4 tips for midlife entrepreneurs
Have you heard?
There's a rumor going around that 50s are the new 30s!
And while I don't miss the sleepless nights due to back-to-back hospital shifts or from my wonderful newborn babies (including a set of twins) during that era—I'm thrilled to see that society is viewing midlife as more than just menopause and as an exciting life chapter.
Experiencing a midlife crisis doesn't have to be the norm anymore. Women and men in their 50's and 60s are doing incredible things by following their passions and living fulfilled & purposefully.
"The stereotypical midlife years used to inspire visions of buying flashy sports cars or maybe splurging on that dream vacation. What used to be considered a time to experience a midlife crisis has slowly turned into an opportunity to explore midlife entrepreneurship." (Castrillon, Forbes)
It's reassuring to know that I'm not alone in my entrepreneurial pursuit to support women in reclaiming their personal and professional lives. There's a whole community of people who are following their passions and are waking up to the idea that midlife does not have to be a dreadful decline —it's an opportunity to do what we've been yearning for.
"The number of midlife entrepreneurs is surging in the U.S. According to a new research report by benefit outsourcing supplier Paychex, entrepreneurs over age 50 increased by 50% since 2007." (Castrillon, Forbes)
And although it's a LOT of work, I hope these 4 tips from Caroline Castrillon (Forbes) help you if you're on the entrepreneurial path
Start with the end in mind—"Launching a business midlife means that you have fewer years to build it. Therefore, your strategy to grow the business needs to be very well thought out." And make sure to write down your plan! Neuroscience studies show that people who write down their goals are 1.4 times more likely to succeed. That's why the close of every EWC Circle includes a personal commitment.
Minimize financial risk—at this stage in life you don't have as much time to recover a huge investment, so consider a business that costs less to start. Don't immediately dip into retirement savings, instead consider loans & grants.
Embrace technology—having an online presence is essential for any business. I am no tech whiz, but with the help of my husband we were able to find easy to use programs to build my webpage and social media presence.
Find support—there came a time when I realized I couldn't do it all on my own. At that point, I hired my incredible project manager to support our community and my growing business. Luckily for me, she's a tech whiz! I also reach out, regularly, to other entrepreneurial women for advice, feedback and masterminding—you may be surprised how many people in your circle are willing to help you succeed!
Castrillon summarizes it best:
"It’s never too late to become an entrepreneur. Midlife entrepreneurship can be fulfilling and profitable if you plan carefully. Do your homework, leverage your experience and most of all, enjoy the ride."