Are you thinking about starting your own business but putting off the idea because you just crossed fifty? If yes, then you’re making a big mistake.
According to the latest Hiscox report, 68% of encore entrepreneurs (who start at fifty) earn more than what they used to do in their previous job.
‘When to leap in the business world’ always attract different opinions. Some people say that it is good to start early because you will have more time and freedom to invest in your venture. However, many folks believe that opening a business later in life is an intelligent decision. This is because you will have developed experience, connections, and skills by then to give your business a good start.
Well, there is no right time to enter the business world. One can start a business when one feels the inspiration inside.
However, the Hiscox report’s findings state that your fear of starting your business late in your life doesn’t have the ground.
Hiscox Encore Entrepreneur Report 2021
They say – it is never too late to start a business. And Hiscox Encore Entrepreneur Report 2021 proves it.
When encore business owners begin their entrepreneurial journey, they want to earn more money than their salaries at their last full-time job.
According to the Hiscox report, 45% of encore entrepreneurs think the same – they just want to earn more money than their last full-time job.
How many of them do actually achieve that?
68% of encore entrepreneurs earn more than their last full-time job, reports the survey.
What’s more, starting a business late in life offers many benefits. The survey finds that leaping late provides multiple advantages.
43% of encore entrepreneurs cited confidence as the most significant advantage of starting a business late. Other benefits include:
- More extensive professional skillset (42%)
- More industry experience (39%)
Now, you might be wondering why people hesitate to start a business when they’re over fifty. The survey notes multiple reasons. And the most significant one is uncertainty. 34% of entrepreneurs were not sure they could make the same income.
One needs money to start a business. And it is a common perception that people over 50 are likely to be financially secure. And they can quickly begin their business with the help of personal funds.
However, the reality is different. 59% of encore entrepreneurs utilized loans to enter the business world.
Here are some other interesting points the Hiscox Encore Entrepreneur Report 2021 has discovered:
- 54% of encore entrepreneurs share the workload with their business partners
- 44% of encore entrepreneurs venture into different industries than the ones they did their last job in
- 42% of encore entrepreneurs don’t have a business insurance
The report has also pointed out that the COVID-19 pandemic affected most encore entrepreneurs.
How to Increase Revenue in Your Business
Whether you start your business early or late, increasing revenue in a business is perhaps the most challenging task. You have to fight not only with SMBs in your niche but also with big companies.
So being better prepared and going the extra mile will always help.
Following are some proven tips to boost revenue in your business:
- Bundle and upsell your products
- Search for new opportunities and distribution channels
- Have a lucrative affiliate program
- Offer deal and discount coupons
Acquiring new customers take enormous time and effort. So if you gain repeat business from your existing customers, it can help you quickly boost revenue in your business.
About the Survey
Hiscox collaborated with Wakefield Research to prepare Hiscox Encore Entrepreneur Report 2021. The survey was conducted between November 24th and December 4th, 2020. The survey included 400 US small business owners who started their first business at age 50+. You can learn more about the findings and methodology of the survey here.
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Source: Smart Hustle