Read my abstract from NZ Herald with my business.
Chris Reid, a business mentor and lawyer who runs his own business consultancy, says most people who start a business are in their 30s or 40s.
“They are in the prime of their life – they are physically strong, have good family support.”
And if something does go wrong they have time to recover financially.
He says the reality of owning a business might be far from the idyllic expectation of being your own boss and able to work flexibly.
“While someone might say, we are retired, let’s go buy a motel. Then they are dealing with people who ring them at 11pm at night complaining about a broken TV. Constant things on their plate.”
He believes most people in their 60s are trying to get rid of those hassles and move into something less stressful.
But for those who do want to give it a go, he says people are more likely to be successful if they are starting a business in a sector they know and understand. “Get financial advice. If it is not a sector you know about, keep away from it.”
He says those looking to buy a business need to look at the operation’s track record and ask to see the accounts for the past three to four years, and particularly the most recent accounts.
“You’ve got to dig in and do your due diligence.” And that could mean asking for professional help from the likes of an accountant.
“You’ve got to get good advice.”
Reid says nothing comes easy.
“Generally you don’t start a business and start making tons of money. It’s about making the right choices, putting the hours into it.
“Very rarely do people fluke it.
“Running a business isn’t for everyone. A lot of people couldn’t deal with the stress.”
Pearman agrees. “Going into business is never going to be easy.” he says.
Those who want to give it a try need good support, he says, and if you are in a couple, “make sure both of you are on board with it.”
He says if there was one piece of advice he would give to those in their 50s, it would be to take a step back and think about what they want for the next 20 years of life.
“Think about it deliberately in your early 50s. You might want to change the nature of your employment or think about buying or establishing a business but be in charge of that. Don’t wait for a health crisis to hit.”
Source: NZ Herald