Something remarkable happens the longer you stay in the same business field and work for the same company. You begin to see alternative ways of doing things that your employer doesn’t see or is unwilling to take a risk on. Eventually, you may decide it’s time to strike out on your own. And, if the time seems right, but the desire doesn’t hit you until you’re in your 50s, you will be joining the long list of Boomer Businesses.
Non-Compete Contracts Can Put a Wrench in Your Plans
You may start a business that will compete with your former employers. First check with a lawyer specializing in business startups to make certain your employment contract does not include a non-compete agreement because most will. If you’ve signed a non-compete contract, expect a court battle and also the loss of most of your friends that do business with your former boss or work for your former company.
Buy or Buy Into the Business You Work For
To avoid complicated litigation, you may want to buy the business you work for now or buy into it. You will have the advantage of knowing the clientele and knowing what works and what needs fixed. You will also inherit the company’s reputation, good or bad. Talk to your customers. They will give you advice on things you can do to enhance the company’s performance and what aspects are working well. This feedback can be very valuable to you as you set out on your own business venture.
Compliment the Products or Services You Already Sell
You may have stuck around long enough in your current job that you can now see things that have been left out or ways you can improve the goods or services you company provides. If so, you may start a business that compliments your former workplace and provides training, goods, or services that your customers are currently in need of. Discuss your business idea with your current employer and they may even help you being your first client or they may be persuaded to help with start-up money. There are ways to start a business with no money for sure, check out the articles here, here, and here, but you are in your later years and should have a bit of a nest egg already built up. There are many sources to consider if start up capital is needed, for example a 401k loan.
Once you start to consider the different choices you have and where to focus your time and energy, you may choose to finally try to start a business in another field. It could be one that you have been dreaming about for years. Don’t spend your entire nest egg and consider how much time you are willing to spend on your new business as well as how long you will want to continue working. Then find your location and set up your business.
Starting a business in your older years will give you the chance to try out your own ideas and your new company will benefit from your experience. You’ll have the advantage of the time you spent learning from your previous job and have the wisdom and knowledge to set yourself apart from other businesses in your chosen industry. If you are still looking for how to start your own business be sure to check out this article.
Charissa is into frugal living and saving money.
One thing is certain, boomers bring with them a wealth and breath of experience in business and probably have a chance at succeeding at the business they chose. As you point out though, its best to consult with a legal expert to ensure you are walking a safe path that won't attract lots of litigation and dent your finances.