Are you ready to hear an interesting fact? According to the 2018 American Express, State of Women-Owned Businesses Report, “nearly half of women business owners are between the ages of 45 and 65 (48%) and two thirds (67%) are 45 or older.”
That’s no small percentage!
These numbers represent many different women’s stories. Some businesses come out of struggle and necessity, while others come from the desire for something new. Regardless, the success rate of those same entrepreneurial endeavors led by women 45 and older also rank highest, and that speaks volumes!
You better believe that starting a business in your later years is actually amazing and here are a few good reasons why.
You’re More Comfortable Taking a Risk
You’ve got grit, kid. (Or at least something like that!) Nothing in life is a sure thing, and I promise you that starting a small business is no different. There is always a certain amount of risk involved, especially when you get into capital and funding conversations! After you’ve experienced those formidable years of trying to avoid risks during college or when you were starting a family or building a career, there is a stage where the risk doesn’t scare you as much anymore. Instead, you welcome it, because you know that a risk means you are positioning yourself towards something worth changing. You have a little more freedom to take these kinds of steps in your later years.
Your Network Is Vast (And Who You Know, Can’t Hurt!)
There is a lot to be said for having a well-connected network of people in your life. The older we get, the people in your life and the caliber of those relationships tend to grow in quality, rather than quantity alone. When you are starting a business, a support system is one of the biggest assets you can have. Having people in your circle who not only care about you and your success but are willing to help promote what you’re doing and connect you to others is very important. Cultivating a community of resources that can assist you on different expertise levels and categories is much more likely when you’ve known people longer and more in depth.
You’ve Learned What Works and What Doesn’t
The more years in your life, the more mistakes and failures can be accounted for. What that really means is the more lessons have been learned! Starting a business has so many different steps and processes that having previous experiences to bring to the table is all the better. Despite if your previous career path directly correlates to your new business venture, the overall experiences you’ve had will translate in many different ways and help you be a stronger entrepreneur. Maybe this isn’t your first rodeo, and you’ve had other small businesses that closed in the past? Knowing what doesn’t work is often even more valuable than knowing what did.
You Know What You Really Want Out of Life
F. Scott Fitzgerald said, “It’s never too late to be whoever you want to be.” For the women who’ve gone to sleep each night with the same business idea for years – it’s not too late. And for the women who woke up after a nap on a random Tuesday afternoon wanting to start a business? It’s not too late for her either. There is something beautiful that happens as we get older – we stop caring so much about what others think and lean into our own vision for our life a bit more. Embracing that evolution of self-awareness and knowing what you really want out of your life, makes starting a business a perfect option.
Find the support you need to take what you already know and start building momentum towards your goal. And learn the rest along the way! There are so many positive things working in your favor, it would be a shame to let the opportunity go.