Key Insights for Starting an Online Business Over 40

by | Jun 21, 2024 | 0 comments

If you’re contemplating leaving the corporate world behind, thinking about reinventing yourself, or considering a second career after 40, you’re in the right place. I’m Patty Dominguez, the founder of More Leverage, where we help service-based entrepreneurs streamline their lead flow using the power of automation, right follow-up techniques, and artificial intelligence. Here, I want to share some key insights that transformed my journey of starting an online business, and I wish someone had told me sooner.

Leaving the Corporate World

Feeling Unfulfilled in a Corporate Job

I spent years working in a corporate job and the Fortune 50 ecosystem, which once seemed like the pinnacle of success. However, over time, I found myself increasingly unfulfilled. If you’re quietly quitting or constantly asking how much longer you can endure your job, this is a sign. The job that was supposed to be your dream turns into a countdown to retirement. It’s a scenario I’ve seen countless times.

I often think back to a poignant conversation I had with a coworker who was counting down the years until retirement. His reply, “eight more years,” struck me hard. I couldn’t fathom living a life where I was merely biding my time until I could leave. This wake-up call was one of the first nudges that pushed me towards entrepreneurship.

Changing Perspective After Losing My Job

During the 2008 market crash, both my husband and I were left unemployed for most of 2009. This jarring experience made me realize that all the steps I had taken to secure a stable future could crumble in an instant. The book “Rich Dad Poor Dad” was an eye-opener for me, shifting my understanding of what was possible. I had always believed the formula was simple: go to school, get a job, and life would be smooth sailing. This setback, however, made me rethink everything and set me on the entrepreneurial path.

Examples of Successful Entrepreneurs Over 40

Entrepreneurship isn’t confined to the young. Take Susie Batiz, the founder of Poo-Pourri. She started her business at 43 after surviving two bankruptcies. Her journey taught her to eliminate the fear of failure, a crucial mindset for entrepreneurs. Her story resonates deeply because it reaffirms that it’s never too late to start afresh and succeed.

Mindset Shift: Becoming an Entrepreneur

The Impact of Rich Dad Poor Dad

Books can be life-changers, and for me, “Rich Dad Poor Dad” was exactly that. It dismantled my old beliefs and paved the way for entrepreneurial thinking. Schools didn’t teach entrepreneurship back in my day (and they barely do now). Being a Gen Xer, I had no guidebook for this transition from corporate employee to entrepreneur. Letting go of the employee mindset, where you trade time for money, was one of the hardest things to do, yet it was essential for my growth.

Transitioning from Employee to Entrepreneur Identity

This identity shift is crucial. When I first quit my job, I didn’t have a proper entrepreneurial identity. It was a steep learning curve, moving from the predictability of a bi-weekly paycheck to the uncertainties of running a business. My husband and I saved up to give me a financial cushion, a safety net I strongly recommend.

Seeking Guidance and Community

Importance of Hiring a Coach

Navigating the entrepreneurial landscape alone can be daunting. My first game-changer was hiring a coach. Now, coaches specialize in everything—wealth, health, mindset, or energy. A good coach helps you clarify your values, priorities, and identity. This guidance was pivotal in my journey and can be equally influential.

Finding a Like-Minded Community

Feeling alone and overwhelmed is almost a rite of passage in entrepreneurship. But you don’t have to go through it solo. Find a community of like-minded individuals. Surrounding yourself with other entrepreneurs offers support and encouragement, which can snap you out of your doubts and fears. Being with people who understand the challenges and triumphs you face can make all the difference.

Breakthrough Moment: Creating New Money

Conversation at Entrepreneur Conference

One of the most significant moments in my entrepreneurial journey occurred at a conference. I openly shared my doubts about quitting my job when an experienced entrepreneur, Kurt, offered me a perspective that snapped me out of my fears. “Entrepreneurs create new money,” he said. This insight revolutionized my thinking. I moved from the employee mindset of trading time for money to the entrepreneurial mindset of creating value and generating income.

Embracing the Power of Leverage

Replacing My Six-Figure Income Quickly

Initially, I tried to do everything myself, burning the candle at both ends. It led to stress and even adrenal fatigue. I had control issues, thinking only I could handle tasks adequately. A coach once told me, “You’re so in control of control that you’re out of control,” and he was right. My big shift came when I read “Who Not How” by Dan Sullivan, which emphasized the importance of delegating tasks to others, valuing your time, and letting go of unnecessary control.

Importance of “Who, Not How”

Recognizing bottlenecks in your business means it’s time for a “who” rather than a “how.” This principle helped me immensely. Successful entrepreneurs understand that time is their most valuable asset. They focus on leveraging it by building a team and fostering a positive team culture. This was a transformative step that allowed my business to thrive.

Creating Leverage in Business

Understanding Leverage Points

Leverage isn’t just about mastering the latest marketing tactics or programs. It’s about strategically identifying leverage points that create significant outcomes. This realization was a game-changer for me, leading to the rebranding of my business to “More Leverage.” I wanted to emphasize the importance of leveraging time, money, and energy for a balanced, fulfilling entrepreneurial experience.

Rebranding to “More Leverage”

More Leverage encapsulates the essence of what it means to be a successful entrepreneur—maximizing time, money, and energy. When you master these components, you pave the way for a prosperous life and business.

Positioning and Personal Branding

Avoiding Copycat Marketing

In the crowded digital marketplace, it’s easy to fall into the trap of copycat marketing. But authenticity is key. Highlight your unique expertise and articulate your message in a way that resonates with your target audience. Don’t be a second-rate version of someone else; be the best version of yourself.

Positioning Super Bundle Offer

To help you navigate these waters, I’m offering my Positioning Super Bundle for free. It includes tools to clarify your niche, messaging, and overall brand positioning. If you’re unsure how to articulate what you do or whether your niche is profitable, this resource is invaluable. The bundle link is in the description below.

Entrepreneurship Journey and Reflections

Emotional Stages of Quitting a Corporate Job

The journey from corporate life to entrepreneurship can be an emotional rollercoaster. Initially, there’s excitement, followed by fear, doubt, and sometimes regret. It’s like going through stages of grief. But remember, these feelings are normal and temporary. Surrounding yourself with a supportive community and keeping the bigger picture in mind can help you navigate these transitions.

Lessons Learned and Advice

Here are some key lessons from my journey:

  • Find a community of like-minded individuals for support and encouragement.
  • Embrace leverage and delegation. Don’t try to do everything yourself.
  • Focus on positioning and personal branding. Highlight your unique strengths and expertise.

Your entrepreneurial journey is worth sharing. If this blog post resonated with you, hit the Subscribe button and leave a comment below. How long have you been an entrepreneur? Are you thinking about making the leap? What questions or concerns do you have? I’d love to engage with you personally and help you on your path to more leverage and success.

Here’s to achieving more leverage in every aspect of your life and business. Cheers!

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