Starting a Small Business After 50? Here’s What You Need to Know

Starting a small business can be daunting at any age, but it’s especially challenging for those over 50. However, it’s not impossible, and AARP’s Small Business Initiative is here to help. In a recent podcast episode, Felicia Brown, Senior Advisor at AARP, shared valuable insights on starting a business after 50 and the resources available through AARP.

Felicia emphasized the importance of not waiting for the perfect idea or plan before getting started. Instead, she recommends testing the market and getting feedback from potential customers. This can be done through pop-ups and informal market testing. She also stresses the need to go beyond family and friends for feedback.

For those considering starting their own business, Felicia suggests researching the product and market, knowing your numbers, and understanding your customer. She also recommends seeking advice from trusted sources, such as the Small Business Development Center, to refine business ideas and differentiate from competitors.

AARP’s Small Business Initiative

The pandemic has highlighted the disparities in health and wealth, and AARP’s Small Business Initiative aims to address these disparities by helping individuals over 50 start and grow their businesses. The initiative offers tip sheets, action plans, webinars, and resource lists to help individuals formalize their business plans and seek guidance from trusted advisors.

One valuable resource provided by AARP’s Small Business Initiative is the Meet the Founder series. This series focuses on the journey of a business founder, broken down into five sections: business idea, starting, managing, growing, and exiting. This series provides valuable insights and lessons learned from successful business owners.

In conclusion, starting a small business after 50 is possible with the right resources and mindset. AARP’s Small Business Initiative offers valuable resources and support for aspiring entrepreneurs over 50. Don’t wait for the perfect idea or plan, take action and utilize the resources available to achieve success in your entrepreneurial endeavors.

To stay connected with AARP’s entrepreneurship initiative, Felicia recommends signing up for their newsletter at www.aarp.org/smallbiznewsletter.

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Importance of Careers [00:00:00]
James emphasizes the importance of careers and the opportunities available for people over 50 to start their own businesses through AARP’s Small Business Initiative.

AARP’s Small Business Initiative [00:06:03]
Felicia Brown explains AARP’s Small Business Initiative, which serves as a front door for individuals over 50 to access tools and resources to start their own businesses.

Impact of Pandemic on Small Business Ownership [00:04:36]
Felicia Brown discusses the impact of the pandemic on small business ownership, particularly for people of color and women, and how the organization is helping to address the wealth gap through their entrepreneurship initiative.

Meet the Founder series [00:08:27]
Felicia talks about the Meet the Founder series, where business owners share their journey and experiences to help others learn from them.

Small Business Initiative [00:09:43]
James and Felicia discuss AARP’s Small Business Initiative, which provides resources and support for people over 50 to start and grow their own businesses.

Importance of Testing [00:15:33]
Felicia emphasizes the importance of testing a product or idea in the market before investing too much time and money, and suggests doing informal market testing through pop-ups and asking for feedback.

Small Business Development Centers [00:17:16]
Felicia explains the importance of Small Business Development Centers as a free resource for business counseling and idea validation.

Action Plans [00:19:38]
James and Felicia discuss the value of AARP’s Small Business Resource Center and its action plans for starting, managing, and growing a business.

Newsletter [00:20:48]
Felicia announces the launch of AARP’s Small Business Newsletter and encourages listeners to sign up for news and resources.