In the threshold of midlife, I have found myself staring at the crossroads of choosing to do what I want and opting to remain doing what I have been used to.
Most of us who have been employed most of our lives are always caught in this dilemma. We want to be independent, and pursue what we really cherish but are held back by the fear of being tossed in the sea of uncertainties. Our anxieties continue to loom as we entertain hindrances before they even occur.
Majority of the success stories I have heard on the business millionaires have stories of starting young and being at the right place at the right time. These somehow add to the uncertainties of those who just start thinking about moving on to a new career in business in midlife. Seemingly, there is less room for mistakes.
Well, that may be true. Having saved for most of one’s working life only to end up in a failing enterprise would not just break one’s heart. It would really be devastating.
So here are some tips I picked up from the experience: first, one has to make the decision to move to business long before one goes to business. Now, that does not necessarily mean you have to be in high school to resolve to put up your own company. You can begin in the age you have now and capitalize on your experience and contacts. Start even while employed. Employ people to work for you while you strategize while you are still connected with another business. That way you will be able to infuse capital without having to hurt your savings so much.
Choose a business that you really want. One that you really are interested in doing so that you won’t find it to be work; otherwise what is the use of setting up your own business if you become a slave to it and don’t have fun? It would be as if you never left your darn old dratted job in the first place.
Again, while you are still in your present employment, search for the latest trends in business. Observe people. Check their lifestyles. Look into how the young behave. You will note that their actions now will dictate the trends in the future. Just like us. We were raised to be responsible and self-sacrificing. We were taught to achieve and be unmindful of tasks. Our lifestyles conformed to our manner of thinking. Thus, we have pursued stressful endeavors that have given rise to health and wellness ventures. Truly addressing the needs of this generation!
Having decided what to pursue, tool yourself. Go to school. In special studies, one does not need to be conscious of age. You will find that learning when you are sure of what you want will be easier, more relevant and meaningful. You will also realize that your comprehension will be quicker since experience will facilitate more knowledge.
Learn the trade. Know every detail of the business you want to embark on and try it in a small scale. Some people who want to be sure, invest in a franchise. Though not all franchises are geared to success, the tried and tested techniques of this trade make its being placed in the mainstream easier. But not all of us have the capital required for the franchise. So starting one’s own business can be done by doing it small scale so the cost of development will not be so heavy.
Capital infusion can be taken from investments from friends and family. Provincial Director of the Department of Trade and Industry advises that when one is starting his business, one can first tap “savings, investments from friends and relatives as capital source. Borrowing should be the last in the list.” Loans will cause a big dent in the operations if it will be the main source of a start up business. This is because amortizations will be part of the regular expense for a while. Limiting the plowing in of capital from borrowings will also allow one more control on the spending.
Businesses that have taken the forefront today are those related with Information Technology, Health and Wellness and its ancillary services, Travel and Tourism, Creative Management, Graphic Design, Event Organizing, and Business Process Outsourcing. Of course the food business has remained a mainstay in the line of opportunities but it has also taken a turn towards defining its own niche in the industry.
As people become more discriminating, they open opportunities for more specific services that open more opportunities for those of us to perch, peck and pick. There is always an option. Choices never end for those who believe they have one. You can start your new beginnings, now.