You’re over 50—what’s next?

Starting a small business could be the answer...

You’ve worked hard to get where you are. So you deserve to do something you love. But you might want more flexibility and control than you can get working for someone else.

For many over 50s, the answer is a small business. With a lifetime of experience, over 50s have the know-how to turn their skills into a commodity.

Finding your niche

A small business can be exactly that. Maybe you enjoy making clothes and want to sell them online. Or perhaps you want to design landscapes and aim to outsource the physical labour. Whatever your idea, make sure it’s something you’re passionate about.

A good starting point is to list your skills and the things you enjoy. Your idea could take many forms, including:

You have an idea. What now?

At our 2015 Amplify festival, Elizabeth Isele from Senior Entrepreneurship Works shared some tips for getting started:

  • Define your affordable risk: Know up-front how much you’re willing to put on the line. Beyond finances, remember to factor in time and emotion.
  • Plan your financing: Don’t use your retirement savings. Instead, understand your options regarding drawing on other money or asking the bank for financing.
  • Start small and prove your concept: Whether you have big plans or just want a hobby that makes you some money, start small. That way you can manage risk and iron out any kinks. Then, with a proven model you can choose to upscale your business.
  • Use your networks: You know more people than you realise. Whether you’re looking for a business partner or new customers, your own network could be a valuable resource.

Watch Elizabeth’s Amplify presentation in our video (27:05).

How to learn more and get connected

Being around like-minded people can provide inspiration and practical help. If you’d like to find out more about starting your own business and join a community of senior entrepreneurs, visit the SeniorPreneurs Foundation.

Or if you’d like financial advice before starting your own business find a financial adviser in your local area.

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© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.