I asked myself this question for years before doing it.
If it keeps popping up for you, there's probably a good reason. Perhaps you feel cosy, but unfulfilled in your comfort zone, and just want better. That's a great start.
Running a business - one that you enjoy, are good at, and that (enough) people want to pay for, can be life-changing. According to a study of 5000 workers, self-employed people are happier and more engaged in their work than those in any other profession. It's unsurprising, really, when you consider the benefits it can bring.
You can find yourself with:
- - More free time
- - More agency in your life
- - A sense of fulfilment and achievement
- - Meaningful work with your kind of people
- - More control over how and when (and where!) you work
- - More opportunities
- - Less stress
- - New challenges
… and if your business can be mobile, such as delivering your services in person (as, say, a tradesperson or therapist might do) or remotely, (eg., delivering your service online), it can also open up opportunities for some travelling!
So maybe the question is when, not why, you should set up your own business.
You're never too old to start your own business
Age shouldn't matter at all, but I know it was a consideration for me. Years of taking the path most trampled by swathes of other risk-averse people made me wonder if I had the chutzpah to run my own business. But after some thought, young or older - both have distinct advantages to take into account.
The ‘younger’ start-up (eg., Gen Z, Gen Y)
You might have more energy and be less risk-averse - the joys of youth!
You are more likely to be adept with platforms and apps that could make your job much easier
Support and connections may be easier to come by; everybody - particularly grant funders - loves a fresh, young startup.
You might not yet have many lifestyle commitments, such as family, a mortgage or crippling credit card bills.
Millenials and younger adults are more likely than older counterparts to have a degree, (39%) providing solid credentials to add to their experience
The ‘mature’ startup (eg., Gen X, Boomers)
You will have been around the block enough to know your way around and probably have a good idea of who you are. Or at least more than you did in your twenties, perhaps.
You have likely built up a good circle of friends or contacts who might be able to lend a hand over the years. Or
You may be a little less ‘gung ho’ than your fearless younger self, making you more risk-aware and better at spotting trouble (problem clients, bad deals, etc)
On the other hand, you might have reached a point in life where you don't give two hoots about the small stuff, and are actually quite dangerous ...
Your dependants might well have flown the nest or be at an age that you have time and energy to devote to starting a new business.
For the 59% of Baby Boomers out of work, self-employment (particularly consultancy) can be a viable way of pulling together decades of real-life experience that others don’t have.
Disclaimer:
But let’s not be too Pollyanna about it. According to Fundsquire, a global start-up funding network, 20% of small businesses fail in their first year, and around 60% of small businesses fail within the first three years.
If this were a racehorse, you probably wouldn’t fancy those odds, but survival isn’t as random as we might think.
Preparation, research, consistency and a viable, well-positioned business idea can all help. If you’re up for some hard graft, you’ve done your homework and you have a forward plan, you might well raise those odds.
Also, you might well that the reality of working for yourself is far from what you imagined. You may end up busier than you ever were in a job for the same or less pay, or you may be twiddling your thumbs as clients head to your more seasoned competitors. You might even find yourself, a few years down the line, wishing for a job with pay that you didn’t have to fight for each month. Maybe you find it’s just not for you.
But then, it just might be. Starting your own business might even the best thing you ever did.
That’s the beauty - and terror - of standing at the cliff edge of a startup.
Easy does it ...
At this juncture, however, it's important to know that it may not have to be a jump/don’t jump situation. With a little planning, you might be able to manage your transition gradually - rather than careering off that cliff and hoping that you work out how to fly before you hit the ground.
Depending on your type of employment and the understanding of your superiors, it may be possible to work a reduced working week; failing that, you might still be able to build your business during non-working hours. This means that you still have the security of a salary whilst you work. Business ideas that are fully online, such as e-commerce, consultancy, graphic design or content writing, are among the easiest to build and grow in your own time.
Whatever your reservations about starting your own business, it deserves to be given a fighting chance. Make sure your seedling of an idea gets what it needs to develop: weigh up the practical elements in an impartial way; do your homework around your available market. It's essential, too, that you explore your own desire for personal fulfilment; it helps to love what you do, when things get tricky. (See my pathway post on 'Finding your Ikigai in Business').
So, if the idea of setting up your own business just isn't going away, make a start; your comfort zone might be all that stands between wanting 'better' ...and achieving it.
