Is It Too Late to Start Your Business?

A very high percentage of professionals aspire to start their own business at some stage of their life. If you are reading this, you are also one of them!

But, not many are actually able to. Some keep thinking and waiting for the right time. And time flies, leaving the wish unfulfilled.

Then there comes a time when they start believing that it is already too late. This is because they develop complacency with their career and lifestyle.

You must have heard many such stories. But, have you ever asked yourself this question; when is the time right for starting one’s own business?

Though many opine that the best age to start one’s own business is in the twenties or thirties, I would say that it is merely a generalization. At this stage, you would be dreaming high and craving to grab those lists of startup ideas.

And so, I have listed here strong reasons why starting a business at a later age is actually beneficial.

  • Loads of Experience

Work experience is the biggest success factor when it comes to starting your own business. No wonder, you can expect a lucrative pay package if you have good work experience.

So, how does work experience help when it comes to starting your own business? The answer is straight and simple!

If you have worked for years before starting your own business, there is a higher possibility that you have tried managing different work types and work situations too.

This is what gives to the capability of dealing with a variety of work and even multi-tasking. Working hard is a habit. And, if you have worked hard for years, you will be able to put in that extra mile which is required during the initial struggling phase of a business.

Work experience adds to your maturity as well. And, you are able to manage work situations more rationally.

I have also seen so many people who are confused about the experience factor and who feel that you need to have work experience in the same field where you are planning to do business. But, this is often not true.

Your business is about managing resources. It includes managing men, money, and material. If you have worked hard in your career, you develop the capability to manage these resources.

  • Wide Networks

Effective recruitment is one of the biggest challenges that business owners face. A good workforce paves way for the success of your business.

But, how do you recruit people without knowing a bit about them? Wouldn’t it be risky especially when you are hiring very few employees initially and some of those turn out to be a disaster?

And, there are situations when business owners want consultancy on crucial matters. They are willing to pay, but they can’t be sure that the consultant would bring them enough value for money.

When you start your business after the thirties, networking comes to your rescue. As professionals, all of us understand the value of networking. And, the value increases when you venture into your own business.

The mere fact that you have been working for a long time gives you the advantage of knowing so many people. You have seen their work quality, commitment, knowledge, and other skills. Such networks can help you in the initial stages of the business when you want the best talent who is keen to work with you and can give you good work.

  • Sources of Funds

Not many business owners spend their savings on the business when they start one. So, even if you have worked for more than a decade, you can’t still be expected to have as much money to put to risk for starting a business.

Then, how to arrange funds for your business?

Your contacts, reputation, and experience, all go on to make your chances of raising funds higher.

Having a business in the initial stages also means not making profits. You would not be making a lot of money at this stage. And you will have to manage your finances well. Obviously, if you have an efficient financial planning agency working for you, it won’t be as difficult.

But if you have earned for years, you don’t have to worry about your basic expenses. So, even if you are not earning as much to be able to save, your living expenses are taken care of.

It is generally not so in the first ten to fifteen years of your career. So, while the first 15 years of your career should ideally be about earning and saving for future, the later years can be spent on realizing your dreams.

  • Major Milestones Achieved

Most people achieve the major milestones of their lives in the first fifteen years of their career.

When you are young, you are worried about a good job which gives you growth. You are thinking of personal relationships or marriage. And after getting all this, you want to raise your kids well.

Ideally, these events are the major milestones of our lives. And, many of us feel incomplete without these.

This is the reason why so many people don’t opt to start a business till their thirties as they believe that would divert them from their needs.

By the end of the thirties, most of us would have achieved our preferred milestones. We feel more stable and free to work on our dreams and aspirations. So, ideally, the forties is a very good age to start one’s own business.

Conclusion

If you are also aspiring to start your own business, you now know the reasons why it is never too late!

So, don’t let age become a limiting factor on the path to achieve your dreams. Age instead brings more content and qualities that are required to become a successful businessperson.

So, if you want to start your own business sometime in the future, start paving a way at an early age. The plan begins with learning new skills, practicing people management, and managing funds wisely.

And, if you are already experienced, you don’t need to wait any longer. Your dreams are waiting for you.

What are you thinking? Share your thoughts here!

Author Bio

Jin Markov is an experienced Content Writer with GoodFirms.co, a research firm in the USA. He writes on areas related to small business management. His quest for knowledge makes him a lifelong learner who loves to experiment with varied subjects.