The number of women starting a new business at 50+ has increased over the years, and Generation X is leading the way above millennials and Gen Z. And there’s good reason why. Women aged over 50 are bringing their experience to the entrepreneurial landscape. They are no longer accepting the status quo and are more interested in pursuing their dreams and ambition than ever before.
When women hit their 50s it is a new stage of life. There is more free time available for them, as kids are likely grown and it’s time to start thinking about us again.
However, when it comes to starting a business, no matter how confident you feel, fear and doubt may creep in. There’s the fear of failure, the financial risk involved, and the work required to put into building a business. But the reward is there as well.
There are many women who have started and conquered the entrepreneurial landscape later in life. Vera Wang and Martha Stewart are common names that come to mind when thinking about women who killed it in business later in life. Entrepreneurship is not just for the young.
There are many excellent reasons to start a business later in life. One rather large reason is financial. In my opinion, the best way to build wealth is through business ownership. Another common reason is the flexibility being a business owner offers you. You escape the 9 to 5 grind and gain creative control in your career. If fear is holding you back from starting your business, let’s explore that.
Here are five tips to help you overcome the fear of starting a business:
1. Feel the fear and do it anyways
The fear never goes away until you take action. Don’t wait until you feel ready but prepare for the big step. Preparation is key to success. Break your goals into manageable steps and surround yourself with positive influences. Make it your mission to learn everything you can about business ownership. Follow businesspeople you admire, listen to podcasts, read books, and be a sponge.
2. Reframe self-doubt
Self-doubt can be reframed into something positive. When you feel scared and doubt yourself it’s a sign that you are stepping out of your comfort zone, and growth happens outside of your comfort zone. Imposter syndrome can happen to anyone in any stage of your business, so be sure to manage any that creeps in.
3. Build a support system
It takes a community to build a business, so be sure that you focus on networking and building relationships with those who want to see you succeed. Network with likeminded entrepreneurs, attend networking events, and join networking groups.
4. Start small, scale big
You don’t need to go all in immediately. You can start your business as a side hustle, test your idea to see if it’s viable, and grow your business from there. A high percentage of businesses fail, so before you put all your eggs in one basket, it’s smart to test the waters first.
5. Celebrate progress over perfection
Building a successful business is a journey that takes time. There will be wins, and there will be setbacks along the way. Celebrate your wins and use your setbacks as learning opportunities. When you take the lesson out of setbacks you get closer to the ultimate goal of a financially successful business.
The bottom line is that it is never too late to pursue a dream, and if you have dreamed about starting a business, this is your sign to get going. Take the first step today, regardless of how small. You can start by brainstorming ideas, reaching out to a mentor, or simply researching business opportunities. Your future self will thank you.