Starting a Business as a Boomer? A Guide to Success

There are A LOT of us. Who am I talking about? Women over 50!

I just returned from an Extraordianry conference (pun entirely intended) where a room full of women, many of them over 50, stood in their power sharing both baby businesses and highly successful existing businesses. I was simply blown away by the knowledge and power in the room.

What I learned (and shared) at the Extraordinary Women Ignite Conference (And you should totally sign up for the event next year) is that it's never too late to take control of your career, your future, and pursue that business idea you’ve always had simmering in the back of your mind.

Sadly, as women, we often face "age-related challenges" in their entrepreneurial journeys.

But the heck with what "they" think.... I say that whether you're seeking financial stability, a creative outlet, or simply the flexibility to work on your own terms, venturing into entrepreneurship can be incredibly empowering.

You are not alone... there are many women in this age bracket finding themselves at a crossroads in their professional lives.

Maybe you’ve dedicated years to raising a family

You are feeling burnt out from corporate America

Or you feel your skills and experience are no longer valued in the traditional workplace

This is where starting your own business becomes an exciting prospect, but navigating this new terrain can sometimes feel overwhelming.

Advantages of Women 50+ Starting a Business

Don't buy into the myth that entrepreneurship is a young person's game. As women 50+ starting a business you have distinct advantages that often contribute to higher success rates:

Decades of Experience

Research shows that entrepreneurs in their 50s and older have a much higher success rate than those in their 20s. Decades spent in the workforce, whether in an office or at home, equips you with a wealth of experience, a honed skillset, and a network of contacts others can only dream of.

You've lived through economic upswings and downturns, adapted to industry changes, and developed resilience along the way. These are invaluable assets when navigating the unpredictable world of business ownership.

Financial Security

By your 50s you're more likely to have a financial cushion than those fresh out of college, which can be critical in the often-unpredictable early days of a startup. Plus, a 2018 study found the average age of successful entrepreneurs was 45, indicating the importance of financial resources and business acumen.

Having that financial stability also gives you more freedom to take risks - calculated ones, of course. This stage of life often allows for more financial flexibility and a broader network of potential investors.

Strong Networks

Women 50+ starting a business often have an extensive network of personal and professional contacts developed throughout their careers, which is essential for support, mentorship, and finding potential customers and collaborators. Remember all those colleagues, clients, mentors you’ve encountered?

Now is the perfect time to reconnect. And let's be real: nothing beats the word-of-mouth marketing that comes with a well-established network.

Emotional Intelligence

Years of navigating work and personal relationships arms you with high levels of emotional intelligence. This is vital in leading teams, negotiating deals, understanding customers, and staying cool under pressure. And being comfortable with discomfort, as Medley co-founder Edith Cooper says , can prove especially valuable.

Knowing yourself and understanding your emotional landscape can make the difference between weathering challenges and succumbing to them.

Purpose-Driven Motivation

For many women, starting a business isn't just about profit; it’s about finding a sense of purpose and making a real difference. You're in a place where you can leverage your years of accumulated wisdom and expertise to create something meaningful.

Business Ideas for Women 50+

Choosing the "perfect" business idea is highly personal. This will involve an honest self-assessment that factors in not just skills and passions, but lifestyle aspirations now that you’re in your 50s. However, there are numerous opportunities particularly well-suited to women 50+ starting a business that capitalize on your unique strengths.

Consulting Business

Have decades of experience in a particular field? Share your expertise as a consultant and help other businesses or individuals thrive. The demand for consultants with niche skills or expertise is increasing as many seek expert advice without making long-term commitments.

Coaching and Mentoring

Do you have a talent for helping others realize their potential? Coaching and mentoring allow you to guide, advise, and empower others, drawing on your extensive knowledge and life experience to create a positive impact.

Online Businesses

Launching an online store selling handmade goods (like founder, Basmatee Shah.), vintage finds, or even offering online courses is both fulfilling and potentially lucrative. The world of e-commerce is constantly evolving and with platforms such as Shopify, women 50+ starting a business have readily available tools for launching an e-commerce store.

Women control 64% of global spending and have an immense impact on online consumer trends, so it's an audience ripe with possibilities.

Freelancing

Offering services such as writing, virtual assisting, bookkeeping, web design, social media management, or graphic design provides a great way to earn an income from home with a high degree of flexibility. This is a great way to work on projects you find interesting, without being tied to a 9-5 schedule, and allows you to be your own boss.

Getting Started - Taking the First Steps

Excitement for this next chapter in your life is undoubtedly running high, but figuring out the logistics of launching your business can feel overwhelming. These first essential steps will help women 50+ starting a business to clarify their goals and lay the foundation for a successful journey.

1. Identify Your Passion and Skills

What gets you out of bed every morning? What problem are you passionate about solving? This could involve looking at your past career and identifying a niche, exploring your hobbies for inspiration, or addressing a need you see in your community.

I have a GREAT exercise about this! Check it out here .

If you enjoyed being a project manager, for example, perhaps a business that brings structure and organization to other businesses (or chaotic individuals) could bring you satisfaction. Don't underestimate the value of expertise.

2. Research and Validate Your Business Idea

Just because an idea resonates with you, it’s critical to ensure there is sufficient market demand for your product or service. Conduct market research and analyze your competition. Maybe you love crafting and dream of opening an Etsy store selling beautiful jewelry.

While there’s a considerable market for that - the U.S. jewelry market was valued at about $76 billion in 2020 - you’d want to thoroughly research competitor pricing, and ensure your products offered something unique.

3. Write a Business Plan

Think of this as your roadmap. A comprehensive business plan outlines your vision, target market, marketing and sales strategy, projected financials, and management structure. It compels you to address potential challenges and identify resources needed to bring your vision to life.

I created a GPT based on my book 101 Ways to Rock Change - reach out to me if you want to try it out!

4. Seek Funding Options

While many businesses are bootstrapped in their early stages, securing additional funding could fuel your venture. Options could include seeking small business loans, crowdfunding platforms like Kickstarter or IndieGoGo, or approaching angel investors with a compelling pitch.

5. Embrace Technology

Technology is constantly evolving but there are a wealth of digital resources available to streamline operations and boost your online presence. Forget outdated myths: the fastest-growing segment adopting social media is the 65+ age group.

In fact, check out this LinkedIn article written by my friend Janine Vanderburg .

You have more power than you may think. Online platforms, while always evolving, can level the playing field, giving women 50+ starting a business the same visibility and opportunities as younger business owners. Leverage the tools available to grow your audience.

6. Find Your Support System

Surround yourself with positive individuals. Join business groups such as The Women's Reset Collective , or consider becoming involved in one of the many women entrepreneur business organizations around the country, like those with The Small Business Administration.

Reach out to experienced mentors - their wisdom and guidance can make a world of difference and online communities, workshops, and mentorship programs can provide invaluable support.

7. Embrace Learning

Entrepreneurship is a continuous learning curve, especially when navigating industries you may be unfamiliar with. Don’t be afraid to take courses, participate in webinars, or sign up for LinkedIn Learning Courses, especially ones focusing on starting your dream home business, to learn about accounting, marketing, web design - anything that strengthens your skill set.

Stay curious, adapt to change, and continue refining your business based on knowledge gleaned.

FAQs About Women 50+ Starting a Business

What is the best business to start in your 50s?

There's no "one size fits all" answer, but aligning business ideas with your passions, skillset, and ideal lifestyle is critical for success. If your background is in a specific field, launching a consultancy could be a natural fit.

Or perhaps you enjoy crafting or vintage clothing: e-commerce might be a good choice. This is where that essential self-assessment will be your roadmap.

Am I too old to start a business at 50?

Not a chance. Your age and accumulated wisdom are invaluable assets. Women 50+ often have a higher success rate due to their experience and savvy navigating the work world.

Which business is most profitable for women?

Profitability depends on factors like demand, your dedication, management skills, and a little bit of luck. However, with a global market eagerly embracing diverse offerings, finding a profitable niche aligned with your passions and strengths has never been easier.

Conclusion

Women 50+ starting a business represents a powerful wave of entrepreneurial energy. With their depth of experience, business savvy, resilience, and thirst for fulfilling work, women in this age bracket have the power to transform their careers and lives. While venturing into something new may initially feel overwhelming, you bring years of practical skills and wisdom to the table.

Embrace this new chapter with confidence, enthusiasm, and don't be afraid to rewrite the rules. After all, it's your time to shine.

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If you want to learn more about me or our Beyond the Dream Board coaching programs, please reach out to us here: https://www.beyondthedreamboard.com/about-post-executive-coaching

I'm always happy to connect on LinkedIn: www.dhirubhai.net/in/VivekavonRosen