There is no doubt that the 50’s is a good time to start a business. You have almost three times as much chance of creating a successful business than at any other age. Let’s look at a couple of examples.

  • Leo Goodwin founded GEICO, the well-known insurance company, in the 1930s when he was 50 years old, along with his wife. He considered it a family business at the time even though it was not usual for a wife to work with her husband at a business like this.
  • Wally Blume started his ice cream business Denali Flavors in 1995 when he was in his mid-50s. The business makes ice-cream in 40 flavors like black raspberry and caramel brownie. In the old days, he sometimes had really strange flavors too.
  • Carol Gardner started her company Zelda Wisdom, a greeting card company, after a divorce. She’s been featured on Oprah, Martha, and various morning shows around the country.

As you see, you can start any type of business you can dream up if you have the right skill set, ability, and patience to invest in yourself and your idea and share your vision with the world. You can start a solo operation and if you want to, you can grow it into a substantial firm. It’s totally up to you and your goals.

Your best bet is to become an expert on your niche even before you begin. That way, you will have a stable foundation from which to start. Then do your due diligence, identify your market, craft a marketing plan, set up your start-up budget, and go for it.

Don’t forget to use the contacts you’ve built up over the years. Craft your email list. You’ll want to let everyone know that you’ve started the business or are going to, and you want to get them interested.

If you are deficient in modern technology, consider bringing on other experts that have that skill either as a partner, an employee, or as a contractor.

The most important thing you can do when you have decided to start a business is to set a timeline right now for when you want to have your grand opening. The reason for this is so that you can stay focused on the small tasks necessary to reach the final goal, without getting sidetracked.

Organize those small tasks into a calendar or master task list, with set checkpoints for accomplishing each of them. You may have to reorganize the order in which you accomplish these tasks but stick to the timeframe for each as closely as possible.

Another great time to start a business is in semi-retirement or retirement.

I’ll look at that in my next post.

Till we chat again,

Wayne