Challenges

in Self Employment

for over 50s

Challenges are there for all of us to overcome when we start up in business for ourwelves. It is better to know about some of the challenges before you start.

Having your own business is great. You put in the effort and you reap the rewards. How good is that? As a baby boomer or retired from working for a boss you are in a position to appreciate this.

Besides telling you the good things about owning your own business I must point out some of the downsides. I wouldn’t be fair to you if I didn’t ask you to look into all aspects. Many of the challenges are the same as for 20 year olds. Think positively – you have the advantage of experience and the authority that comes with age.

Running your own business will not always be a bed of roses. You will face all manner of ups and downs. Sometimes it will be like riding a roller coaster. If you have been used to constant hours, with set coffee and lunch breaks, plus a regular pay cheque, will you be able to cope in a situation where nothing is regular? Can you face uncertainty?

Think about the following:

1. You need to be strongly self motivated. There is no-one else to tell you to get on and do a job. No-one tells you what time you must start.

2. You’ve spent 30/40 years working for others. Can you now work for yourself? Over 50 or 60 and you can be rather set in your ways. Can you shake this off?

3. You need big enough goals – and continually strive to reach them.

4. Working for yourself is risky. Are you happy to come out of that comfort zone?

5. Are you self confident? Can you push yourself forward? Can you say what you want? Command the respect afforded the over 50s.

6. You must have a real need to achieve. If you don’t you will give up when the going gets tough.

7. Will you be happy not to receive a regular income?

8. Will you be able to withstand the knocks and challenges?

9. You must have an optimistic outlook in order to keep pushing forward. I am not trying to put you off. I want you to follow your dream. I also want it to be the right course of action for you. I want you to succeed. Not facing up to the downsides could lead to a great deal of unhappiness.

When you have looked into having your own business from all sides you will be able to make the necessary decisions. I hope that you will choose a course of action which will make you happy and give you great satisfaction in the years to come.

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