Mid-50s too late to start a business?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sorry to be the voice of reason. It depends on what the business is! How much savings does your family have? How much savings would be eaten up by this new venture? Do you have experience in this field?

We live in a small town where we regularly see SAHM (and a few others) decide they are going to be business owners and open some cute shop or other (antique, craft, bakery, restaurant). They don't survive-- the owners don't have enough experience, spend too much, don't want to work the grueling hours required etc.

I am a small business owner but I got experience in the field in my 20s and 30s and then started on my own. I know the field, am frugal and work hard.

+1. Are you up for the workload of an entrepreneur, or do you really just want a fulfilling job that you can clock out of? Running your own business is so much work ...

Not the OP, but lots of jobs are also "so much work." I'd rather do all that work for myself than for someone else. I'll be very surprised if running my own business is harder than what I do now, or even as hard.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Sorry to be the voice of reason. It depends on what the business is! How much savings does your family have? How much savings would be eaten up by this new venture? Do you have experience in this field?

We live in a small town where we regularly see SAHM (and a few others) decide they are going to be business owners and open some cute shop or other (antique, craft, bakery, restaurant). They don't survive-- the owners don't have enough experience, spend too much, don't want to work the grueling hours required etc.

I am a small business owner but I got experience in the field in my 20s and 30s and then started on my own. I know the field, am frugal and work hard.

+1. Are you up for the workload of an entrepreneur, or do you really just want a fulfilling job that you can clock out of? Running your own business is so much work ...

Not the OP, but lots of jobs are also "so much work." I'd rather do all that work for myself than for someone else. I'll be very surprised if running my own business is harder than what I do now, or even as hard.

Business owner here. Many require a lot more work when you are the owner vs just an employee. The buck stops at you, so if some issue arises, it's on you to fix it, whenever and wherever it happens.

Of course, it depends on the type of business. That issue probably doesn't arise much in a bookkeeping firm, for example. In my case, we offer a service online and of course it went down at 4am last week, so I was up non-stop working with someone until we got it going again. I've also had an issue arise during my birthday dinner a few years ago. Luckily most of my friends are business owners also, so totally understand when I left the restaurant for an hour.

The thing OP needs to be careful about is that most people dont' start a busienss because they can't get a job.. it's because they are passionate about an idea or hobby, and want to make a business out of it. It takes a certain mentality.

My recommendation for OP is to look for gig economy instead of full-time jobs to start. It's not only driving Uber. For example, we just got some new closets and the saleswoman made housecalls (to measure) and seemed to be commission-based. Plenty of other jobs where you get paid for sporadic work, but can make good money if you're good at it and dedicated to it... and without the stress of owning a business.

[rebecca99]

My aunt is 50 years old when she started a mini grocery story, now she's 55 years old and enjoying the fruits of her labor. It's never to late to do the things that you love so I believe that you can start right now and become successful with any business that you have in mind. Good luck, I'm sure you can do it! Age is nothing but some sort of digits out there!

[Anonymous]

My old boss who had to retire at 65 stayed on the board of our company. He loves work. He is now maybe 74. Since 65 he opened a small chain on up scale bakeries, owns 3 large restaurants in Manhattan and started his own coffee company. I went to one of his waterfront restaurants last year had around 1,000 people in it and he has three that size. Man worked in finance whole life. This is his fun stuff

[Anonymous]

Never too late. Most business startups fail so don't invest more than you can afford to lose. But, even failures are an education. Do it.

[Anonymous]

I own my own successful business. The idea that a successful business is just toodling in and working when you want could not be further from the truth. I bust my rear end.

[Anonymous]

Not at all.

Best wishes from someone who bought into a business after 60 and it's going great.

[Anonymous]

Ray Kroc first became involved with McDonald's at 52. Before that he was a struggling salesman.