Midlife crisis... Start my own business
Discussion
Hi all.
First of all I am aware that there is a similar thread running in the business area but thought I would start my own thread as my story is different and also I didnt want to jump onto someone else's thread with my tales of woe.
I have hit my early 40's and it has got me thinking what I want from life. I have always wanted to start my own business but it's something I have never actually done properly (helped a couple of mates set up their business and also ran an ebay shop about ten years ago). I'm a stage now where I am comfortable in life, I have some savings and I am expecting some more money in 6 months or so from an inheritance. I have always had an interest in how businesses work, and enjoy trying to understand the financials and how a business operates successfully. I went to uni as a mature student in my mid twenties, was part of the enterprise club and the idea was to gain knowledge of businesses in industry and then start my own business. Instead I ended up progressing in recruitment (within HR depts, not agency side) and 12 years here I am. I am half decent at what I do, but it is starting to bore me. The obvious thing would be to start a recruitment agency, but I have never worked for an agency and it is very much about sales as opposed to how good the service or solution is. From working in Recruitment it has given me a really good insight as to how businesses operate as I partner with all functions across the business. This money would help me to start a business but I also know it is all about a good idea, or a solution to an existing problem. Starting an everyday business with low barriers of entry (window washing, dog walking etc) is probably not a good idea for me, and it would be good if I use some of my existing knowledge within the new business.
Sorry for the long ramble, any ideas or thoughts would be very much appreciated.
First of all I am aware that there is a similar thread running in the business area but thought I would start my own thread as my story is different and also I didnt want to jump onto someone else's thread with my tales of woe.
I have hit my early 40's and it has got me thinking what I want from life. I have always wanted to start my own business but it's something I have never actually done properly (helped a couple of mates set up their business and also ran an ebay shop about ten years ago). I'm a stage now where I am comfortable in life, I have some savings and I am expecting some more money in 6 months or so from an inheritance. I have always had an interest in how businesses work, and enjoy trying to understand the financials and how a business operates successfully. I went to uni as a mature student in my mid twenties, was part of the enterprise club and the idea was to gain knowledge of businesses in industry and then start my own business. Instead I ended up progressing in recruitment (within HR depts, not agency side) and 12 years here I am. I am half decent at what I do, but it is starting to bore me. The obvious thing would be to start a recruitment agency, but I have never worked for an agency and it is very much about sales as opposed to how good the service or solution is. From working in Recruitment it has given me a really good insight as to how businesses operate as I partner with all functions across the business. This money would help me to start a business but I also know it is all about a good idea, or a solution to an existing problem. Starting an everyday business with low barriers of entry (window washing, dog walking etc) is probably not a good idea for me, and it would be good if I use some of my existing knowledge within the new business.
Sorry for the long ramble, any ideas or thoughts would be very much appreciated.
To carry the theme over from the other thread of a similar theme, the business you should pursue is that which you already know - HR and Recruitment. Anything else and you're 20 years or so behind the curve.
If you can find a unique angle, you should prosper.
Have a look at James Caan's Recruitment Entrepreneur programme: https://recruitmententrepreneur.com
This backs recruitment start-ups with the aim of a six-year growth and exit programme. I know someone involved and is the real deal - if you're prepared to invest the effort and expertise needed.
But be clear to yourself why you want to start your own business. This shouldn't be just about making a wedge.
Good luck.
If you can find a unique angle, you should prosper.
Have a look at James Caan's Recruitment Entrepreneur programme: https://recruitmententrepreneur.com
This backs recruitment start-ups with the aim of a six-year growth and exit programme. I know someone involved and is the real deal - if you're prepared to invest the effort and expertise needed.
But be clear to yourself why you want to start your own business. This shouldn't be just about making a wedge.
Good luck.
My go to answer in this scenario is to leverage your advantage - if your uncle has a glove factory and will cut you a deal then start with that.
If your mates got 500k followers in warhammer can you leverage that.
If you know a bit about stuff and can start a club / discord etc with a monthly subscription then that’s a great business - that’s what I did with a cherry on top.
If your mates got 500k followers in warhammer can you leverage that.
If you know a bit about stuff and can start a club / discord etc with a monthly subscription then that’s a great business - that’s what I did with a cherry on top.
I was Factory Manager at a large UK processing plant and decided to walk away for my own sanity in my mid 40's and do something completely different.
On the basis that I loved driving and enjoyed the people aspect of work, I decided to set up my own Chauffeur business, doing only long distance work.
Initially I was a bit concerned as to how others would view what was perceived as a very backward career move but the desire to be in control of my own destiny soon put those thoughts to bed.
Over a period of 15 years I built a very successful business, providing work to several self employed drivers, and being well paid to do something I loved, ie driving nice cars.
I could have built it into a much bigger business but decided that your problems started as soon as you employed people, so I just handed out work on a commission basis as and when, and earned quite a lot each month from this in addition to the work I did personally.
I would highly recommend it but would advise keeping it simple and do something for you, something you enjoy doing, and don't worry about what others think.
I eventually sold it to one of the guys I contracted out work to when I was 62, and have been happily retired ever since.
Initially it is quite scary knowing you have a mortgage, a family, but don't have a monthly salary but you soon get over that phase. The art is to pick something you enjoy doing, and doing it well, but not necessarily sticking with what you have done to date to maintain the comfort factor.
It is not for everyone and you need to ideally have the support of your partner to get through the initial start up period.
I think I might have mentioned "keep it simple"
On the basis that I loved driving and enjoyed the people aspect of work, I decided to set up my own Chauffeur business, doing only long distance work.
Initially I was a bit concerned as to how others would view what was perceived as a very backward career move but the desire to be in control of my own destiny soon put those thoughts to bed.
Over a period of 15 years I built a very successful business, providing work to several self employed drivers, and being well paid to do something I loved, ie driving nice cars.
I could have built it into a much bigger business but decided that your problems started as soon as you employed people, so I just handed out work on a commission basis as and when, and earned quite a lot each month from this in addition to the work I did personally.
I would highly recommend it but would advise keeping it simple and do something for you, something you enjoy doing, and don't worry about what others think.
I eventually sold it to one of the guys I contracted out work to when I was 62, and have been happily retired ever since.
Initially it is quite scary knowing you have a mortgage, a family, but don't have a monthly salary but you soon get over that phase. The art is to pick something you enjoy doing, and doing it well, but not necessarily sticking with what you have done to date to maintain the comfort factor.
It is not for everyone and you need to ideally have the support of your partner to get through the initial start up period.
I think I might have mentioned "keep it simple"
Arnold Cunningham said:
I’ve met a guy who did the same as you. Absolutely not something I could do, but he had a similar story to yours. He was an ex city worker who’d had enough.
Did the same as the OP who has asked for ideas as he doesn’t know what to do?!This is probably the vaguest thread I’ve seen on her this year.
I'd say if you do go for it then keep your costs as low as you possibly can. I've always been ruthless at keeping costs low and it has really helped in lean times. I've seen competition come and go and they often start up with a fleet of vehicles, premises and loads of staff. If you can get away without it then your life will be much easier.
Other than that I'll stick with what everyone else has said - do something you already have experience of.
Other than that I'll stick with what everyone else has said - do something you already have experience of.
I've wanted to start my own business since my early 20's I’m now early 50's not doing has been a regret.
I invested in a recruitment co start up about 5 years ago, one of the best investments I made. YES you are correct it is all about sales (winning new and retaining clients), if you can do 'sales', it is possible to do well quickly.
Depending on how much capital you have, there is an option “buy in” to an existing business, much lower risk (assuming its established and successful) but you still get to enjoy the element of entrepreneurism.
If I was starting a business today, I’d think seriously about consulting in and around AI, not making a tech product but moreover supporting businesses to understand the potential and implementing solutions for them. Much in the same way as several consultancies formed and succeed with RPA over the past decade.
I invested in a recruitment co start up about 5 years ago, one of the best investments I made. YES you are correct it is all about sales (winning new and retaining clients), if you can do 'sales', it is possible to do well quickly.
Depending on how much capital you have, there is an option “buy in” to an existing business, much lower risk (assuming its established and successful) but you still get to enjoy the element of entrepreneurism.
If I was starting a business today, I’d think seriously about consulting in and around AI, not making a tech product but moreover supporting businesses to understand the potential and implementing solutions for them. Much in the same way as several consultancies formed and succeed with RPA over the past decade.
My background is everything from markey stalls to pet shops and everything in-between in the retail arena, started when I was 10 years old. I'm clever but not degree educated or qualified in anything. Got to about 38 and decided to start a business. Went the franchise route as I'm definitely more of an operator and people manager than a strategic thinker or creative. Fast forward a couple of years and I've made some good investments, have enough to comfortably retire on and spend my days playing golf and cycling while others take care of my businesses. I'd imagine this was what most of the people I was earning lots of money in my teens and twenties were doing at my age.
Bottom line, go for it.
Bottom line, go for it.
Wilmslowboy said:
If I was starting a business today, I’d think seriously about consulting in and around AI, not making a tech product but moreover supporting businesses to understand the potential and implementing solutions for them. Much in the same way as several consultancies formed and succeed with RPA over the past decade.
Looks like half the people on LinkedIn have already had that thought. It'll get super competitive. Feels like the next bubble to me.Mrinsignia said:
I have never worked for an agency and it is very much about sales as opposed to how good the service or solution is. From working in Recruitment it has given me a really good insight as to how businesses operate as I partner with all functions across the business.
I suspect your advantage would be here - you know what it's like on the other side of the table compared to the average recruitment consultant so use this knowledge rather than trying to compete with them as a sales person.SuperCarrera said:
Looks like half the people on LinkedIn have already had that thought. It'll get super competitive. Feels like the next bubble to me.
I agree with this. The path to success with AI is to have a specific & demonstrable use case. Almost all people don't, they're just trying to sling the latest trendy buzzword around. (I can actually do AI and first explored it in my degree in the early 90's).But if wou do want to have a look at latest trends and useful use cases, Big Data LDN is a free event well worth attending.
I’ve much respect for those who have started a business from scratch unfortunately most ‘leaders’ that I’ve come across are business owners only due to poncing off others be that through running family businesses or (if unrelated) frequently rimming the founder. The incredible thing is most of them have no self awareness and in their mind they are business geniuses not rasehole creepers.
No update from OP but thought I’d comment anyway. Don’t want to rain on anyone’s parade, but personally I’m a bit dubious that “wanting to run your own business” alone is enough of a basis for starting one.
It’s a bit like a bricklayer saying he wants to build a building because he likes doing bricks, but isn’t really sure what to build. Without a vision, the chances of the result being an architectural masterpiece aren’t that high.
Apart from anything else, it’s a really long haul growing a business, and there will be many moments that are not enjoyable at all. What keeps you going through these is the passion you feel for your product or service and the customers you serve. If you aren’t driven by these, I honestly don’t know how you could put in the hours to constantly research, review, iterate and innovate in the way that is required to be successful.
My view would be that if there isn’t anything you feel really driven to bring the world, then starting your own business probably isn’t for you. Opening a franchise might be, or maybe just a new managerial job.
It’s a bit like a bricklayer saying he wants to build a building because he likes doing bricks, but isn’t really sure what to build. Without a vision, the chances of the result being an architectural masterpiece aren’t that high.
Apart from anything else, it’s a really long haul growing a business, and there will be many moments that are not enjoyable at all. What keeps you going through these is the passion you feel for your product or service and the customers you serve. If you aren’t driven by these, I honestly don’t know how you could put in the hours to constantly research, review, iterate and innovate in the way that is required to be successful.
My view would be that if there isn’t anything you feel really driven to bring the world, then starting your own business probably isn’t for you. Opening a franchise might be, or maybe just a new managerial job.
67Dino said:
I’m a bit dubious that “wanting to run your own business” alone is enough of a basis for starting one.
Interesting point and one I've been mulling on recently. I've been asked to give a talk to a group of young entrepreneurs; some initiative a local authority is running supporting young people who want to start a business. I'm developing a list of dos and don'ts that challenge conventional thinking but what I've found to be effective and tackling this issue is one of the topics.Of the many business owners I've met an know, including myself, very few embarked on their enterprise with direct intent... rather they just sort of fell into it, either by grabbing an opportunity when it presented itself or just segueing into something. I've met a few of these kids already; a nice bunch but seem focused on the idea of starting a business but with little idea of what that business might actually do.
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