“Creating a business at an older age is often hindered by anxiety about competition with young people – after all, this generation has perfectly mastered modern technologies and often learns more foreign languages. However, at an older age, in many cases, there are fewer financial obligations and more time to create a business, so basically only lack of self-confidence gets in the way.
It is important not to underestimate yourself and to understand that the accumulated experience – work and life – is a very big advantage when creating your own business. Well, if you don’t know or don’t understand something, maybe the children could help. Also, after deciding to create a business, it is extremely important to properly prepare – carefully assess financial needs or create a clear business strategy. Good preparation can reduce risks and increase the chances of business success”, says D. Kačanauskaitė.
Create a clear vision and strategy
When starting a business, you must first clearly understand what its direction will be. Therefore, it is extremely important to think carefully about growth strategies, what will be the business model and the target market. D. Kačanauskaitė recommends creating a business plan that will serve as a guideline for the entire business development process.
“When planning the start-up and development of a business, be sure to evaluate what advantages your business has over competitors, and also think about how you will reach your target audience and what suppliers you will need and where to find them. It is recommended to have several suppliers to avoid dependence on one partner,” the financial expert asserts.
Prepare yourself financially
One of the most important steps in creating a new business is to properly prepare financially. Review your expenses and see where you could be more frugal. According to D. Kačanauskaitė, when starting a business, it is necessary to have savings equal to six months’ expenses – this will help you feel more secure.
“When looking for the necessary finances, it is extremely important not to use the funds accumulated in your pension funds. Although this may appear to be a tempting opportunity, it is extremely risky, as you may not be able to re-accumulate the necessary funds for a dignified old age,” advises D. Kačanauskaitė.
Instead, the financial expert recommends considering the possibility of obtaining a small business loan, financing from the state or investors – partners who can contribute financially. For this purpose, you can contact the company “Versli Lietuva”.
Have a backup
The idea of owning your own business at an older age is often followed by fear and doubts as to whether the created business idea will work. In this case, it is advisable to try to take it at the same time as you do your daily work. “Of course, before you start, make sure that your business idea will not compete with the company you currently work for and thus create a conflict of interest.” However, testing your idea as an additional activity is extremely useful – you will be able to assess the market’s interest in your product or service, try your hand at creating a business, and if you fail, you will still have a stable income from your main activity”, asserts D. Kačanauskaitė.
In addition, the business you are creating does not have to be big – you can simply start doing something that gives you pleasure and gradually develop it into a more commercial one, if the financial situation allows.
Learn new skills
Building and running a business involves multiple responsibilities – you also have to deal with marketing, project management, staff coordination, financial tasks, and more. Therefore, it is extremely important to acquire new skills even before starting the activity.
“Technology and digital platforms are essential business tools of today. Therefore, it is extremely important to improve your knowledge in these areas. Be sure to talk to other small business owners, attend seminars and events, and consider getting involved in business organizations. Even if you don’t become an entrepreneur, this way you will gain new knowledge, meet interesting people, and spend your time meaningfully and meaningfully,” says the head of Luminor bank’s Small Business Development Department.
Make use of the acquaintances and connections you have
An older businessman has an invaluable advantage – his experience and acquaintances. It is the people you meet during your career that can help build the foundations of a successful business.
“Over the course of a long career, I often have to change more than one workplace, meet hundreds of people there and create relationships with them. Therefore, when you start your business, don’t avoid turning to these people who could give you advice and help you make contacts with the necessary financiers, suppliers or professionals in other fields”, says D. Kačanauskaitė.
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**Interview with Financial Expert D. Kačanauskaitė on Starting a Business Later in Life**
**Interviewer:** Welcome, D. Kačanauskaitė! It’s great to have you here to discuss the intriguing notion that people over 40 are more likely to launch successful startups. What do you think contributes to this advantage?
**D. Kačanauskaitė:** Thank you for having me! I believe personal experience plays a huge role. Older entrepreneurs often have fewer financial obligations compared to their younger counterparts, allowing them the freedom to explore their business ideas. Moreover, their accumulated life and work experience can provide invaluable insights and problem-solving capabilities that younger founders might lack.
**Interviewer:** That’s a great point! However, you also mentioned that self-doubt can hinder potential entrepreneurs from taking that leap. How can they overcome this barrier?
**D. Kačanauskaitė:** Indeed, self-confidence is crucial. It’s essential for older entrepreneurs to recognize their strengths and the wealth of experience they bring to the table. I often advise them to seek support from family, like their children, who might help with technology or market trends. Preparation is key; having a well-thought-out business plan can significantly boost their confidence.
**Interviewer:** Speaking of preparation, what specific steps should older entrepreneurs take when planning to start a business?
**D. Kačanauskaitė:** Firstly, they need to create a clear business strategy, deciding on the direction, growth strategies, and target market. A solid business plan acts as a roadmap. Additionally, I encourage them to review their finances meticulously. They should plan to have savings that cover at least six months of expenses, to cushion the transition into business ownership.
**Interviewer:** That’s wise advice! And what about financing the startup? What do you recommend?
**D. Kačanauskaitė:** It’s crucial not to tap into retirement savings, as tempting as it may be. Instead, I suggest exploring small business loans, state financing, or attracting investors who can contribute. Organizations like “Versli Lietuva” can provide resources and guidance for this.
**Interviewer:** Before we wrap up, do you have any tips for those who might be hesitant to dive into a new business venture?
**D. Kačanauskaitė:** Absolutely! I recommend that they start small, possibly while still employed. This way, they can test their business idea without the pressure of immediate financial survival. Additionally, they should continuously learn new skills—especially in technology and digital marketing—for a competitive edge.
**Interviewer:** Thank you, D. Kačanauskaitė, for sharing these valuable insights! Your expertise certainly illuminates the path for many potential entrepreneurs waiting to start their business journeys later in life.
**D. Kačanauskaitė:** It was my pleasure! I believe it’s never too late to pursue your dreams and create a successful business.
