4 Easy To Launch Small Business Ideas for Older Entrepreneurs
Entrepreneurs are a wide ranging group. You certainly do not need to be a millennial to launch your entrepreneurial endeavor.
18:00 19 November 2018
In fact, more and more people in their 40s and 50s are launching their own startups and following their entrepreneurial passions than ever before.
Research from the Kaufman Foundation found a rising number of entrepreneurs age 50 to 65, than those in their 20s and early 30s. The older generation are heeding the entrepreneur calling more than any other age group. Even older women are putting skin into the entrepreneur game.
“First, they are willing to learn,” David Deeds, Professor of Entrepreneurship at the University of St. Thomas explained in a Forbes article. “Men, as we get older, tend to be set in our ways. Women, in general, are more open to learning and are collaborative. Entrepreneurship is a team sport, and women are good at working with others. That gives them a little advantage.”
This may come to a shock for many, but older entrepreneurs are launching startups and following their passions, this has become the norm. If you are not a millennial and want to bring your business idea to fruition, here are a few small business ideas you can consider.
1. Become a Consulting Professional
Chances are you have spent 20 to 30 years in a profession. And chances are, retirement seems a bit boring. This makes turning your decades of experience into your own consulting firm a logical small business choice.
It may take a bit of time to build a robust client list, but via word of mouth and some networking, you can net a nice little passive income from consulting. Use online platform like LinkedIn to grow your networking, attend industry conferences and events, and be sure to have an online presence.
If you are not tech savvy, no problem. You can easily set up a website in a day or so and launch you consulting firm with ease. All you need to is install WordPress theme, get a hosting provider, and whip up some fresh web page content about you and your new small business.
2. Start a Small Business that Helps Other Small Businesses
When choosing what type of small business you want to pursue as an older entrepreneur, think about what current small business owners may need help in. It could be redefining productivity, or implementing better financial processes.
In fact, one of the most needed aspects of any business is financial help. From taxes to bookkeeping, people don’t have the time or knowledge to do the books right.
This could be an especially good niche for anyone who has finance experience. Maybe you were an accountant or did payroll for a company for 20 years, but don’t want the full-time stress that involves. By offering a few financial services to small businesses, you can set your own schedule and carve out a nice niche for yourself.
3. Open Up an Ecommerce Store
There is no shortage of ways you can make an ecommerce store successful. Having an online store is also a great way to keep overhead low, like office space, a potential team, and more time and money eating factors.
For older entrepreneurs, starting an ecommerce store encompassing products you like to buy is best. This allows you to stay engaged in your new online business while doing something you generally enjoy. It is also pretty easy to set up and launch an ecommerce store too.
For example, all you need to do is create an ecommerce website, find products from a dropshipping company you fancy, promote on social, and you are on your way to being an entrepreneur. It really is that simple.
4. Follow Your Passion, Whether Old or New
One of the best ways to launch a small business and grow it into a success is to follow your passion. This could be something you used to do as a hobby, like redesigning home spaces, or it could be a fresh passion you have always wanted to pursue, but never had the time.
By following your passion, you will find moments of gratitude and feel truly accomplished in your small business. Businesses launched around passion also tend to be more successful than those launched for money. What are you passionate about? Now make it your business.
In Conclusion . . .
If you are an older entrepreneur and want to strike out down the entrepreneurial path, you are definitely not alone. There are plenty of entrepreneurs with decades of experience out there to lean on for support, advice, and mentorship. Make the next 40 years your own story and find small business success.