Reply to Mid-50s too late to start a business?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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.  
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+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 ... [/quote]

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.  [/quote]

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.

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