Let’s get to the bottom of it once and for all – what is the best age to start business?
Starting a business at any age comes with its share of learning curves and difficulties – but also with a lot of fun and a sense of accomplishment!
However, as with anything we do in life, it can feel like there are a lot of myths surrounding starting your business, and this can prevent us from doing what we dream of doing. If we want to start a business in our 20s, we might be told by those around us that we are too young, that we don’t have enough life experience, education or money to start our own business. On the other hand, if we were to start one in our 40s, we might be told that it’s too late and that we should stick to our 9-5 instead.
Continue reading for some insights on what’s like to start a business in your 20s, 30s and 40+!
Starting a business in your 20s
Some of the top stories we hear about women entrepreneurs these days are of women in their 20s becoming successful entrepreneurs – and rightly so!
What was once much harder for young women to achieve has become so much more accessible in the wake of social media.
Social media makes it more achievable to not only start a business but to gain free traction through the likes of Instagram and Facebook.
The use of social media also means that entrepreneurs in their 20s have a better knowledge of current trends, as well as a lot of excitement towards starting a business because of the thriving online communities that currently exist.
Things to consider when starting a biz in your 20s:
Of course, starting a business at a young age is exciting and energising, but it is helpful to consider that in your 20s you will naturally have less life experience than those starting businesses in higher age brackets.
As a way of combatting this, Forbes recommends that young women take some time to gain an understanding of the basics of running a business, like accounting and operational strategy as well as financial literacy.
To do this, you could take some courses, do an internship, build some work experience, all to set you up for success as an entrepreneur!
Starting a business in your 30s
Your 30s is a wonderful time to begin your own business. Of course, you are still young, but this time with a little more life experience. On top of this, you have (hopefully!) had some time to gain a little more financial literacy and experience in managing your own finances!
A this age, many women have the experience of what it is like to work within an office environment, and this may be a trigger to seek change (I know this was what made me made the switch from employee to self-employed!)
Many women also start considering the idea of starting a business during this time as they are looking for life-work balance around family commitments.
When you have small children at home, it is awesome to have the flexibility to arrange your working day around your mummy duties.
I have written an article about what it is like to balance motherhood and being a business owner – you should check it out if you want to hear about my personal experience!
And on top of all of these, in your 30s you are likely to have professional experience that you can use to start a biz of your own. These days it is easier than ever before to make money by selling the skills that you already have.
For all of these reasons, any entrepreneurial publications recommend that your 30s are one of the best times in your life to start your own business!
Things to consider the starting a biz in your 30s:
One of the key things to consider in your 30s is what your other plans are for the next few years of your life. Do you want to buy a home? Or do you already have a mortgage to pay? Do you have children? Or do you want some more? These things are important to think about as they will impact how and when you start your business.
Also, be mindful that starting an online business requires a lot of time! If you are juggling motherhood and a full-time job, it can be challenging to find the time to start a business. This doesn’t mean that it can be done!
I grew my business with a newborn at home and I continue to do it with two little boys at home – it just requires you to be organised and perseverant.
You may want to read this article: How to Find the Time to Start a Business
Starting a business at 40+
Starting a business at the age of 40 or older is something that we certainly hear less about than other age groups – but that doesn’t mean that you shouldn’t do it! In fact, it is definitely something that you should do.
Over the age of 40, you are far more likely to be financially stable, having worked for a longer period of time, as well as having gained a lot more life experience and hands-on skills to help you start your business.
At this age you may also find that your children are out at school for most of the day, and you have the time to invest in building your business.
Things to consider when starting a business in your 40s:
As discussed in Forbes, in your 40s you may benefit from having more money available to your due to the fact that you have worked for longer, and this can be hugely beneficial to the beginning of your business journey.
If it’s been a while since you’ve been in the workforce, you may want to do a course to refresh your knowledge or to learn some skills that will help you hit the ground running with your new biz.