Experience is something every working person over the age of 50 has in abundance. You might not necessarily have experience in business, but in dealing with people, customers (good and bad), families, relationships, bosses, managers and, of course, yourself.
Baby boomers (this is a term I hate, but what the heck!) also understand reliability, credibility and loyalty. They ‘get' frustration, rudeness and anger, especially when bad service is the cause.
So how does this relate to starting a business when you are over 50? Simple – business is all about customers, and you understand that in spades. You already know what makes a good business because, damn it, you've seen your boss doing it badly on a daily basis!
Who's the Boss?
It's one of the frustrations of working for someone else. They decide your working hours, your pay, when you can go on holiday and your pension plan. They also fix your benefits – if you are lucky enough to get any. In short, they own your life.
But, worse than that they can pretty much chuck you out anytime they please. Especially in a recession (and that's if they don't become insolvent in the meantime).
You may think you are protected, but don't count on it. There is no law stopping a company from restructuring and making you redundant. The higher your position, the easier it is to do.
Even with 30 years' service, you are only going to get a maximum of 20 years' allowance on redundancy pay. No matter how much your final salary was, the maximum you can currently get is £12,900. Here's a handy calculator to see how much you're worth.
You Can Do It Too
At this point, allow me to explain. I am 56 years old. I started my first business in 1979, and my latest in January 2013. My last business, a British software company, has been the most successful to date. Its products are sold throughout Europe in Apple Stores, Staples, PC World, Currys and Amazon.
That company currently has 36,000 customers and growing. They were built up from scratch over a 6-year period. The main reason I was able to do this is simple. Experience.
Let's Get Your Business Started
So exactly how do you go about starting a business?
Well, like all things in life, it starts with a thought. An idea of something you can do. Make it something you love.
This is your chance to shine. This is for you, so you may as well make it precisely what you want it to be. If you're stuck for ideas, I recommend this great inspirational video.
Next comes the research. First you need to find out if there is a market. Then discover how much that market is worth and what the competition is like. Basically, the classic SWOT analysis is required. This works just as well today as it ever did, and if you're unfamiliar with it, search Google.
Planning Your Business
Once you are confident there is a market, the next step is to build up a simple business plan. This overall plan will cover everything from start-up costs to marketing and sales strategies. Within it, you need to set realistic targets and deadlines.
Of all the things we need to do to start a business, this one is crucial. It is your map. It shows you where to start, where to go, and how to get there.
Sure, there is a lot to do, but you already knew that. It is our age and experience that makes this doable. Patience and planning is a virtue – and it pays.
The key thing to take away is that you already have most of the skills you need.
You already understand people (the secret to all successful businesses are its people, both staff and customers). You understand planning (like me, you've made it this far!), and above all you have the drive and maturity to persevere and make it work.
Next Time…
Next time I will dig deeper into the planning process. Watch out for it, and in the meantime start thinking about your niche.
