Women who establish businesses in the middle of their lives start their businesses for various reasons.
- living a dream for the rest of your life;
- to supplement income by part-time or full-time business;
- making a career after the layoff, retirement, or another life event such as retirement;
- being able to have more time and money to invest in pursuing a passion, especially in the case of children who are old.
“There is no deadline for success or fulfillment, just as there is no one path everyone needs to follow,” is the opening line to Forbes”50 Over 50 list of outstanding women entrepreneurs, creators, and leaders.
In Good Company
Over five years preceding the outbreak, female-owned businesses increased by 21 percent. In 2019, more than 50% of U.S. businesses were wholly or jointly owned by women (2019 State of Women-Owned Enterprises Report). In 1972, women held only 4.6 percent of American companies 1972.
Middle-aged women can enter the business world with faith. “Successful entrepreneurs are middle-aged, not young,” said Pierre Azoulay and J. Daniel Kim in Age and High-Growth Entrepreneurship. “All evidence points to founders being especially successful when starting businesses in middle age or beyond.”
Resilience under stress, expertise, robust support systems, and interpersonal abilities are the strengths of entrepreneurs who are 50 or older (AARP Small Business Resource Centre for 50and older).
“Your age is an asset, not a handicap,” says Sharon Morgan Tahaney, a former Ms. Arkansas Senior America owner of Spa on Main situated in El Dorado. “The wisdom you’ve gained over the years will provide a strong foundation to grow people and ultimately revenue.”
‘Don’t Be Afraid.’
With more than 30 years of experience working in the field of jewelry, Shannon Branstetter decided in 2020 to launch an enterprise of her own. The influenza pandemic slowed their plans, but Shannon found her shop, Shannon’s Jewelers of Hot Springs, in September, at the age of 49.
“The best advice I can give: Don’t be afraid, work hard, be thankful and celebrate the little things,” she adds. “Ask questions. It’s OK!”
“The goals I’ve set for myself and my business are changing daily and weekly,” she continues. “The response from the community has been incredible, with so many new clients and referrals.”
Although confident about her industry know-how, Branstetter was less sure about the process of starting. When she was planning and launching her company, she worked with her advisor, who was with the Arkansas Small Business & Technology Development Center. The ASBTDC offers no-cost secure and confidential services for Arkansas entrepreneurs.
Here are some suggestions from the center for potential owners of businesses:
1. Be aware of your customers.
The foundation of every company should be its customer. Who is going to buy the product you’re offering? What can you do to differ from the offerings already being sold locally or on the internet? Be sure to confirm demand before launching your business plan.
You must clearly articulate why your customers will appreciate their product more than rivals’.
2. Consider a loan.
Plan your startup costs and then decide whether you’ll require an investment loan to cover the entirety or a part of the expense.
The process of obtaining commercial loans can seem a bit intimidating, especially for business owners who are first-time customers. But, the loan route is safer for middle-aged entrepreneurs than taking your retirement savings and is often less costly than interest on credit cards.
If you’ve never considered financing for your business, you’re the only one. Based on the report 2024 Bank of America Women Business Owner Spotlight, 42 percent of females “have never applied for a business loan or line of credit.” Male business owners are twice as likely to apply for loans and borrow more.
The ability to secure a loan, in the beginning, is more advantageous than trying to stay out of debt and then running out of funds mid-project, and you might not be able to borrow.
ASBTDC will answer your questions regarding loans and other sources of funding.
3. Find your way.
Are you not interested in building an entire company from the ground scratch? There is another route to ownership of a business, like the opening of a franchise or buying an established company.
Tahaney retired executive Tahaney, a retired executive, bought her first property, the Spa on Main, in her hometown in 2020 after consulting on behalf of the Southern Arkansas University ASBTDC.
“The life of a small town. After spending the last three decades within Dallas and Orlando, I was enthralled. I was looking for peace and the freedom to pursue my interests,” she says. “When I heard that Spa on Main had been about to be sold, I started to think about using the knowledge I’d gained in business leadership to a business that could bring comfort, health, and renewal to all people, including myself! Then I began doing my due diligence and found that this was a resilient and steady small business that would let me apply the principles of business management and leadership while effectively serving the neighborhood.”
