What are the best businesses to start? If you have hit that milestone where you are ready to realize your dream of opening your own business, large or small, we have a few tips on where to begin. This urge could have been spawned because of a layoff or perhaps you’ve retired and finding yourself feeling restless. Regardless of the motivation, if you have decided now is the time to pursue that dream of being your own boss, you are at a competitive advantage!
At this point you have most likely accrued a large professional network, have both broad and deep knowledge and proven that you are innovative – all giving you an incredible competitive advantage.
Option 1 – Align your passion and purpose to determine your focus
Following your passion may be a cliché, but it should be a guiding principle in starting a business after 50 — or at any age. At our age we have so many skill sets I think it’s important to look beyond the obvious education and work history skill set.
A few questions to ask as you explore options include:
- What are YOU interested in doing?
- What skillset do you have from previous work, hobbies or other parts of your life?
- Have you done volunteer work that you truly enjoy?
- Do you have special education or a certification that is in demand?
- Where do you find ‘flow’ when you are working? i.e. what comes easily, where does time fly?
- What do friends and family come to you for because they know you are the expert in that topic?
Honest answers to these questions will give insight for you to tap into as you begin formulating ideas for one of the best businesses to start after 50. Stack the odds in your favor by choosing a business that builds on your natural skills, career expertise, passions or both.
This also a great time to tap into a career coach to walk you through determining your focus before you make any major decisions. Looking for inspiration as you start brainstorming? This resource offers ideas to bounce around with your career coach too.
Option 2 – Explore the franchise route
If you can align your passion and purpose with a readymade template for success, why not?! Many over 50 ‘olderpreneurs” have turned to the franchise route, buying into a ready-made business and starting a branch in their local area.
Investing in a franchise offers a ready-made route to setting up all kinds of businesses — from restaurants to sales to professional services companies — that can offer greater autonomy and flexibility for women in their prime.
There are even several franchise consulting firms that will provide free personal franchise assessment reports:
Remember, you’re about to enter one of the most exciting periods of your life. Do you feel those tingles on the back of your neck? Is that internal dreamer making its way onto your face as a full-blown smile for all to see? If so, then you are on the right track to hand crafting exactly how you want the next phase of your career to look!
You’re ready, you’re going to kill it -no matter what route you take next. Best of luck to you and congratulations on your future successes.