How To Launch A Business At Any Age

 

Whether you’re a teenager or retiree, it is never too early or too late to start a business.

Both young people and old people face higher unemployment rates than the national average and starting a business can be a great way to forgo traditional employment whilst still achieving financial freedom.

No matter your age, starting a business is a great way to earn an income on your own terms. Whilst most new entrepreneurs are Gen X, success can be found at all ages. Don’t believe us? Take a look at some entrepreneurs who defied the odds to enjoy exponential success:

• Mark Zuckerberg (Aged 19) – Facebook
• Matt Mullenweg (Aged 19) – WordPress
• John Pemberton (Aged 55) – Coca-Cola
• Colonel Harland Sanders (Aged 65) – KFC

If you’re looking to become an entrepreneur, we have compiled a list of tips for starting a business at any age.

Choose A Business Idea You Are Passionate About

If you are exploring the idea of becoming an entrepreneur, the first step is to come up with a business idea. This might include turning a hobby into a business or using your knowledge and experience to go out on your own.

You will want to pick something you are passionate about to keep you motivated, but it also needs to have a clear market. Try and find a market niche, where there are few competitors and plenty of customers who will be interested in what you are trying to sell.

If you need help in identifying a viable business idea that works for you, we offer free Exploring Self-Employment workshops to determine what type of business might suit you and how to get started.

 

Start a Side Hustle

If you are not ready to go all in on your business idea just yet, it might be a good idea to start a side hustle. Whether you are juggling other work and study, or are enjoying your retirement, a side hustle is a great way to spend a few hours a day generating income.

There are side hustle opportunities for almost every passion and skillset, which can involve either dropshipping, selling your skills, or creating your own products.

If your side hustle is successful, you have the option to scale up your operations and transform it into a full-time venture.

Believe In Yourself

Starting a small business is no small feat, but if you can pair your hard work with confidence, you are well on your way to becoming a success. No matter your age, you will have a certain level of experience that you can draw on to make certain aspects of starting a business a little easier.

You are not alone on your business journey – there are countless other new entrepreneurs and mentors that you can lean on. There is also plenty of free training and support available if you wish to access it.

 

Be Patient

Building a business that lasts requires a lot of patience. Many businesses who are seen as an ‘overnight success’ actually spent years putting in the work to get to where they are.

Even if you don’t get the results you were expecting straight away, think about your business goals for the next 3 years and beyond, and what you can do to achieve them.

Self-employment is a great option for everyone, regardless of age, because it allows you to use your existing skills and experience to earn an income on your own terms.

If you would like to find out more about self-employment and how we can help you start a business, check out our free Self-Employment Assistance program here.