Senior business owners are the fastest-growing segment of entrepreneurship in the world. Senior business owners are experienced and knowledgeable people over the age of 50 who are looking for a reprise career – either because they have to or because they want to.

However, research shows that senior entrepreneurs face a different set of obstacles than young entrepreneurs who are starting a business for the first time.

Because of different circumstances and needs, some seniors venture into the entrepreneurship world today. They do so for different reasons; maybe they retired without building enough savings to support their daily living, or maybe they have lost their job because of circumstances beyond their control.

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As a senior business owner, you’ll likely face a few obstacles, especially if you decide to build an online business. These are the common challenges you need to be aware of and create unique solutions to resolve:

  • As a senior business owner, you may struggle to understand the different aspects of an online business, especially in leveraging the advanced technology to grow your business.
  • Sometimes, you may get discouraged when it comes to learning about internet marketing and social media marketing strategies.
  • Also, you may even get discouraged while exploring the basics. Forcing yourself to learn about new technology may lead to security concerns. However, this shouldn’t scare you because as you educate yourself in this area, you’ll realize it’s a safe environment after all.
  • As a senior entrepreneur, you might be hesitant about running your own business because of the transition of the work. Throughout your life, you might have been working for someone else where you depended on your employer.
  • Another challenge facing senior business owners is that it can be difficult if not impossible to secure funding for a new business idea.

Now that you’re thinking about working for yourself, things will be different. Because you are an entrepreneur, you’ll no longer have a boss looking over your shoulder. Your success will solely depend on your hard work and how you approach your online business.

Thus, it’s essential that you to learn how to use technology to reach a larger audience and grow your business.

It’s Not as Challenging as You May Think

You may be afraid to take the risk because of the start-up cost. However, starting an online business won’t break your bank. All you’ll need is:

  • A computer
  • An internet connection, Wi-Fi, DSL or cable
  • A business website
  • An autoresponder service

Using these four things you can start up your business and start attracting customers. Once you set up your basic system, it’s time to promote your business and what you’re offering.

With the exclusion of the computer cost, you can start an online business with less than $100. And by leveraging Google, YouTube and other online platforms, you can create your own money-making online business.

Thus, if you want to become a professional and expert online business owner, there’s no need to get intimidated.

If you have no funds to start your business, you can borrow the start-up cash from microfinance companies or banks. Apart from giving you a financial boost, a microloan also gives you a sense of accomplishment and confidence.

For instance, the European Microfinance Network recently published a paper on “Microfinance as a Tool of Active Ageing.”

In spite of the common challenges that many senior business owners may face, starting an online business is relatively easy. You can do it with only a few hours of concentrated effort each week.

However, you must be committed and dedicated to your business. You will also need to learn everything you can about what you’ll to do. Alternatively, you can outsource an online or social media manager to help you promote your business and connect with your audience.

Learning how to become an expert senior business owner will prove what Shakespeare wrote: “Leisure is a fine garment for a day, but is horrible daily attire.”