Starting a Thriving Business at 50

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Chrispen

Business || Brand strategist || Marketing - We make and break Brands®

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Wednesday, October 9, 2024 -It’s easy to feel intimidated by younger vibrant entrepreneurs who still appear to have extra energy to run the market but being 50+ doesn’t stop you from doing your thing.

Simply come with a ready and positive mindset to grow. This means seeing every challenge as an opportunity to learn, grow, and evolve. You’ve got experience and wisdom, but business landscapes shift fast. Be prepared to learn new things and embrace change especially in the digital space. You might end up doing it better than the younger counterparts.

Secondly, pick your best niche. Start a business in a niche where you have experience, skills, or a deep interest. You likely have decades of professional experience and you must leverage that! Whether it’s consulting, coaching, or a product-based business, focus on a niche where your expertise gives you a competitive advantage.

At the same time, be mindful of market demand. Make sure your business idea solves a specific problem or serves a gap in the market. This blend of personal expertise and market demand is a winning formula for a thriving business.

Thirdly, leverage on the network. One of the greatest assets you have at the age of 50+ is your network. Definitely, you have traveled wide and far. That means, after years of working in various industries, you’ve likely built relationships with colleagues, mentors, and peers. Use these connections to spread the word about your new business, gain valuable advice, and even secure your first clients.

Don’t hesitate to reach out and let people know what you’re working on. You never know who might be looking for exactly what you’re offering in the market.

Last but not least, allow yourself to start small. You don’t need to have everything figured out from day one. Starting a business at 50+ can feel like a huge leap, but you can make the process less overwhelming by starting small. Consider launching as a side hustle while you’re still working or starting with a simplified version of your business that can grow as you gain traction.

By starting small, you can test your ideas, learn what works, and refine your business without too much financial risk. Then, as your confidence and client base grow, you can scale your business into something more substantial.