It is one thing to take a leap of faith and start a new business early in life. However, it is another thing entirely to do so in midlife. Even so, business formation in Georgia and nationwide by people over the age of 40 is on the rise.
Starting a business at this point in life presents unique challenges since the risks are often higher. Many such entrepreneurs leave lucrative employment to step out on their own. This can cause a significant amount of fear and anxiety.
Starting a business on the side while maintaining stable employment will work for a period of time, but eventually, in order to succeed in a new business venture, it may become necessary to take the plunge and dive in headfirst. One thing that all entrepreneurs have in common is taking risks. For those that are not quite ready, moving from a full-time job to a part-time job could help bridge the gap until the time is right. In order to grow a business to the point where it can become a person’s only source of income may require the assistance of other people. Whether that means hiring an employee to help with the workload or enlisting the help of advisers to market and grow the business, involving other people can help a business grow and succeed.
Fear is natural and often healthy when it comes to business formation. Georgia small business owners may be able to vouch for the fact that when something is worrying them, there could be a good reason. There are a variety of legal and business decisions that must be made in order to start a business. One advantage that older entrepreneurs may have is the desire to be cautious and explore every eventuality before moving forward. Enlisting assistance in working through those issues can alleviate any fears and provide the answers a person needs to give his or her business the best chance at success.
Source: Forbes, The Challenges Of Starting A Business In Midlife, Susan Lahey, Feb. 27, 2014