Turning 40 is around that time of life that many of us feel the call of a midlife career change. Many of us might start harbouring business ambitions, as we seek to make change and create a lasting legacy.
And no matter how established you are, it’s never too late to start again and find something more fulfilling.
If you have a passion for a particular field and a specialist skillset, starting your own business could just be the venture you need to give you that much-needed new lease of life.
There are many perks to owning your own business. It’s a chance to determine your own hours, be your own boss and do something that you love.
But it’s a hugely challenging venture too. So if you’re not sure where to start to pursue your entrepreneurial business ambitions after 40, check out these five tips for success!
1. Go with what you know
You don’t have to be an expert from day one – starting a business is a learning curve
But whether it’s a lifelong talent that you’ve always wanted to turn into a trade, or a field you’ve already worked in and want to go independent with, it should be something you’re passionate enough about to make it your full-time job.
2. Start small
It’s tempting to start tackling big projects right away.
But they say that slow and steady wins the race, and in business, it’s best to go at a pace that is realistic and sustainable.
This may mean that you don’t give up your current job straight away – if it’s feasible, look into maintaining your business part-time alongside your existing role. Even if you cut your hours, having the guarantee of a stable income will make the challenges of setting up your business easier to handle. You may decide that you want to return to learning. Why not explore a Training Provider – Apprenticeships & Courses – to see how this could help take you in a new direction.
3. Explore support
You’ll find that a lot of small business support can come from a range of unexpected sources.
And whether you need help with funds and finance or other practical advice, your local chamber of commerce will have links to networks that can support your business.
Alternatively, explore external opportunities to inspire growth and support the launch of your business. For instance, if you’re looking to get your name online with an SEO campaign, consider consulting with an agency such as Leeds-based Maratopia Digital Marketing for guidance.
Whatever you’re planning on tackling as a business, don’t feel obliged to take it on alone.
4. Find a mentor
No matter how experienced you are in your field, there’s always more to learn – particularly if you’re striking out on your own.
And opportunities such as networking events can help you find friends in your industries to mentor and support you on your entrepreneurial journey.
Certain industries such as the CIPD (the professional body for HR professionals) run member-to-member mentorship schemes which can provide you with a fantastic support network.
5. Set goals
Setting goals is great practice in any venture.
Whether it’s a set number of sales per month or an income target, it’s always healthy to have something to aim towards.
These are just five tips for starting a business after 40. Wherever you are in your career, and whatever your business ambitions, we hope these tips help you build a fulfilling future. Tell us about your future goals by leaving a comment below or connecting with us over on Instagram.