How to start a successful new business in your 60s

Quitting life as you know it and looking to buy a business makes the answers to these questions crucial…

1. What do I want to do?
2. Why do I want to do it?
3. Can I afford to do it?
4. Will I be happy doing it?
5. Why do I want to take on someone else’s “stuff”?

Starting a business is a BIG deal and building it to become much more than a hobby is even BIGGER again. It makes sense to get a kick-start, whether that be as a first time buyer or as part of the growth strategy for an existing business, taking on one that is already in existence. There is definitely upside to walking straight into revenue and profit…

But if buying a business features as a serious option, congratulations. Hang on to your hat; it’s going to be a bumpy ride!

Knowing exactly what you’re prepared to stick your neck out for is paramount to buying as wisely and ideally as successfully as possible.

Consider these:

1. Making the decision to be a business owner rests entirely on your shoulders. Given you can’t plan every little thing and you won’t ever feel as secure as you may wish to, if you don’t believe you can give it a red hot go by backing yourself in the process… then save the time, effort, energy, money and grief you’re about to invest and park it elsewhere. Genuinely backing yourself, as a business owner, is one of the biggest, if not the most public of things to do.

2. Like the idea of “being my own boss”? For first time buyers, buying a business may not necessarily address this. Why? Because, when running your own business, you are always answerable to someone. Whether it be your customers, suppliers, employees or the bank, even your family, you can never sail through and expect to not be called to task by someone. Just ask any business owner you know!

3. Is starting a business a better option? Remember, start-ups notoriously take 2-3 years to turn a profit. If you don’t already have a nest egg sitting neatly under your mattress or your existing business is rolling in it, to able to support you in your times of need (and they will occur) then don’t do it. If you want the perception of regular cashflow and paydays then buying into revenue does make more sense, rather than trying to get something untested off the ground. Try this instead; buy something small to “practice” on it; working your “L” plates! Something like a small online business, where you can pick them up somewhat cheaper than a more traditional type business. Make all your mistakes on something that is not going to break your bank and take your learning on to the next one i.e. graduating to your “P” plates!

4. Of course deciding what to buy can be tricky too. Waiting to find the perfect business could have you “shopping” for a very long time. There is no such thing. This is usually where the franchise discussion comes in. Are they as close to the perfect business as you can get? Only you can decide, but be aware, buying a franchise does not negate the need for you, as the Business Owner, to do the hard work that matters. Regardless of its structure, find a business that you’re almost comfortable with, work it hard, get it into shape and all will ideally work out when ready to move onto your next.

5. If you’ve got issues you have not addressed within an employed environment, they are only going to manifest larger when the stress of buying and running a business kicks in. Deal with whatever has not worked for you in the past by exploring, internalising and showcasing new ways, taking these strategies into the new business with you. Otherwise, the common denominator, the walking disaster that is you is about to take over a business that has the potential to implode because you’re not prepped enough to handle what is about to come at you.

There is much to consider when taking any big steps in life, and buying a business is no different. If you’ve not done it before or you’re not able to access others that have, then seek out members to make up your “A” team most specifically and diligently, and be prepared to pay for their advice upfront. It will save you heartache as you rally to take your new found world by storm!

Have you ever owned your own business? Would you do it now in your 60s?