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  • I’m 57, & thinking about setting up another business….gulp !

    Invested life & soul for 16 years & ran a successful business selling packaging to industry from £0 start in 2002, but lost largest customer in an international tender in 2015, which at the time was 35% of turnover & 30% of net GP. That was death knell sounding, & eventually lost business in 2018, despite agreeing a deal with competitor to sell it to them, where they backed out night before sign over & business was acquired for a song as part of a pre-pack. Had no alternative but to work for them until today, given complex personal financial circumstances following our business demise. Serious psychological issues followed, which I’ve only recently recovered from. I’m bored sh#tless & HATE working for someone else, so now thinking about setting up again, despite my age. No money can be invested this time as my wife & I must plan for our retirement via property investments (thankfully we have chunk of equity in our house).

    I have the drive & determination still now, but clearly I’m also extremely cautious about risking our livelihood once more, given what happened 2 years ago. I may have found a backer so money sin;t the issue – its the risk. Thoughts ?

     

     

    Posted by paulsykes13
Viewing 6 reply threads
    • Reply by JaneDR

      Best to also ask yourself – how will I feel on my deathbed?  Will I regret not having taken this opportunity, no matter how scary?  It’s too late then to do anything about it!  (And if you’re interested in training to set up as an end of life plan facilitator, small business opportunity, let me know!

    • Reply by Cathy

      Well I set up my business 12 years ago aged 46 and it was the best thing I ever did. I stayed employed for the first couple of years and worked in my business alongside, until it grew enough for me to feel comfortable to give up being an employee. I always feel that as one door shuts another door opens, some clients that I worked for retired, or moved on but usually another one comes along shortly before or after. Having said that if my business did start to deflate, I would readily take up employment as needed. The last couple of years haven’t been quite as good as I would have liked, but I worked as Christmas temp for Royal Mail the last couple of years and really enjoyed it and the extra cash did come in handy. I got an email today from them saying they are starting now to recruit for Christmas but this year I should be ok. If you think you might regret not setting up a business again,  then maybe you should go ahead and take the chance. Only you can make that decision, it’s a good feeling working for yourself though, so much freedom and flexibility.

    • Reply by thomas.nicola

      Mmmm, interesting. I am assuming as you have a potential backer, they have also done their due diligence and your business plan is solid although of course, nothing is for sure.  If you went ahead, would you still be working for someone/accountable to someone else because they are backing you?  When you say you are worried about risking your livelihood, do you mean you are worried about leaving your job and giving up the salary you are currently on? You also mention you are bored, is there any chance you could set up the new business whilst still being employed, even initially to see how it goes?  Would you enjoy the business as much as you did before?  Could the serious psychological issues which followed come back, especially if you have only recently recovered from them?  Apologies, more questions than answers here!

    • Reply by sunny1_hb

      Two years ago when my job as a Personal Assistant was put “at risk”,  I became an entrepreneur business owner in an established global company in the health and wellness sector. Exactly a year later I was made redundant and I went full time with my health and wellness business. I’m growing my team, the company is expanding and looking for more people who have a vision and want more work/life balance and a better lifestyle! The setup cost is very small and it’s a proven business model recommending products people use everyday and nutritional products that have health benefits for all the family. Call me for details: 07881935811 #businessownership #smallbusinessowner #businessminded #smallbusinessgrowth #businessmindset #entrepreneurslife

    • Reply by gmarshall50

      Hi

      I understand we’re you are with your desire to get back to your own business I have the same mentality. I have had several business over 30 years and when I have not been involved with a business I get the itch to set up again even though it can be tough and stressful but I guess it’s in the blood. I am now 65 but still looking for something which would provide an income over the coming years,I’ve always look at matters from the point of view if you’ve got the desire, health and enough energy age is irrelevant so always go for it the business experience is an asset that not everyone has.Good luck.

       

       

       

    • Reply by Anonymous User

      I’m quite inspired by this, not least because I have left the safety of employment at 56 and am a complete newbie to running a business myself. I’m in a slightly different situation in that I’ve bought an old house in Ireland that needs a lot of work (completed the sale two weeks before lockdown) but used my pension to do so, so in one sense I have a property that’s mortgage free but can’t afford to retire! (and don’t find the prospect of retirement that appealing anyway, if I’m honest!). I’d be happy to share my journey and follow yours.

      All the best

      • Reply by Michele Eckford

        I’m interested to follow your journey too.   I’ve always learnt the most from reading about how others manage life.  And I feel being apart of a network of like minded people has strength.  My situation now being in my 60s is not knowing what to do with my skills & energy which I have a lot of.  Retiring also does not appeal to me.   So I’m ready to start & move on.  By the way whereabouts is your house in Ireland? I’m Irish, married to a lovely English gentleman.

    • Reply by lindacdone

      I think you should do it. If it is a similar line of work then presumably you can learn from the past. Stepping away from it has given you chance to reflect on it’s structure? Benefits etc? There is a fabulous ted talk on a guy that went into business at 67. Also a great story.

      Also make sure you have a support network in place. You might not need advice but it’s nice to know people who have particular skills to help.

      Do it!

       

       

       

Viewing 6 reply threads