Leverage networks. “Be sure to use your network of friends, family and colleagues throughout the launch and growth of the company,” says Rodrigues. “Capitalize on their assistance and collective wisdom.” Use the resources at SCORE.
3. If you lack a skill, partner with someone. “I found a partner who knew the things I didn’t — particularly the technical side,” says Dahl. “I knew [public relations], buttechnology was difficult. So by partnering with someone who had those skill sets, we put in very minimal money and relied on sweat equity to get launched.”
4. Don’t get discouraged because of your age. Although they’re starting ventures at record levels, older entrepreneurs say there’s no shortage of people who will attempt to disparage the idea of starting a business later in life, citing unnecessary risks, health concerns and other arguments. If the passion is there, stay the course. Nagamine countered naysayers by focusing on others who shared her entrepreneurial spirit: “I started to attend business classes, networking forums and surrounding myself with like-minded people.” Adds Dahl: “It’s never too late to pursue what you love. Boomers have always been rebels, so why stop now?”
