Starting a new business and its steps can be one of the most critical decisions one will make in their lifetime, especially if you have some things to lose if you cannot succeed. However, it is not impossible to succeed in great things without taking significant risks. Many people are uncertain about what is the “best time” to start a business. The answer to this question is entirely contextual, but regarding age, it is safe to say that your midlife is the best time you can choose to start a business, and we will explain why.
In general for starting a business idea, people tend to see their 40s and 50s as a period where they need to settle and don’t take any risks. It is true that after your 40s you will have lots of experience regarding your career and in your life. However, this is actually a good thing. At the end of the day, you have two times more experience than someone who is in their mid-20s. Your midlife is not a place to settle and slow down; instead, it is a wonderful period to take risks by trusting your experience and starting a business!
If you are ready to start a business idea, have your plans, and trust yourself, nothing is stopping you. Besides, you have all the experience and knowledge you need to have regarding the business you want to start – at least hopefully. Even if you do not have relative experience, you can still use your life experience to start your business.
But, how does this really work, and is midlife the best time to start a business? and best of all, what is needed to start a business? Let’s find out the answers together.
Is it a good time to open a business?
People in their midlife are closer to their retirement age, that’s for sure. Moreover, the chances of them losing all the money have been higher. However, the statistics show otherwise, illustrating how starting a business in midlife results in more success, hence creating a less risky environment.
At first glance, it makes sense why people are having such thoughts. Because when you are young, you have a lot more time to make mistakes, learn from those mistakes, and not make them again. But, the idea itself already states the fact that midlife is a better time for starting a business. Please remember, younger ages are more convenient to make mistakes, and as a result, learn from those mistakes.
So, what happens when you are in your midlife is that you would have already made many mistakes and learned from those mistakes – so, you are more experienced. Moreover, people’s 20s are usually the time where they have just started a career path, and they are more in an unbalanced state. In other words, in your 20s and 30s, nothing is certain yet, and the chances of you not knowing what you want to be in this life are quite high. Many people leave all their careers they built in many years to do what they actually wanted to do in their midlife.
Do not get us wrong – there is not a “correct” age to start a business. Every age is the correct age, and whenever you are ready, it is the best time to start a business. We are just focusing on midlife to explain to you that the common understanding of “starting a business in your midlife is a waste of time” is wrong, and midlife can actually be the perfect time to start a business!
Why should you start a business in your 30s?
Hopefully, up to now, you have understood that starting a business in your 30s and even older is not a bad thing, and instead, it can be considered a good thing. There are many different reasons that could convince you it is a good idea to start a business in your 30s, all with strong statistical proof and meaningful explanations. Some of the top reasons why you should start a business in your 30s are listed below.
1. More Experience
One of the main reasons why starting a business idea in your 30s is a good idea is related to the experience level you have. It is not difficult to understand that a person in their 20s has less experience than a person in their 30s. Of course, there can be exceptions, but with simple logic, you can interpret this. More experience means that you will have less space for making mistakes since you tend to be more responsible, resulting in increased chances of being successful.
In all aspects, you can think of, being stable is a crucial aspect of starting a business. And, are there any better ages than your 30s where you have the most stability? You are more likely to have your savings, less likely to change your mind, and get influenced by what others say.
You do not have to have billions of dollars in your bank account to be considered stable. But of course, if you are planning to start a business, you would at least want to provide for yourself. When you are younger, your career wouldn’t be as stable as it is in your 30s. Perhaps you are still waiting for that promotion or the job you really wanted.
As you will notice, all the reasons we will mention here are interrelated with each other, which also proves the strong background of why starting a business in your 30s is a good idea.
Another thing you will have a lot more in your 30s in comparison to your 20s is network. Naturally, you will know a lot more people when you are in your 30s in comparison to your 20s. We cannot overlook the influence of the people you know that could be helpful for you while starting a business. They do not even need to be on the same career path as you; you just need people that will support you (preferably those who know how a business works).
Related to your stability and experience level, flexibility will be another reason why starting a business in your 30s is a good idea. As we mentioned earlier, you will have a lot more savings in your 30s in comparison to your 20s under normal circumstances. So, if you fail, the chances of you getting your life back together will be higher.
Moreover, your experience level can help you to do more things in comparison to you in your 20s. You will know better how to arrange your finances, how to find the best options for your business, and most importantly, how to talk with people.
As you get older, making decisions will not be as life-changing as it was earlier. When you are in your 20s, everything seems like a big deal, and they do really change the game for you. With respect to your flexibility, your stability will play a big role while you are making decisions for your business.
To wrap things up, here is a table and critical takeaways for each reason we mentioned that makes starting a business in your 30s a good idea.
|Why does it make sense?
|You have already made many mistakes.
You have learned from your mistakes.
You are wiser now.
|You have more savings.
You know what to do in this life.
You are less likely to be influenced by what others say.
|You know more people that can help you.
You know more people than you can consult with.
You know more people that can be your backup if you fail.
|You have more freedom to choose
Your life will not be dependent on the success of your business.
Your options are endless.
What is the importance of establishing your own business?
Is 40 too old to start a business idea?
What is the best age to start a business?
Originally posted on January 17, 2022 @ 12:27 pm