COLUMN: Ask the Money Lady – New business over 55

Dear Money Lady, I was planning on starting a new business venture just before the coronavirus started – I am glad I didn’t, but should I consider doing it now. I know it’s risky, but I am tired of my regular routine and need a change. I am now 57 – is that too old to start a new career?

Julie

Starting a business at 57 is totally fine – you are not too old. Most new startups of small to medium businesses these days are done by those Canadians over 55. When you are older you typically have more life experience, fewer expenses and often more financial capital to get started than those that are younger. Not to mention your drive and determination to not want to go back to your old nine to five job.

There are so many abundant choices and personal opportunities out there for all of us and we need to build out our existing plans of our future and become engaged and purposeful. For some, this could include starting a business in your later years – a mid-life shift into something more life affirming. Consider going deeper with your thoughts and ideas and drop any negative beliefs that have always held you back. When looking at starting a business – I think the best advice is to do something that is within your current sphere of influence. It should be a venture that is in keeping with your current knowledge base, something that you know well, are good at, and most of all passionate about. Try to create a niche market opportunity for others, that only you can provide. This will help build out your business and will ensure early successes. Always remember that you must be constantly flexible to new trends as they come. Being able to pivot your business is one of the driving factors for new entrepreneurs being successful today.

Good for you Julie – I am glad to see you challenging yourself for more. Many people never do this and never think about what their defining moment is in their life. Everyone will have at least one – “a ha” moment, where they finally say, okay I am going to make a change. Older people, in general are more successful at entrepreneurship than younger ones. We have found that the major motivating factors for most 50+ new business owners is to now have the flexibility in their work, to gain autonomy and of course to “be your own boss.”

Always remember that entrepreneurship can be quite challenging at times, and you will need to tuck-in and persist at times until you succeed. Just make a difference. The secret to success is often just a mind shift to believing that you can.

Christine Ibbotson is a Canadian finance writer, radio host & YouTuber. For more advice check out her YouTube channel: ASK THE MONEY LADY – Your Canadian Finance Coach.