Start A Business At An Old Age

Anna Mary Robertson, popularly known as Grandma Moses was an American folk artist whose work is widely displayed in museums both in the US and abroad. Surprisingly, Grandma Moses started her painting career at age 78. This was a shocker to most because no one would have expected such a frail woman to make anything of herself at that advanced age. But she did it anyway. So, the question is, how old is too old to start a business? They say that age is nothing but a number and you guess what, they’re 99% right, we’ll give them that!

Now, when it comes to launching a business idea, whatever you lacked in your youthful days will come multiplied in years of experience. Some people start successful businesses at an early age while others start multimillion-dollar ventures later in life. For instance, Mark Zuckerberg started Facebook at an early age of 19 but both Zuckerberg and Grandma Moses are recorded in journals of history as having achieved something big in life. In a nutshell, you’re never too late to realize your dreams, especially in the business world.

Well, forgive the seemingly long introduction, here’s how you can start a business at an old age.

1. Check Your Financial Status

Before you get started, it’s very important to check the status of your financial fitness. Depending on the business idea you have in mind, it will require startup capital. Some businesses don’t require much to start. But if you’re looking at starting up a big business, you’ll need to have a solid backup plan. Now, at that advanced age, some banks may be hesitant to offer you the best financial assistance because they must first calculate the risks involved. But if you had, in your early years, build good credit, any bank will be willing to work with you in financing your business idea. If not, you have other options. Let’s take a look at various ways you can generate your business startup capital:
  • Convert your life insurance into seed money – Life settlement can provide you with the much-needed help if you’re in a financial fix and are looking to start an investment, especially in your old age. Life settlement involves selling your life insurance policy to a willing buyer and is facilitated by licensed life settlement firms. As Ron Lofgren from Q Life Settlement asserts, there are various life insurance settlement options and the best way for seniors to get the highest possible value is to choose a good settlement company. You could be paid in a lump sum, in installments or through an interest-income plan. However, it’s important to discuss the best settlement option with the agents at the life settlement firms to know which option works for you best.
  • Break into your retirement account – Before we go any further, this is an absolute last resort for funding your business. But if you are a holder of any type of retirement account, you have the option of withdrawing some proceeds and using them to fund your startup. However, you may want to get prepared to receive a hit from early withdrawal penalty fees.

2. Partnerships

There are so many entrepreneurs looking to partner with like-minded older entrepreneurs. You don't need to be financially capable to enter into such partnerships because for starters, it’s your expertise that’s needed. You can even use your extensive knowledge of particular areas in business to your advantage by extending it to others within your niche but at a fee. Reach out in your community and find ways to provide business mentorship and education to those who need it most.

3. Sell Your Ideas

The advantage of selling your ideas is that at your advanced age, you have so many of them already. Unlike products that have expiration dates, your ideas are not perishable. Many younger entrepreneurs are looking for ways to cut back on research expenses and spend money where it matters most. You can always sell your ideas to people and if this doesn't become your business, it can help generate income that you can inject elsewhere as capital. Your input can mean a lot into someone else’s venture as you also capitalize to shape yours.

4. Make Good Use of Your Existing Network

Existing Network
If you want to start a business in an industry where you worked in or were a client, then you can use the same network to build your business. People with existing businesses are looking to build a business network, but in your case, you’ll be using your network in building your business. No pun intended but before launching, you can turn to your contacts, associates, or friends you used to work with to get the feel of running your business. So, use the same network and build on it if you want to see your business get off the ground.

Any time is a good time to start a business. As long as you have the wits and the energy to face off the completion, starting a business at an old age can turn out to be the perfect way to do something meaningful with your life. Your skills, financial experience, and a great network can be leveraged to start a successful business even in your sunset years.