Some Business Startup Things You Maybe Worried About
Women over 50 who want to start an online business may have various fears and concerns that can hold them back from pursuing their entrepreneurial dreams. Some common fears among midlife women and women over 50 when starting an online business include:
1. Technology Overwhelm: Many women over 50 may not be as familiar with the latest technologies and digital tools required to run an online business. The fear of technology overwhelm can be daunting, making them hesitant to take the first steps.
Solution: Technology has advanced to the point now that if you can type a Word document, upload, download, copy and paste, etc., you’ll be fine. And, if they’re doing it right, business coaches should be willing and able to walk you through whatever technology they are suggesting you use as you start and grow your business.
2. Financial Insecurity: Starting a business requires investment, and women over 50 may worry about financial risks and the potential impact on their retirement savings or financial security.
Solution: Use the money you have on-hand and access to right now. If you’re still working full-time, use your paycheck as your business startup financier! If you have to cut back on some luxuries (daily latte, weekly mani- or pedicure, lunch out with coworkers every day - you get the picture). Within reason, dig into your savings, use credit cards. This is all referred to as “bootstrapping.”
3. Age-Related Bias: Ageism can be a concern for women over 50, especially in the digital and entrepreneurial world, where there is a perception that younger entrepreneurs have an advantage. However, this perception isn’t real. More women over 50 are starting online businesses than you can imagine. So this particular worrisome creature is pretty much in your head.
Solution: Know that, without a doubt, your experience and longevity is your super power.
4. Lack of Support: Women over 50 may fear a lack of support from family, friends, or peers who may not understand or encourage their decision to start an online business at this stage in life.
Solution: If you’re true to yourself, at this point in your life, you already know who you can depend on, who you can trust and who’s got your back. BUT, sometimes, we can get blindsided and the person or people we thought we could depend on flake out on us. If this happens, you must stand in your own power and do the damn thing!
5. Time Management: Balancing the demands of starting a business with other responsibilities, such as family, work, or caregiving, can be challenging. This fear of managing time effectively may deter them from taking the leap.
Solution: Create a plan in advance of how you will incorporate your business startup into your life, alongside your necessary responsibilities. I emphasis the word “necessary” because some responsibilities aren’t ours but we allow them to be thrust upon us! Some responsibilities you must eliminate or delegate.
6. Imposter Syndrome: Some women over 50 may struggle with imposter syndrome, feeling unworthy or doubting their abilities to run a successful online business despite their skills and expertise.
Solution: Look at the solution for #3 above. It’s the same solution you’ll incorporate here.
It's essential to acknowledge and address these fears and concerns. Encouragement, education, and support can empower midlife women and women over 50 to overcome these obstacles and pursue their entrepreneurial aspirations with confidence and enthusiasm. A business coach such as myself can provide resources, mentorship, and a supportive community which can be instrumental in helping you navigate the journey of starting an online business successfully!
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