10 Epic Reasons You Should Start a Business in Your 40s

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One evening a close friend and I were enjoying margaritas. We talked about how at midlife, we feel like we’re not doing what we’re truly meant to do. We
still have a lot left to contribute to society. My friend has a couple of decades of experience building successful business partnerships and I have about the same amount of experience developing compelling content and marketing
programs.

Then a light bulb went off. We wondered if other women in their
late 40s, early 50s, felt the same way. After talking with a lot of our
colleagues and friends, they also agreed they feel like there’s something
else they should be doing.

And I’m proud to say that at 50-something, we’ve launched our baby, Bon
Faire. We help women over 40 use the skills they’ve accumulated either at a job or raising a family to take the leap into something new: taking an idea or passion and turning it into a business with the intent of doing good for society.

Some of our family and friends think we’re crazy. Why the heck would we
want to do start a business at our age? It’s hard work. There’s no guarantee.
What if we fail? We’re doing it for all those reasons because we’re not done…
we’re just getting started. We have valuable insights and wisdom to share,
and there are a lot of women who need our help. There’s no better time to start a business in your 40s or 50s…especially with the state of the world the way it is today.

What if every woman at this stage of life tapped into her power to do good? What if these ladies used their skills, experience, and know-how to launch a business with a social purpose in mind? Wouldn’t that be exactly what the world needs now?

If you’ve had an idea that’s been vying for your attention, here are 10 reasons why you should take action and start a business in your 40s or 50s:

1. You Have Life Experience

The mere fact that you’ve been on this planet for 40+ years means you’ve
experienced a lot in life. Just because you aren’t a billionaire or
have an alphabet soup of credentials following your name doesn’t
mean that you don’t have something of value to share with the world.
Because you do.

2. You’ve Already Done Hard Things

Whether you’ve been at a job for the past 25+ years or you’ve been
raising a family, you’ve learned how to navigate through the pitfalls
and trials that life throws your way. It’s a challenge to start a business in your 40s or 50s but we’re pretty sure you’ve made it through some tough times in your life.
This kind of character and tenacity is exactly what you need to make a
company work.

3. You Know a Lot of People

If you sat down and wrote a list of all the people you know, you’d be shocked at how long that list would be. These people are your network, which will be critical for you to leverage as you get started. Don’t be afraid to tap into this network because somewhere down the line, you’ll be able to help them too. Business is successful when people help each other.

4. You Know What You Want—and What You Don’t 

A key to success in business is clarity and focus. When you’re tuned into what you want, and what you don’t, you won’t be spreading yourself too thin by saying “yes” to everything you think will help you reach your goals. You’ll know what is right for you because you’ve “been there, done that” and likely don’t want to go through it again.

5. You’ve Failed Before

By the time you’ve reached your late 40s, you’ve made some mistakes. You’ve learned some hard-won lessons. And you also know you can’t stop. The willingness to try and fail is a critical characteristic you’ll need as an entrepreneur, but you’ve got that covered because you’ve been doing it your whole life.

6. You’ve Got More Money Now

To start a business in your 40s or 50s, you’ll need some capital. Luckily, you won’t need much if you start an online venture. You’re in a better place financially now since you’re likely not juggling the cost of starting a company with other major life investments like repaying student loans, buying a home or raising kids, though you may have some in college.

7. You Don’t Care What Other People Think 

This is probably the most liberating part of midlife: you don’t give a rat’s patootie what other people think of you. This freedom gives you the courage to take your passion and turn it into profit…even if that passion is painting ceramic frogs. When you were younger, you’d worry about what your parents or friends would say but now you simply don’t care, you’re ready to take the leap.

8. You Know How to Take Responsibility

You may have had to care for children, a friend, family members, or yourself. You know what you have to do to pay the bills so you’re not averse to doing whatever it takes to get the job done. Taking responsibility and ownership will be an important skill you’ll need to ensure success.

9. Your Options Are Limitless 

Because of your network, knowledge, experience, and skills, you can start any kind of business you want. This is more challenging when you’re younger because you haven’t earned a lot of money, developed a set up transferable skills, or experience. At this stage of your life, you have more options on the path to entrepreneurship. You can start from where you are now and move forward freely.

Related Reading: 5 Innovative Franchises Under 100K

10. Your Time is Limited 

This is a good thing, especially if you procrastinate or are easily distracted by that shiny new object. You no longer have the luxury of the “someday syndrome.” Your time on this Earth is more limited than it was 20 years ago. You have an idea, a passion, a purpose and it’s just waiting to happen. All you need to do is take that first step.

Maybe we’re crazy. But we think you’re crazy if you allow society to tell you what midlife should look like, and if you believe that since you’re over a certain age you’re just supposed to sit back and fade away. You’ve got skills and value to contribute. And there’s still work to be done. Now, let’s get to it! Visit Bon Faire and take our quiz to see what kind of Bon Faire woman you are.

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Have you ever dreamed of becoming an entrepreneur? It's never too late.  Here are 10 epic reasons you should start a business in your 40s or in your 50s.  This list will inspire and motivate you to start planning your dream business now! #entrepreneur #midlife
Dana Leipold is Co-Founder and Chief of Creative Ideas at Bon Faire LLC, an online resource for women over 40 designed to help them step into their power for doing good. She has over two decades of writing experience as well as developing effective content for business technology companies. She has won awards for her work and has self-published four books. Dana is passionate about helping women live purposeful and fun lives, loves anything French (especially pastries), and is always up for a challenge.

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