- Too Old to Start a Business?
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?Posted 8 years agooldgitMember
Not really I started up alone when I was 42.Posted 8 years ago
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.SamMember
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.Posted 8 years agorogerthecatMember
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.Posted 8 years ago
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.
but don’t get sucked into the grant trap, it will eat your life)
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!Posted 8 years agoshootermanMember
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.Posted 8 years ago
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