http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business en-US Wed, 17 Mar 2010 22:06:48 +0000 http://bbpress.org/?v=1.0.2 q http://www.singletrackworld.com/forum/search.php http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-495659 Fri, 03 Jul 2009 12:35:54 +0000 shooterman 495659@http://www.singletrackworld.com/forum/ <p>I had my own business which closed in April. I am a solicitor.</p> <p>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.</p> <p>I decided to pull the plug before I had to secure any borrowings against my family home. I lost all my savings though.</p> <p>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.</p> <p>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. </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-495281 Fri, 03 Jul 2009 11:01:12 +0000 tankslapper 495281@http://www.singletrackworld.com/forum/ <p><em>but don't get sucked into the grant trap, it will eat your life)</em></p> <p>Totally agree - if you can manage without a grant then do so - you end up working for the grant not the business!</p> <p>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! </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494965 Fri, 03 Jul 2009 09:49:10 +0000 rogerthecat 494965@http://www.singletrackworld.com/forum/ <p>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.<br /> 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)<br /> 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.<br /> You have one great advantage over youthful entrepreneurs and that is experience.<br /> Good Luck. </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494857 Fri, 03 Jul 2009 09:17:55 +0000 flip 494857@http://www.singletrackworld.com/forum/ <p>I just started one with my wife, she been self employed all her life, i'm 40 now and it feels ace.</p> <p>Probably the best time for me to have a go.</p> <p>Got no mortgage or rent now either <img src="http://www.singletrackworld.com/forum/my-plugins/bb-smilies/default/icon_biggrin.gif" title=":D" class="bb_smilies" alt=""/> </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494730 Fri, 03 Jul 2009 08:27:55 +0000 Sam 494730@http://www.singletrackworld.com/forum/ <p>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. </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494705 Fri, 03 Jul 2009 08:20:16 +0000 Hairychested 494705@http://www.singletrackworld.com/forum/ <p>Yes, this is important that you go limited. Speak to a decent accountant and you'll see why (if you don't know already). </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494562 Fri, 03 Jul 2009 07:14:01 +0000 oldgit 494562@http://www.singletrackworld.com/forum/ <p>Not really I started up alone when I was 42.<br /> Nearly lost my house and did loose all my money last year though.<br /> If you can cope with the chance of that sort of thing happening then fine.<br /> My business plan was still good (got hit by profesional shisters)so I traded out of the problem.<br /> I did go limited this year though. </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494548 Fri, 03 Jul 2009 06:58:01 +0000 Hairychested 494548@http://www.singletrackworld.com/forum/ <p>Good luck! </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494543 Fri, 03 Jul 2009 06:55:04 +0000 FunkyDunc 494543@http://www.singletrackworld.com/forum/ <p>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. </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494519 Fri, 03 Jul 2009 06:31:14 +0000 Trimix 494519@http://www.singletrackworld.com/forum/ <p>Age is not an issue - risking your mortgage free house may be. So it depends on your business plan, not your birthdate. </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494440 Thu, 02 Jul 2009 23:31:12 +0000 chewkw 494440@http://www.singletrackworld.com/forum/ <p>Never too old to start a business. </p> <p> <img src="http://www.singletrackworld.com/forum/my-plugins/bb-smilies/default/icon_smile.gif" title=":-)" class="bb_smilies" alt=""/> </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494409 Thu, 02 Jul 2009 23:06:09 +0000 ridethelakes 494409@http://www.singletrackworld.com/forum/ <p>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?</p> <p>Depressing thought I know but most businesses don't succeed <img src="http://www.singletrackworld.com/forum/my-plugins/bb-smilies/default/icon_sad.gif" title=":(" class="bb_smilies" alt=""/> </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494407 Thu, 02 Jul 2009 23:04:47 +0000 Trampus 494407@http://www.singletrackworld.com/forum/ <p>MTFU! If you have a valid plan it is never too late! </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494372 Thu, 02 Jul 2009 22:39:03 +0000 morelikeme 494372@http://www.singletrackworld.com/forum/ <p>Nope. Colonel Saunders launched KFC when he was either 64 ot 67... </p> http://www.singletrackworld.com/forum/topic/too-old-to-start-a-business#post-494363 Thu, 02 Jul 2009 22:33:51 +0000 shooterman 494363@http://www.singletrackworld.com/forum/ <p>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.</p> <p>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? </p>