Columnist

Perks and challenges of starting a business at any age

Modern lifestyles are encouraging people of all ages to start a business. With the advancement of technologies, there are opportunities for everybody regardless of age.

The fragility of the business economy together with the media provoked dreams of ‘making it big’ are also guiding people along the route of self-employment, and there is no limit to what age you need to be in order to achieve success.

Fresh out of school

Inflated university fees have restricted the chance for students to pursue further education. As an alternative means of carving out a life that generates a comfortable income, young adults are taking inspiration from entrepreneurial gurus like Lee Biggins and Simon Dolan that prove you can become multi-millionaires without a degree.

Your teenage years are arguably the most exciting time to start a new business venture. You have the finger on the pulse of your generation and can fulfil gaps in the market established companies are failing to meet.

The scary thing from a school leaver’s point of view is financing. A failed business venture can leaveyou saddled with debt which ultimately impacts on your prime years. But remember, you still have time to recover. Now is also the prime time to think about lifetime savings goals and how much you’ll need to retire (a retirement planner like this one can help you figure that out).

Thirty-something

Hitting thirty can be a major turning point in your life. This is a point where you either decide to continue along the path you have been guided down by your education or to pursue your passion.

If you have latent talents that can earn you a living, you have the potential to experience a liberating and fulfilling experience. After all, the most fulfilling careers are doing something you want to do.

A career change however can disrupt your lifestyle and your vision of the future. Once you hit your thirties, you may already be in a position where you have a young family to support, and running your own business requires a significant investment in time.

Middle-aged

Once you’ve gained experience in a career, it can be hard to justify why you should continue to answer to someone else—after all, you’ve reached a depth of understanding well beyond that of many younger peers, and at this point are probably as qualified as you’re ever likely to become, so the attraction of a life as your own boss can seem irresistible. Moreover, you’ve likely crystallised your own interests and strengths by now, and can see exactly where to specialise.

Unfortunately, middle-aged workers who opt to leave full-time positions can find it very difficult tore-enter the formal workforce if their venture falls through. They also run the risk of damaging their retirement pot, without much time to build it back up.

Senior

Your senior years can be the most exciting of your life to start a new business. Once you have shed the ties of full-time employment and can dedicate more time to pursuing your passion, there are no distractions to get in your way of pursuing your dreams.

It may be the case that once you retire, you need to top up your pensions fund. Making money from a hobby is a prime way of supporting a lifestyle you always dreamed in your retirement. However, a major hurdle you’ll encounter while setting up a business in your twilight years is the expense it takes to market a product. Running a business requires an investment in set up costs and marketing.

There are ample opportunities for entrepreneurs of all ages to succeed in the UK, so regardless of your years or your circumstances, starting a business has it benefits and its challenges.

This was posted in Bdaily's Members' News section by Retiready .