There comes a time in everyone’s life when they approach a crossroads that requires making a life changing decision. Not only is starting your own business a lot of hard work but, it can seem especially difficult for women who are over 50. Even though it may seem like your life is almost over, for some people it is just the beginning of a new chapter. We can always think of excuses for why we shouldn’t do something or why it’s not the right time but, here we’ve come up with five good reasons why today is the day to open that book and start the next chapter by owning your own business.
- Increasingly difficult job market
–In today’s job market it’s becoming more and more difficult for women over 50 to get jobs and with the economy still not back in full swing, all the jobs are going to younger, lower paid applicants. Even though you may have an impressive resume or worked for some hot shot firms, that doesn’t guarantee that you will get a call back from your application. More than ever it’s important for women to be financially independent to ensure a comfortable life after the working days are replaced with the relaxing days of retirement. So, instead of filling out application after application, ditch the job search and start your own business. Or, leave your day job and go after that dream you’ve always had of being your own boss, working your own hours, and taking home your own profits.
- The US is ranked #1 for having the conditions that foster high potential female entrepreneurship
–Out of 17 countries worldwide the United States ranked #1 on having the conditions that foster high potential female entrepreneurship, according to Gender-Global Entrepreneurship Development Index (GEDI). These conditions were based off entrepreneurial environment, entrepreneurial eco-system, and entrepreneurial aspirations. This means great things for women who are trying to get their business off the ground and running! The United States has some of the greatest conditions to help women move forward with their ideas and turn those ideas into a tangible source of income. So, what are you waiting for?
- According to Forbes, women are better money managers
Forbes found two research reports that found that women tend to be better money managers than men. First, they said that, “Women-led private technology companies are more capital-efficient, achieving 35% higher on return investment, and, when venture-backed, bringing in 12% higher revenue than male-owned tech companies (Forbes, 11 Reasons 2014 Will Be a Breakout Year For Women Entrepreneurs).” For example, if you are bringing in one million dollars a year this means that a woman-led private tech company is, on average, bringing in $120,000 more every year than the same company led by a man. Maybe that’s not the type of company you would like to start but, the data still proves that women are better money managers than men.
- To do something you are truly passionate about
Now is the time where you’ve raised the children, worked in the office (or some other location) and now you want something different. Suddenly, you feel this tug to venture out on your own and do something that you’ve always been passionate about. Perhaps you have always wanted to help children improve their literacy skills, or maybe you have always loved cooking and want to start your own restaurant. Whatever it may be, go out there and dive straight in. Sometimes passion is the best motivator.
- Finally, BE YOUR OWN BOSS
If you don’t start your own business now, when will you? It’s never the wrong time to be your own boss. Wake up when you want, answer the phones when you want, and most importantly, there is no boss telling you what to do and when to do it. There are so many rewards to being your own boss including less stress and more freedom.
So if you aren’t sure whether starting your own business is the right idea, just sit back and think about what you really want in your life. Remember, there is no right age for starting a business, it’s all about timing. There are hundreds of companies that are extremely successful that were started by women over 50 years old. This means all you have to do is take the first step, open that book and start reading because the next chapter may be the best.
What are your reasons for wanting to start a new business? Comment below and let us know why you want to take the plunge into entrepreneurship!
Check out this article by Forbes for more reasons why women are dominating the entrepreneurial field!