Starting your own business in your 40s is not as crazy as it might seem. Entrepreneurship has increased by 83% since 1970. People are doing the unthinkable to find the success they need, and starting a business in your 40s is just one of those things. There are many perks of starting your own business, but there are also some disadvantages. Especially if you are heavily reliant on a regular pay-check due to high expenses and/or debt. It isn’t for the faint of heart for sure but if you thoroughly plan and execute, the advantages can far outweigh the risk.
5 reasons starting a business in your 40s is a great idea:
You have more experience.
A big reason to start a business in your 40s is that you have more experience. Not only do you have years’ worth of experience under your belt, but you also have enough to be able to start a successful business from scratch. You’ll also be able to provide more value and expertise than those just beginning. This means that you’ll be able to charge better rates for your services or products, thanks to your expertise.
Another reason it’s better to start a business in your 40s is that you’re less likely to fail. That might sound like an odd reason, but we tend to have more energy and motivation when we are younger because life is still in front of us, and there’s so much we want to do. This changes as we get older. We don’t jump in quite as quickly and investigate every possible variable which makes us better prepared to adapt and adjust when required. We don’t just give up and move on to the next venture.
Technology can help support your new venture.
With the new age of technology, it’s easier than ever to find and use resources that can help support your new venture. You can easily find free or inexpensive software that will help you streamline and grow your business. In addition, these programs can be updated as needed, so you don’t have to worry about purchasing an expensive program every year or two.
If you think back just a little more than a decade ago, you had to pay someone to create a website for your new business. And it cost tens of thousands of dollars not to mention keeping a webmaster on your payroll to keep your site running smoothly. Now, you can literally doing it yourself!
Your work with your new software will be easy and convenient when you’re just getting started on your own. Technology is also proving to be a helpful tool for marketing purposes; there are many apps and outsourcing services designed specifically for real estate marketing and a whole host of different marketing areas should you need additional help or guidance.
You are more aware of the world around you and your area of business
Perhaps the biggest reason to start your own business in your 40s is that you will be more aware of the world around you and your area of business. You know what’s going on in the world and what you need to succeed at it.
This might not seem like a good enough reason, but it does mean that you have an advantage when starting a new business and can find success faster. You’ll also be able to identify new opportunities quickly because you understand how things work in the world and the gaps that need to be filled. This is especially true if you are transitioning from working for someone to working for yourself basically doing the exact same thing.
You will have built a network.
A bonus to starting your own business in your 40s is that you will build up a network. You will not only have access to the resources and mentors that you need, but you’ll also be able to leverage their networks.
Not only will this make it easier for you to find new customers, but it’ll also make it easier to find new employees because people know one another. This can be especially beneficial when hiring someone who is already part of a network.
You will have more confidence in yourself and your ability
It’s easy to get discouraged when running the business alone, but if you are around people who believe in you and support you, it will bring out the best in you.
Starting your own business also builds confidence because no one can tell you what to do or how to do it. You can’t compare yourself with others because everyone has different skill sets, abilities, and talents. You have to decide what works for you and what doesn’t. This is a decision that no one can make for you; only you can decide that for yourself.