Networking is key to starting a business later in life, says
Zeile. "Who you know is incredibly important. If you're
shifting industries or product lines or going for a complete
change--say, you're an attorney who's opening a
restaurant--not only will you need to build up your network,
you've got to find a new network." Experts suggest taking
classes to bone up on your new industry as well as joining industry
associations and hitting the trade show circuit to meet new
business contacts.
Though your peer group is likely to change, you can still build
your network using contacts from your former business life. Donna
Herrle, 51, started her Pittsburgh graphic design business,
Drawing
Conclusions, with a keen attention to setting up her network.
She invited her friends, family and former business colleagues to a
wine and cheese party to announce the fact that she was no longer
working in corporate America as a sales manager of design and print
services and had set out on her own. Being a graphic designer,
Herrle created the invitation to be a playful celebration of her
new life. She included photos of herself in her corporate garb with
the adage "change is good" over the picture of her in her
home office, wearing pajamas and slippers. "The response to
that invitation was overwhelming," she says.
Out of the 80 invitations she sent out, 74 people responded. One
contact was so impressed by the invitation, he brought a project to
the reception itself. Herrle received five more projects in the 10
days following the event.
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The event wasn't only meant to drum up business, though. It
was also to silence Herrle's fear of starting out on her own.
Laid off from her corporate job in 2002, she recalls, "I
wondered what I was going to do."
Though she had a passion for graphic design, losing the security
of a regular paycheck was scary. "I talked to as many people
as I could find who were in the same situation," she says.
"[They said], 'You'll be surprised--work will come if
you do your planning properly.'" Work soon followed, and
Herrle has built her client list to more than 50 since her October
2002 debut. In her first full year in business, she expects Drawing
Conclusions to gross sales in the six figures.
Being passionate about your business is the key to starting when
you're over 40, says Zeile. "[Some people] may start a
business because a market looks good or a product looks good, but
they personally are not really enthusiastic about the
business," she notes.
Because you'll be eating, sleeping and breathing your
business, it's vital that it be something that lights you up
inside. "You can't get caught up in the myth that
you'll be working less for more money," she says.
"You're probably going to be working harder, but it
won't feel like work if it's something you want to
do."
Originally published in the issue of Entrepreneur's StartUps
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