1. Your experience
No entrepreneurial experience? No problem. What matters more is relevant experience in the field, and lessons that can only be learned from decades of work.
Just three years of work experience in the same industry as the business you’re looking to start makes you a staggering 85% more likely to launch a highly successful start-up compared to those with no experience (4). So if you ever found yourself thinking you could do it better, it might be wise to test that theory.
But that doesn’t mean you have to stick to what you know. Maybe now’s the time to explore a passion project or engage with your community? For that, your years of experience have equipped you with a better understanding of project management, timelines, working relationships, financials, and a healthy dose of realism that younger entrepreneurs may lack.
2. Your network
Whether your network comes from work or play, it’s a great thing to tap into when looking to start a new business. Looking for advice, experienced managers or promising customers? Look at the people you know. They might be planning their own Great Unretirement, and we’ve got insight into how you could leverage their experience as a business owner on our Business Insights Hub: How the Great Unretirement can close the skills gap.
3. Your funding options
Having had more years to accumulate wealth, older founders are more likely to fund some or all of their start-up venture themselves – or tap into their network for support. Removing the need to find external funding or apply for loans is an appealing advantage, and it could get your big idea up and running sooner. Booking a Financial Health Check with your Premier Manager could be a good place to start.
Fees, charges and eligibility criteria could apply to any products or services you decide to take up as a result of your Financial Health Check.