Only you can say for sure. But, the SBA and its Resource Partners offer a wealth of resources to help you make small business decisions that are right for you.
Starting a business later in life can be an exciting opportunity to apply a life's experience firsthand. With opportunity comes challenge. You can be a sole proprietor, employer, or investor. You might be an absentee owner or you might hire management. You could launch a home-based business or become a consultant. No matter what your business, you’ll need strong personal commitment. You’ll also need a solid set of business skills, including business administration, sales and marketing, finance, and time management. As a mature worker, you may have honed these skills over a lifetime of work. Owning a small business will call upon them all.
FACT: According to the Intuit Future of Small Business Report 2007, average 55-year-old workers today will live into their 80s or longer, and will be healthier and more able and willing to work in their 60s and 70s than those of prior generations. Get the Facts.
And, a clear exit strategy or succession plan—that is, a plan for ending your business ownership—is especially important for older entrepreneurs. As one business owner put it, "Succession planning is too often done in the rear-view mirror, when it should be done looking out the windshield." In other words, build your plan for the end of ownership into your earliest business beginning. Some options: establish an exit strategy for selling the business after a certain set of milestones is reached, plan to pass the business on to another member of the family, or plan to groom a key employee to take the reins when you are ready to sell your business. See more on succession planning at Entrepreneur.com.
SBA assessment tools, resources, and services can help you make informed choices about small business ownership.
Five Reasons to Start a Small Business at Age 50
Be your own boss
Improve financial position
Leverage a career skill
Maintain an active lifestyle
Fulfill your life's dream
Six Risks in Starting a Small Business at Age 50
Not having sufficient funds, or investing retirement funds in start-up
Not preparing a succession plan or exit strategy
Physical limitations
Lack of experience in the market
"9 to 5" mentality
Lack of small business knowledge
Tools to Help Guide You
How to devise an exit strategy Exiting is a multi-step process that can take from weeks to years depending on the size of the organization and the reasons for exiting.
SBA loans The SBA offers numerous loan programs to assist small businesses. It is important to note, however, that the SBA is primarily a guarantor of loans made by private lending institutions and does not offer direct loans to small businesses.
