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New Business Trends  Health & Beauty
Retired or Retrenched? Starting a Small Business after Age 40 is possible
It’s a fact that people over 40 struggle to find employment when they have been retrenched or gone on early retirement only to realize that they need to, or want to, work for several more years.
Entrepreneur and businessman, Warwick Smith-Chandler in his article, Survive and Thrive in 2009, says, “Many people in their 40s, 50s and 60s want to try their hand at entrepreneurship, but hope to work at something they enjoy. Not only do they bring a vast array of experience and backgrounds to their ventures, but they usually have a mature approach, are more likely to care about their employees, and to treat customers with care and respect that fosters repeat business.”
Many industrious people have certainly not thrown in the towel, but rather turned their hobbies into money spinner s and started home industries.
Jannie Rossouw, Senior Business Manager, Sanlam Cobalt, offers mature business-starters this advice.
People wanting to go into business should consider the emotional strain associated with being solely responsible for creating their own income every month. When you are an employee, you do what is expected of you and then your employer pays you at the end of the month. Running your own business means income is not guaranteed.
With modern medical science and healthier lifestyles people tend to live longer - if a person contributed to a pension or retirement fund for say 30 years, it might not provide for sufficient cash flow 15 to 20 years plus after retirement. If such a person then also applies a part of that provision to go into business and the business does not make it - then they might land up to being short on funds in their golden years.
• If going into business is what a person wants to do, then it is advisable to choose a business/industry where you have prior experience or a keen interest.
• Do your homework before starting or buying into a business. What is the real value of the business? What are the current contractual obligations of the business? What are the industry associated trends? Do the calculations - get the expert help of an accountant or business broker.
• It is always wise to be frugal ie. choose to live a life of moderation - it is not necessary to buy an new car or house the moment you go into business. Do not adjust your lifestyle before you have made the money.
This article has been archived under Health and Lifestyle for your research purposes
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section specialist
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Jaqueline Martinez
Jaqueline studied Public Relations and Journalism at CPUT between 2001 and 2003. She completed Information Systems and Communication Science 101 at Unisa. She teethed on business journalism as a communication specialist with Old Mutual for several years. Jaqueline travelled to Asia and the US teaching English before returning to South Africa and finding her niche as an online editor and features writer with BizAssist Technologies and SA Guide to Business Opportunities. |
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