7 steps to starting your own business over 50

Got a business idea you'd like to turn into a reality? Follow these seven expert tips to get your business up and running—and making money.

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Thinking of starting a business? You’’re not alone. According to The Kauffman Foundation, an organization that studies entrepreneurship, the age group starting the greatest number of new businesses? Those 55 to 64.

“When you look at the wealth of experience people over 50 have garnered over the length of their careers, it sets them up perfectly for starting a business,” says Marva Goldsmith, the author of Rebranding Yourself After Age 50.

Not only that, but the over-50 set is looking differently at the retirement years, says Michael Chodos, associate administrator for entrepreneurial development with the United States’ Small Business Administration.“ Folks are coming into their second acts healthy, with vast experience and see another 30 years in front of them. They’’re not satisfied with the definition of retirement as being ‘done.’”

Want to launch your own venture? Follow these tips from our experts to get your business up and running.