Over 40? Want to become an entrepreneur? It’s doable, and here’s how!

Over 40 and want to become an entrepreneur? It’s absolutely doable, and here’s how to do it.

One of the more wonderful things about our modern world is mobility. Now more than ever, working professionals are able to consider career moves and forays into business ownership and acquisition. And more women than ever before are taking up arms and getting stuck in. 

With experience doing nothing other than helping the successful chances of a business in its critical first year, mature entrepreneurs are entering markets and making names for themselves. Despite the uncertainty thrown amongst many industries over the last year, every day sees now ventures and freelancers. 

In this article we’ll be covering a few brief points for our lady readers who want to join them.

It’s a worldwide thing

Trends matter and the business world is no exception. Far from being a ‘time of your life’ affair, the movement towards entrepreneurship is marked and exists across all ages and demographics. We’re seeing senior entrepreneurs now enter their industry spaces alongside teenagers on the bright edge of a self-employed future. 

Studies show us that the majority of successful entrepreneurs were married when they started, usually with at least one child. The need for autonomy, self-ownership and common struggles with feeling trapped in a static life are contributing factors too, converging to produce a digitally connected world ripe for those who want to go off the beaten track.

Start it on the side

It’s not a ‘today’ answer and it might not be the most glamorous thing to read, but it still rings true: do it steadily and don’t in blindly. As a freelancer or as a business owner, you’ll quickly find that steady work is about relationships.

It takes time to build the kind of trust, friendship and acquaintance that leads to repeat work. It does happen and it’s beautiful when it does, but the months and often years preceding those good times involve putting out consistent, quick and quality work and services for small orders. 

This means you’ll be spread very thinly and without connections if you attempt to go in immediately. Instead, keep the pressure off and develop your freelancing portfolio or business alongside employment.

It’s commonly done for a reason. It will help keep your stress levels down and will give you a cushion to fall back on. In many cases, would-be freelancers find they don’t even like the new path they’ve chosen and turn back to employment. A perfectly valid answer and one that is more easily achieved if you still have a job!

Prepare a financial backup plan

Managing things hand-to-hand adds stress. Lots of it.

As humans, it’s often not possible for us to perceive stress until it’s gone. Many freelancers thing they should be feeling this uncertain and worried all the time, not realising it’s a simple byproduct of how fast they’re trying to move – and how unplanned their movements are!

So, you need a genuine backup plan. You need a safety net – six months is better than three for freelancers and new ventures. You need to avoid the urge to drift towards credit cards and a ‘well make it because we have to’ approach. That plan can work for you exactly how you want it to, be that steadily raising capital or waiting for the right time to talk to a reputable.

And you’ll be thankful you did. Once more, it’s the slower, steadier and more realistic approach to things. Having a backup plan will help you enjoy the exciting and challenging first months and years of your work better; you’ll know you have a way out if it doesn’t work well for you.

Good luck in your efforts!

It’s exciting, commendable and worth pursuing. Life as a business owner or freelancer has a cost, but the rewards and lifestyle are undeniable. The ideafinancial.com team wishes you the best in achieving your goals in 2021 and beyond!