In a world where everyone wants to capture a sizeable market, the attention always goes to young people. If you study the demographic charts, one thing that stands out is that your business will have the largest audience if you target people under 16. The question, however, is who will serve the middle-aged and the seniors?
Coming out of personal clarity sessions, I realise that this is a group I naturally serve. They can value wisdom because they have experience. They can connect the dots faster because they have gone on journeys. They are also not as small as you think because every young person will be in that market one day. So, I make bold to say today that if you are 40 all the way to 90, and you want fully cooked angles and insights, my knowledge restaurant will be serving. Middle-aged and senior citizens are welcome here.
Today’s conversation is about hacks to starting and building a business despite your age.
Starting and building a business can be challenging for anyone, but it can be particularly daunting for people trying to start out between the ages of 40 and 80 who may be facing retirement or have limited experience in entrepreneurship. Here are some strategies that can help middle-aged citizens start and build a business successfully:
1. Identify a need or niche: Middle-aged to Seniors can leverage their life experience and knowledge to identify a gap in the market that they can fill. For example, they could create a service that caters to other seniors, such as home health care, immunity building and ageing lowing herbal solutions or senior-friendly technology solutions.
2. Utilize resources: In many developed countries where they value middle-aged and senior citizens, there are many resources available to seniors looking to start a business, such as government grants, business incubators, and senior entrepreneurship programs. These programs can provide funding, training, and support to help seniors and middle-aged citizens get their businesses off the ground. Here in Nigeria, however, the major resources that middle-aged to senior citizens have are their children and, by extension, their families. Above 40 to 80 years old, you must learn to ask for help and enjoy some leverage from your children and communities.
3. Embrace technology: Technology can be a valuable tool for middle-aged people looking to start a business. With the increasing availability of online platforms, seniors can create a virtual storefront, reach a wider audience, and manage their business remotely. There is no skimping on technology.
4. Leverage networks: Seniors and the middle-aged can use their existing networks, such as their community, former colleagues and classmates or social groups, to promote their business and gain support. They can also reach out to other entrepreneurs and business owners for advice and mentorship.
5. Plan for the future: This is something everyone should do, but it comes easier to the middle-aged. The middle-aged and seniors should consider the long-term sustainability of their business and plan for succession or exit strategies. This can involve identifying potential successors, creating a transition plan, and considering the financial implications of their business in retirement.
6. Prioritize health and wellness: Starting and running a business can be stressful, so seniors should prioritize their health and wellness. This can involve maintaining an active lifestyle, taking breaks, and seeking support from family and friends. This could also affect the choice of business seniors do, as it’s better to deal in products that serve a dual purpose. Help you be healthy and also help you create value.
Starting a business can be a rewarding experience for middle-aged and senior citizens who are looking to pursue a passion, generate income, make new friends or create a legacy. By utilising these strategies, seniors can increase their chances of success and build a sustainable business that can benefit themselves and their community.