Start a Business After 50? Yes!
Jacqueline B. Peterson
I’m always surprised when people ask about working after 50.
50 is midlife — not old at all! But the common experience of a work change after 50 can be daunting, even frightening. While the change might be the business closing, being sold, or downsized, for many, changes come from simply wanting something different — or more.
If you find yourself in this position, for whatever reason, I encourage you to follow your dreams.
Many people start businesses after 50. In fact, as recently as 2020, 25% of those starting businesses were over 50. It’s exciting to note that studies show older entrepreneurs have a better chance of success than their younger counterparts. That’s thanks to their experience, knowledge, discipline and skills. Also contributing to their success is that they are seeking joy and satisfaction as much as their profit and standard of living.
To all you budding entrepreneurs, I applaud you — and offer the following tips for building a successful venture.
1. Take your time to consider things you really enjoy. I believe the big three in business success are passion, talent, and flow of income.
2. Do your research — thoughtfully and thoroughly. Is there a market for your idea, an unmet need for your product(s) or service(s)? Ask colleagues, study the market, talk to potential customers. Is there competition (think deeply here; there’s always competition in some form); if so, how will you stand out?
3. Seek guidance. In Oregon, the SBDC (Small Business Development Center) is a network of highly skilled and knowledgeable business instructors and advisors available at low or no cost. These folks know their stuff, and can help you hone your idea, identify risks and opportunities, and craft a plan.
4. Consider a specialty within your area of expertise. For example, it’s not enough to be a massage therapist — there are thousands of them. But being a massage therapist specializing in treating pregnant women will separate you from the crowd.
5. Determine your rates. Small businesses cannot afford to charge the lowest price. Instead, they must be good at what they do, be special and price themselves that way, then deliver. Offer quality not quantity. An important consideration: rates must factor in the cost of doing business and living and what customers are willing to pay.
6. Create a business plan. An SBDC advisor will help ensure your plan makes sense and that your projected rates and costs are a solid foundation upon which to start and grow.
7. Be prepared to market yourself. It is a noisy world, and you need customers to find you. That means one, some or all of these: a website, social media, digital marketing, blogs, newsletters, speaking engagements, writing, and print materials.
8. Understand and be ever ready to share your “elevator pitch,” which answers every buyer’s question: “Why choose you?”
9. Be prepared to adapt to the market and customers’ needs.
Because we are living longer, healthier lives, many reach a place where they’d like to fulfill the dream of doing something they truly love while supplementing their retirement. There are thousands of ways to do it, and abundant resources to help.
Put some thought into it and find that thing that brings you joy. Begin there. You can do it.
RESOURCES
Small Business Development Center
Business Design Program
971 722 5080
Oregon Employment Department
SEA (Self Employment Assistance Program)
Facebook, LinkedIn
Search local groups for professional support & referrals
Jackie Peterson is a teacher, author, CPA, and expert on encore entrepreneurship. At 80, she currently serves clients of all ages through her “retirement job” with the SBDC at PCC.