I recently spoke with someone in her late 50s who is thinking of turning a hobby into a small business. The idea has been percolating for quite some time, but she is hesitant to make the leap. Are there ways she can ease into business ownership without going full steam ahead so she doesn’t have to give up her current day job before knowing if the business will be a viable one? This is one time when age has its benefits, according to serial entrepreneur and SEO expert James Dooley.
“There’s a gold mine of opportunity for someone in their late 50s. You’ve got decades of experience under your belt — that’s not just valuable, it’s priceless in the business world,” Dooley says.
Anyone contemplating the transition from hobbyist to business owner should consider taking a few steps to test the waters and increase the chance of success, Dooley and others who have started businesses say.
Create a detailed business plan. That can help anyone hoping to start a business to understand the market, identify potential
customers, and outline financial projections,” according to executive coachSmita D. Jain. Start small and smart.
“In my experience, the best way to start is by setting aside a few hours each week for your business idea. I’ve found that dedicating Saturday mornings or a couple of weekday evenings works well for most people,” Dooley says. “It’s a gradual approach that allows you to nurture your business concept without completely disrupting your current life. I like to think of it as planting a seed and patiently tending to it as it grows.”
“Launch pilot programs and/or pop-up shops. The format will depend on the business you’re in, but either one will allow you to gauge interest and gather customer feedback”, Jain says.
Leverage connections.
Dooley calls the network of connections anyone in their 50s and beyond have made over the past few decades “one of the most valuable assets you have at this stage in life,” describing how much they can bring to the table.
“I’ve seen time and again how these connections can become so much more than just potential customers.
They often turn into your most ardent supporters, trusted advisors, and in some cases, even future business partners,” he says. “They might become your initial customers, providing invaluable feedback that can help shape your product or service. They can act as a sounding board, helping you refine your ideas and strategy.”
Remain calm and steady. There’s no need to rush, Dooley stresses.
“I’ve learned from experience that being patient and working hard on your goals one step at a time is more rewarding than taking enormous risks and hoping for the best,” he says. “If you develop a strategy and adhere to it, you will be far more successful in the long run than if you wing it.”