Becoming an Entrepreneur at Age 40: Is it Possible?

If you think it’s too late to become an entrepreneur in your 40s, you’re wrong. A team of researchers looked into a list of 2.7 million business founders and found out that most of them were actually in their 40s when they launched their company! When you reach middle age, you have the advantage of maturity, wisdom, and possibly, industry experience.

So while you are in an ideal age to start your own enterprise, you can turn all these business possibilities into reality through these steps:

Consider Continuing Education

Though it’s not necessary to go to school for business, it won’t be a bad idea to get some formal training. In fact, you might even meet inspiring mentors and learn valuable life lessons through this opportunity. Most importantly, you will be able to learn all the tips and tricks for running a successful business.

Now is also the perfect time to go back to school given the remote education trend. Online business administration degrees can help you learn how to handle the economic, financial, marketing, operational, and managerial aspects of your business in a more flexible learning environment. You will learn about different aspects of business, such as operations management, human resources, and various administrative functions. And as the degrees are 100% coursework and online, you will be able to study and work at the same time.

Alternatively, certificate courses can help you learn about more specific aspects of entrepreneurship in a shorter amount of time. By opening yourself up to these learning opportunities, you will be better equipped to run a business and you can even expand your network too!

If you already have a promising idea, set yourself up for success by outlining an extensive business plan. This serves as the roadmap of the business because it contains the market analysis, management structure, service or product descriptions, sales strategies, and financial projections.

A detailed business plan will also allow you to clearly navigate through each stage and each department of your business so that you can earn a steady amount of profit. Preparation is definitely the key for a successful startup, so spend enough time in crafting a business plan that can certainly guide you towards that!

Prepare Your Finances

Speaking of business plans, this document should also include the estimated amount of expenses that you need to get your startup going. Your financial projections can appraise the amount of sales and profit that your business can achieve over time—and determine how much capital you need to invest to reach that. This will help you gauge how much you can cover, using your own savings.

If you need more funding, you can show potential investors and business partners how they can get a good return on investment through your well-crafted business plan.

Establish a Good Network

Your network is also one of your gateways towards success. A study revealed that startup founders in their middle age were able to recruit people, make sales connections, and find suppliers, all thanks to their network within the industry.

The assumption is that you’re much more established in your industry as a forty-something professional, which means that you have more connections to key people that can help you run your business. But if you need to broaden your network, try attending business networking events. Most importantly, step out of your comfort zone and talk to fellow entrepreneurs who can also help you out.

There are a lot of successful family businesses, and you can add your startup to that list! The best part about running a business in your 40s is that you can establish a legacy that you have started from the ground up with your own family.

The members of your own family can help you finance and even operate the business itself. Just remember to set good boundaries so that you can fulfill your business roles at work, and bond with each other at home.

So yes, it is possible to become an entrepreneur—and a successful one at that—in your 40s! Consider this as a green light to plan your startup as soon as you can.