It has been said that life begins at 40.  That may be the case, but great businesses begin after 50. 

So Why Is 50 the Most Opportune Time to Start a Business? 

According to RetiredBrains.com, baby boomers aged 54 to 64 account for 23% of all businesses.  Some have even bought franchises for $7,000 to $30,000.  While others prefer to piece together a side hustle, freelance business or some other type of gig—still a business is a business.   It will just vary with the industry and the type of business that you want.

There are several reasons why baby boomers are deciding to become their own boss.  However, for now we will look at five of the reasons. 

When you are 50 or older, you have:

• Additional financial resources. Many of you either have a retirement, social security, or both plus you also have access to assets that can be liquidated such a savings account, CDs (cash deposits), a 401K that can be borrowed against or just residual income.  You really don’t have to take on much debt if any with a freelance business.  Most freelance businesses can be started up for $100 to $300 making it a great choice for an older person, who doesn’t want to take on much if any additional debt. 
• A network of colleagues. This can be very important when you start a business.  Why?  Because networking and making professional contacts can also lead to leads in your business.  This can be not only actual customers or clients in your business, but it can also be a good source of knowing who to turn to for any part of the business that you may be struggling to figure out.  No one knows everything when it comes to business.  There is always something to learn.   Also, no one is good at everything. 
• A work strong work ethic.  You have already worked for many years and know how to set goals and achieve them.  You have no problems getting up when the alarm goes off in the mornings.  You are disciplined and also have probably both worked and juggled a family while also volunteering in the community as well as other activities.
• A lifetime of professional and personal experience. Not only are you a skilled professional, but you also have professional ethics and a business acumen to use as you move forward with a new challenge or situation.  You have no doubt encountered many situations in the workforce as well as you know how to work with and lead people and probably even train them.  Not only do you have all of this, but you have developed a lifetime of techniques, tips, and knowledge to pass on to others.
• New things to try on your bucket list. You still have other things you want to try and a freelance business will give you a better balance of both life and work with time left over to cross off a more things on your bucket list.   No doubt you have thought about starting a business or you wouldn’t be reading this article now.

My Coaching Two Cent’s Worth

Really ask yourself what you want your life to look like in the second half.  Right now as of today, where would you say is your main focus?  Is it on time for the grandkids?  On keeping your mind sharp?  On having supplemental income coming in each month? 

Now, based on that—that is where you need to start building.  Then work the other things in and around your main reason why.  Also, you will need to refer back to your “why” on occasion, so it might not be a bad idea now to write it down and put it up where you can see it every day.  People who need extra money will definitely approach starting a business differently than the ones who want only to keep their mind sharp.  Even the choice of business will be influenced by your why.

Just be certain to have fun in some capacity and find purpose and passion as much as you can in this.  You can probably even find some of the ideas on My WAH and Freelance Page.  It is there for the finding.