Mid-50s too late to start a business?

[Anonymous]

DH thinks I'm crazy, but I've been a bored SAHM for 20 years. Now that the kids are teens, I'd like to start my own business. I have a few ideas, but nothing certain yet.

Has anyone made a transition like this?

The reason I want to do this is that I can't get a job at my age. Believe me, I've looked. I can't even get an interview, or if I do, they see how old I am, and I'm out the door. "Thanks for coming in...."

I've looked for jobs in my field, but my skills are 20 years old, and the entry level jobs I've applied for I'm not getting. I don't even get a response to my resume when I apply for a job that says, "1-3 years experience..." I have way more than that, but it was 20 years ago.

So, I'm thinking my only hope is to start my own business and employ myself.

If you've done this, please share your experience! Please give me hope!

[Anonymous]

My hat is off to you that you stayed home as long as you did with your children. No one could ever pay you, for how you have invested in your children; it is priceless! I think it is great you are thinking of starting your own business. My experience is a little different in that I stayed at home for a very short period and then went back into the workforce (when I became bored with staying at home). Now that my kids are teens, I decided to go back to school to get my masters degree while working full time. At times, I still think about quitting my job and finding something I can do from home. There is a website, (https://www.theworkathomewoman.com/) that has many resources for mothers who stay at home and want to work. I can’t validate any of the resources on the website because I haven’t tried any of them yet, however maybe this can help you in the meantime while you navigate the world of starting and owning your own business.

[Anonymous]

Yes OP. You can do it. What type of business were you thinking of?

[Anonymous]

Totally go for it OP! I am not quite there age wise but I started my own business and it was best decision ever. I had half heartedly gone on a few interviews when I was ready to really go back to work (had always done either part time work or stuff on my own) but felt so dismissed and lost interest really fast. I also had zero interest in joining a workforce that dictated work hours, vacations, etc. after having the freedom to work when and how much I wanted to. Also I would be re-entering the workforce with little seniority while my DH had the great flexibility of just the opposite. I realize I have the luck of a DH who loves his job and was ready to struggle if needed but you will never get paid what you are worth or have the wealth of freedom you'll get by owning your own business, directing your own success. DC is a great place to go out on your own and their is a thriving independent worker community.

[Anonymous]

You can definitely do it. Go for it!

[Anonymous]

just don't dip into your retirement funds

[Anonymous]

I am 60 and just about to do this..small business largely marketing it online. I think I going to do this for at least 10 years. Not ready to give up all work.

[Anonymous]

Anonymous wrote:just don't dip into your retirement funds

+1.

Yes, you can, but starting a business isn't easy and most fail. You need to have a bit more passion for this than "I tried to get a job, couldn't, but I want to be doing something."

[Anonymous]

I hope not. I started at 57 and moving along with it.

[Anonymous]

Hell no, go for it!! Bonus is total flexibility in getting to create the schedule that works for you, and actually being passionate about what you're doing. Assuming you take care of yourself, 50s is young - you've got a lot of life ahead of you!

[Anonymous]

It worked for Julia Child!

[Anonymous]

It's not too late but you do need to put aside money for the business that you can afford to lose without compromising your retirement.

[Anonymous]

I am doing the same thing. I have a job and could get another job, but I'm sick of working for other people. I don't know if my company is going to succeed or not, but I think it's worth a try. However, I'm not borrowing any money for it, and I will keep working part time until I get some business.

[Anonymous]

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.

[Anonymous]

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 ...