Why Starting a Business Later in Life May Be the Opportunity You've Been Waiting For

Would it surprise you to learn that the number of Canadians over the age of 55 starting their own businesses has tripled in the last 20 years? In fact, older entrepreneurs are now one of the fastest-growing groups in the business world.

Yet despite this exciting trend, many people still hesitate to launch a business later in life. Questions about risk, finances, and self-doubt often creep in. But what if those fears are holding us back from one of the most rewarding chapters of our lives?

To explore this, in this Learning Bites segment, Susan Williams recently sat down with Susan Reid - an award-winning expert in vision, innovation, and entrepreneurship, and the author of Revisioning Retirement. She shared powerful insights on why midlife and beyond might actually be the perfect time to start something new.

Here is a summary of our conversation:

Overcoming the Fear of Starting Something New

Susan Reid began by acknowledging what many of us feel: it’s completely natural to have fears when starting something new. She referenced the work of Amos Tversky and Daniel Kahneman, whose “prospect theory” shows that humans are more motivated to avoid losses than to pursue equivalent gains.

In other words, fear of failure can stop us before we even start.

The key, says Susan Reid, is to develop a strong, guiding vision - one that anchors you in purpose and excitement rather than fear. Whether it’s a new business, a creative project, or a hobby turned passion, clarity of vision helps turn apprehension into action.

Why Older Entrepreneurs Have a Distinct Advantage

Contrary to the stereotype that entrepreneurship is a young person’s game, older adults actually bring a host of advantages to the table.

Susan Reid highlights several:

• Financial stability – Many have savings or fewer financial obligations.

• Established networks – Decades of relationships can translate into potential clients, partners, and mentors.

• Emotional maturity and resilience – Experience teaches patience, adaptability, and problem-solving under pressure.

• Deep self-awareness – After years of work and life experience, older adults better understand their strengths, values, and passions.

“These are not small advantages,” says Susan, “They are the foundations of sustainable success.”

Staying in Your Lane - or Starting Fresh?

A common question for new encore entrepreneurs is whether to stay within their old professional lane or pivot to something completely new. Reid’s answer: it depends on who you want to become.

Some people choose to continue in familiar territory — consulting, mentoring, or freelancing in their previous field. Others feel called to reinvent themselves, pursuing long-held passions that may have been sidelined during their working years.

“I challenge people to think not only about what they want to do,” Reid explains, “but who they want to become. Sometimes that aspiration points you in an entirely new direction.”

Reframing Identity in Midlife

For many, leaving a long-term career also means confronting a loss of identity. Both Susan Williams and Susan experienced this - wondering who we’d be outside our established professional roles.

But we realized something important: we’re still ourselves. We carry our skills, knowledge, and networks with us wherever we go. The key is to reapply them in new and meaningful ways.

You might not be the corporate strategist anymore - maybe you’re now a coach, a writer, or a small-business owner. But your communication skills, leadership, and experience still serve you in every new role.

Managing Financial Fears

Let’s talk about the elephant in the room - the fear of losing your retirement savings starting a business later in life..

Susan Reid acknowledges that financial caution is wise, but reminds us that senior entrepreneurs are among the most successful groups statistically. The secret is to start smart:

• Begin part-time if possible.

• Test your idea before committing major funds.

• Build slowly and thoughtfully.

• Create a solid business plan.

Today, the tools available to entrepreneurs - from affordable websites to free social media marketing and are make starting leaner and smarter easier than ever before.

The Power of a Vision

When asked where to begin, Susan’s advice was simple but powerful: start with a clear vision.

Your vision is your compass - it helps you stay focused, communicate your purpose, and build strong relationships with clients, partners, and even loved ones who share (or need to understand) your goals.

“It doesn’t mean you have to share the same vision as your spouse or family,” Susan explains. “But weaving your individual visions together helps everyone feel aligned and supported.”

Embracing the Freedom of the Encore Chapter

Starting a business later in life isn’t just about money or productivity - it’s about purpose, growth, and fulfillment. It’s about staying engaged, curious, and open to possibility.

As Susan Reid puts it, “The rainbow is out there - it’s up to each of us to find the path that works best.”

So if you’ve ever dreamed of doing something new - launching a service, turning a hobby into a business, or finally sharing your expertise with the world - now might be the perfect time.

Key Takeaways From Our Discussion

• Fear is natural - but vision overcomes it.

• Experience, networks, and resilience are powerful assets.

• Reinvention can be both possible and deeply rewarding.

• Financial risk can be managed with planning and patience.

• The encore years are full of potential - should you choose to embrace them.