GoFaxer Blog

A recent article at Businessweek.com by John Tozzi addresses the issues of starting your own business rather than retiring. He says:

“While starting a business is a challenge at any age, a first-timer starting a business later in life will encounter different obstacles than younger entrepreneurs, particularly when it comes to funding the business, securing health insurance, managing personal finance, and succession planning.”

The rule of thumb that I took away from the article is this: If you’ve got extra time, money, and energy to invest in a small business go for it. But don’t do it if you’re going to rely on the income from a business venture. It’s just too risky.

When you’re young, if the venture doesn’t work out, you can go back into the general work force and be caught up by retirement. But when you’re older you’ve got less time to make up for a failed business.

My other bit of advice is that you may be getting up there in age, but don’t run your business old-school. Make your company young and modern, taking advantage of all of the latest technology advances like Internet fax. You’ve got to use these modern advancements if your company has a chance at succeeding.