Starting a business in your 60s can be both rewarding and challenging. You may feel confident and capable, but you also have to face the realities of a competitive marketplace and the challenges of aging.
Here are some tips to help you stay positive and become more successful as an entrepreneur in your 60s:
1. Stay Positive and Focused on Your Goals
Don’t let negative comments or setbacks discourage you. Keep your eyes on the prize, and don’t give up easily.
Keep learning. If you are beginning your business, looking into continuing education courses or workshops can help you gain new skills and prepare yourself to meet the challenges of starting a business later in life.
Take advantage of online educational options available today through schools like Harvard University, e-learning video sites like Udemy, and training websites like LinkedIn Learning.
Ask for help. You can gain invaluable insight and support from other entrepreneurs or small business owners in your area and on sites like Meetup and LinkedIn. You can also check out the Small Business Administration (SBA), industry associations, and local organizations.
2. Pay Attention to Your Health
When you feel and look good, your confidence level increases. Now, aging is one of the significant health risk factors. The older you are, the more susceptible you are to developing chronic diseases like heart disorders. You may also be dealing with other health issues like obesity, poor memory, and even tooth loss.
These age-related changes can feel overwhelming and affect how you network with people, close deals, or entertain customers.
But it doesn’t have to be. You can still do many things to keep yourself looking as excellently as possible. For example, if you have missing teeth, get teeth replacement. Technology’s so advanced that dentists can make customized dentures and implants instantly. The details are so accurate no one will know they’re not natural teeth.
Visit your doctor regularly, follow your doctor’s advice, and take your medications as prescribed. If you can make it easier for yourself to keep up with regular check-ups and screenings, do so.
3. Get Organized and Streamline Your Business Operations
Starting a business later in life can be difficult if you set one up for the first time. There’s so much to do, so many things to consider, and so little time to do it all.
For example, there are many ways you can market your products or services. Online marketing is always an option, but it requires a significant investment. So you may want to try out offline marketing first, like promoting your business through flyers or posters.
To make sure that your efforts are well-spent and effective, stay organized. You can hire someone to manage your time better by getting the right apps on your phone or computer, which you can use to keep track of schedules, tasks, and contacts. You can also outsource mundane but necessary tasks like bookkeeping or paying the bills.
Streamline your processes by using technology to your advantage. These include accounting and invoicing software tools, business apps like Dropbox to store and share files, and Google Docs.
4. Take Care of Your Business Financing
Many entrepreneurs do not start their businesses with a considerable sum of money. Instead, they make do with what is available to them at the time.
Age is no exemption from this rule. But over time, you may find that it gets harder and harder for your small business or startup to be able to compete against bigger, better-funded competitors.
Several financing options help keep your business afloat even as you grow older. Some include:
- Crowdfunding: It is a great option, especially if you have a newer venture and don’t have a lot of assets yet. Businesses like GoFundMe, Indiegogo, or Kickstarter can provide the necessary capital to get your business up and running.
- Lines of Credit: Payment processors like PayPal can offer lines of credit to your business. This is also a good option if you want to avoid the hassle of applying for a loan from a bank, especially when you have a bad credit history at all.
- Credit Cards: You can use credit cards or cash advance facilities for small businesses or use these as your accounts to invest in your industry.
- Home Equity Line of Credit (HELOC): You can use your home’s equity to fund your business.
Starting a business later in life can be difficult, but it is also rewarding to establish yourself as an entrepreneur. Just rely on these tips to work your way through the challenges of starting late in life.