Are you ever too old to launch a business?
15th September 2017
Quite frankly, it is never too late to start a business but starting up on your own is not easy. There is no room for rose-tinted glasses and it won’t be a success unless you are willing to give it your all. If you are considering taking the plunge later in life with a new venture you need to consider at what level you are prepared to gamble financially.
There are various benefits to starting a business in your sixties not least the inheritance tax benefit of leaving business shares to loved ones. There is also the benefit of confidence and life experience, the intuition of knowing when something is working and when it isn’t as well as the ability to help your people when they struggle. That said it is always worth being cautious too because launching your own business is always a gamble, however confident, motivated or commercially savvy you are. This is where doing your market research comes in because even at this age, we don’t know it all!
The fact is, 90% of UK-based startups fail in their first year. However, this is usually because startups move too quickly and don’t see the risks until it is too late. People need to accurately model and forecast their business ideas over three years, before they spend their hard-earned savings.
If you’re seriously thinking of launching a business later in life but you are not an experienced entrepreneur, get some support and the right advice first. If you use a free business-modelling tool like The Foundation offers you can model your ideas up front and risk-free to see if they have legs before you spend any money. Then the world is your oyster!
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