Five Ways To Know It’s Really Too Late to Start a Business

One of the very first things some of my “older” entrepreneurs often ask is if it is really too late to start a business.They may be in their late 40’s through 60’s and ready to leave a career behind but not ready to really stop working entirely.Some have been downsized or have had to face unstable years in a career they were trained for.Many have often thought of beginning a business earlier in their lives but waited for one reason or another.

They are both excited and anxious but often have that major question lurking in their minds and ask,” Is it too late to start a business?”

Somehow they have developed a belief that age is a factor in being a successful entrepreneur.

In order to help determine if it is too late to become an entrepreneur here are  FIVE ways to tell if your time for success has come and gone.

  1. Your physical limitations will prevent you from working in the business you want to create. (It’s not practical to want to start becoming a dance instructor if you find it hard to walk or move). BUT You could own the studio and hire instructors to teach!
  2. You aren’t comfortable with aspects of the business you will have to deal with. (I had one client who wanted to open a pet resort but really only liked cats, not other animals). SO She needed to redefine what her business would really be and her role in the business.
  3. You dislike working with the public. At any age this can be a deal breaker if you want to sell a service or product. HOWEVER you can create the service or product and have others market and deliver for you!
  4. Your business idea is not well thought out. Maybe you missed the market to start producing telephone books.It’s a bad idea to start a business on a whim whether you are 20 or 50 but the loss of income on a poorly planned out business venture may be harder to recover from when you are older.THEREFORE, it makes total sense to get some assistance in making sure you are on track for success as you develop your business ideas.
  5. You are dead. Actually this is the only time it really is too late to start a business.

So,age is hardly a factor if you have some good mentors and assistance in developing your business.

Both Success Magazine and The Balance have great articles on why older entrepreneurs have a great shot at being successful.

If you are hesitating developing that business model because you think you are too old to be your own boss, think again.

I recently coached a 62 year old who opened a consulting service to medical professionals and a 58 year old who is teaching “do it yourself” auto repair via online and workshops nearly replacing his income as a teacher for last year!

You have packed a lot of experience under your belt.You have survived failure and disappointment.You most likely have a more stable network of those you can count on and a better handle on what matters most in life.

I’d say

.

When is it REALLY too late? Unfortunately, I did have one client that it was too late for and you can read about that HERE, but other than her circumstances, too late is simply relative.

Are you an “ENCOREPRENEUR” ready to leave a career and start your own business? Check out what others had to say about COACHING and the ENCORE ENTREPRENEUR PROGRAM.

What business do you want to start but think it is too late to for and why?

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  • Nicole Valentin

    Very uplifting! I sometimes have that thought that I’m too old. Luckily, I think I passed the test and it’s not to late for me! Most of all I’m happy I passed number 5!