When Is the Right Time in Life to Go into Small Business?
There’s an old proverb that says “The best time to plant a tree is twenty years ago. The second best time is now.”
You can apply the same logic to business. Think of it this way. Either five years from now you could be reaping the benefits of your small business, or you could be wondering if it would have worked. There’s only one way to find out.
Small Business is Big Business
According to the latest data from the Australian Bureau of Statistics, as at June 2015 there were 2,066,806 small businesses nationwide and this shows just how popular running your own business is across the country.
Small business owners may have been committed to their chosen industry for many years, new graduates choosing to branch out with their own business from the off or retirees looking for something profitable to keep them busy in later life. In every instance, it’s clear there are real personal and professional benefits to being in charge of your own small business.
Benefits of Starting a Small Business
Running your own business offers many advantages, including the ability to be your own boss and set flexible working hours. Over half are home-based businesses that can make your initial investment less than having to find a place to work. There are additional benefits.
New Graduates to 35 Years Old
As a younger business owner, you have age on your side. Getting a new small business going takes a lot of time and effort. But you can handle it because you’re younger than other business owners. The chances are that you’re used to juggling a busy schedule fresh from the college campus.
New business owners spend a lot of time on the job for a reason. While you’re working, you’re saving yourself the expense of hiring an employee. Without many commitments, you can find the time to devote to your new venture while keeping a handle on your overheads.
Business Owners 35 to 49 Years Old
Business owners in this age group have the advantage of both youth and wisdom. You’ve spent some time in the business world. As an outsider, you’ve seen what works and what fails. At this point, your life is probably pretty stable, so going into business can work for you.
With enough experience under your belt, you can put the skills you’ve acquired over the years to good use. Some of the most profitable small businesses include services that you have personal experience of such as accounting and tax.
Small Business at 50 to 88 Years Old
Younger people are said to be street smart, but it is the senior population that comes with a mountain of wisdom. If you belong in this category, then you probably also have some money saved to safeguard a transition. According to the SBA, business ownership in this demographic increased by nearly five percent between 2007 and 2012, which was the largest gain among all age groups. As an older business owner, you can make an easy shift from the workforce towards a business of your own. Unlike younger business owners, you have a wealth of experience to guide your choices. Those years spent in the school of hard knocks will come in handy.
With about 543,000 new businesses starting each month, the time is right for you to realize your dreams of running a small business. No matter what your age, you can seize the day and plant that tree.
Jenny Holt is a freelance writer and mother of two. She loves nothing more than getting away from it all and taking her pet Labrador Bruce for long walks, something she can do a lot more now she's left the corporate world behind.
This article was originally published on the Port Macquarie Online Marketing blog and is republished here with full permission.