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Starting a business in your 30's

Discussion in 'Business Advice for Start-ups' started by Redisthenewblack, Aug 24, 2015.

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    Redisthenewblack

    Redisthenewblack Freshman

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    Paul Norman

    Paul Norman Businessman

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    If you are worried about the risk of starting your own business, it is important that you grasp this simple fact.

    To succeed, there are a couple of possibilities. Like these. You might fail, and lose everything. Including your family. Or you might succeed but after putting in loads of effort your family might decide to go anyway. Or they might not. But you might work so hard it impacts on your health for ever.

    But these are risks. Personally, I wouldn't factor them into the decision to start a business at one age over another. If you are the kind of person who really makes it, you will understand this.

    1. Learn the stuff you need to know.
    2. Go for it.
    3. Work like it matters. Because it does.

    But if you are risk averse, here is the fact. More than half of new businesses dont really make it.

    I have enjoyed every minute of ignoring the risk and really going for it. Now, a long way down the track, I can employ people, take days off, and dish out words of alleged wisdom on here!
     
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    Duncan

    Duncan Moderator Staff Member Premium Member

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    What Paul said. There are trade offs to be made whatever your age. You have one life - live it for yourself not others but if you have people who are financial dependent upon you they need to be included in your plans. Unless you are one of the crazy ones like Steve Jobs in which case you dump them and don't look back.
     
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    mike_smith

    mike_smith Freshman

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    Start your business after studding your business market. Make your business plan and target and try to target your business related client. These all tips help you to grow your business.
     
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    thelegalstop

    thelegalstop Senior Lab Tech

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    Also, don't forget your legal stuff! It's better to sort out all your documents and licenses, than to be fined afterwards. I know there's much to be done when you're starting up, but keep in mind that legal work should be on the to-do list, too!
     
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    Maevla

    Maevla Administrator Staff Member

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    “A lot of people in that age bracket are more likely to be married with young kids, so there’s more financial strain and a greater chance they might be the only breadwinner in the family. In terms of risk, there’s a greater risk, and that’s why people who may be of an entrepreneurial mindset in their 30s do end up putting it off until their 50s, when they are more established.”

    I actually disagree with quite a few points in that article, one of which I've posted here. You only have to read on loads of mediums the success stories of businesses started by stay at home mums or dads, who are trying to make more money whilst not being in a position to go out to work, starting home businesses when the kids have gone to bed. Yes there might be risk, but I'd say no more than at any other age in terms of starting up.
     
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    Toni Rose

    Toni Rose Graduate

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    My partner is considering leaving his job as a technician, training as a driving instructor and becoming self employed which is something he has wanted to do for a while - he's considering starting out with one of the franchises he's not sure which yet still in the research stage then eventually owning his own driving school once he's built up a client base. Probably not exactly what the article is referring to but at the age of 34 he's nervous about the exact same thing because we have a 3 year old son and a mortgage to pay for. My view is when is there ever a good time if you put it off until your 50 how do you know then that it won't be too late? Stay smart with money and if its not working out don't let it eat away at everything you've got, you can always go back to full time work if need be it will either work or it won't but if you don't try you will always wonder what if!
     
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    UKBL-Admin

    UKBL-Admin Administrator Staff Member

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    I think there are both cons and pros of starting your business life at 30+. Obviously at this age you would be wiser and more prepared to do a good job, with less distractions.
    Yes there's more than one mouth to feed at this point probably, but I don't think there`s any lesser risks at the age of 20, and I think you're also more prone to success being more grown-up and hopefully mature.
     
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    Toni Rose

    Toni Rose Graduate

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    CygnusB

    CygnusB Graduate

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    You could write the pros and cons for any age I suppose depending on which way the wind is blowing.
    We are in our late fifties and only just starting out :)
     
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    Jim Bob

    Jim Bob Applicant

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    I'm 42 and only just starting out after working for others my whole life I thought to myself why am I only taking a percentage of something I can get paid for alone my age didn't even come into consideration if the time is right and you believe you can make a success of it then go for it better to have tried and failed than to have never tried it at all!
     
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    sarastones

    sarastones Freshman

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    The same could be said about 16 year olds being too young because they wont be taken seriously in business - Age is just a number - I know I don't want to be somebody full of regrets because I never took a risk!
     
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