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I've just closed a business due to the partnership not working out. I had some other issues which led me to decide not to continue the business on my own.
However, in 3-4 years I hopefully will have all debt including my mortgage cleared. I will be 42 or 43. Is that too old to start a business?
Nope. Colonel Saunders launched KFC when he was either 64 ot 67...
MTFU! If you have a valid plan it is never too late!
No but you might want to consider the risks a bit more. Assuming capital is required do you want to risk what you have, house etc and potentially have to work into retirement to pay any losses back?
Depressing thought I know but most businesses don't succeed 🙁
Never too old to start a business.
🙂
Age is not an issue - risking your mortgage free house may be. So it depends on your business plan, not your birthdate.
As above its never too late to start, but do not get sucked in to using your own cash, or using own home etc as security.
Good luck!
Not really I started up alone when I was 42.
Nearly lost my house and did loose all my money last year though.
If you can cope with the chance of that sort of thing happening then fine.
My business plan was still good (got hit by profesional shisters)so I traded out of the problem.
I did go limited this year though.
Yes, this is important that you go limited. Speak to a decent accountant and you'll see why (if you don't know already).
If you expect to make a loss initially and you have any other source of income then you are best off not being limited initially as you won't have the benefit of combined tax liability - I lost around 5 grand that way... Of course you're never to old to start if you have a good idea and a sound business plan.
I just started one with my wife, she been self employed all her life, i'm 40 now and it feels ace.
Probably the best time for me to have a go.
Got no mortgage or rent now either 😀
Think the bases have been covered - go Ltd, but remember as a Director you have legal responsibilities and liabilities - a good accountant will cover them off for you.
See if you can tap into some funding, depending where you are based there may be some start up support (pay accountancy/legal fees, bit of help with planning etc - but don't get sucked into the grant trap, it will eat your life)
If you can run cash positive rather than on loans and overdrafts it will be better, especially as interest rates are only going to go back up.
You have one great advantage over youthful entrepreneurs and that is experience.
Good Luck.
[i]but don't get sucked into the grant trap, it will eat your life)[/i]
Totally agree - if you can manage without a grant then do so - you end up working for the grant not the business!
Also depends what line you're in. I'm looking at forest consultancy - bags of experience and 'relatively' low risk. But wouldn't consider Aboriculture/tree surgery as I'm too old (42) Frankly having taken the first steps away from a cushy job I'd consider anything as long as it made cash and was (relatively) ethical!
I had my own business which closed in April. I am a solicitor.
I was in partnership and basically I began to feel very uncomfortable with my partner for a number of reasons (vague sources of funding, no personal client base, family had poor reputation locally). Sadly, the business model itself was showing signs it could work.
I decided to pull the plug before I had to secure any borrowings against my family home. I lost all my savings though.
I would like to get to a position where I had no personal overheads before starting again. My wife has a good job and we can run our home on her salary. I would put about 6 months running costs into the business and borrow a bit after that if the model looked like it was working.
I would definitely have a different bank manager and accountant though. They clearly had no idea about turnover times for work in a solicitor's practice in my opinion.