Dear Money Lady, I was planning on starting a new business venture just before these COVID-19 events started. I am glad I didn鈥檛, but should I consider doing it after. I know it is risky, but I am tired of my regular routine and need a change. I am 52 this year. Is that too old to start a new career?
Julie
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Starting a New Business Venture Julie
Good for you 鈥� I am glad to see you challenging yourself for more. Many people never do this and never think about what their defining moment is in their life? Everyone will have at least one听 鈥渁 ha鈥� moment, where they finally say, OK I am going to change. I鈥檓 going to go in a different direction, make a difference and aspire for more. So, what is yours? CPVOD-19 has forced most of us to stop, slow down and shall I dare say, 鈥渟mell the roses.鈥�
There are abundant choices and personal opportunities out there for all of us and we need to build out our existing plans of our future and become engaged and purposeful. Consider going deeper with your thoughts and ideas. Drop your negative beliefs that have always held you back and stop selling your self short. You really can do anything you set your mind to. When looking at starting a business it is best to wait and see how the market recovers from the COVID-19 pandemic.
We anticipate a host of pent-up demand, but I must caution you to go slowly and ensure you have a well thought out business plan. Talk to your banker and see what options are available to assist you in funding your new venture. Rates are now as low as they were after the 2008 financial crisis and there seems to be a big push with all the tier one banks to expand their small business platform. I have seen TD, BMO and RBC all recently increasing their commercial lending opportunities.
Remember, successful people fill their mind with all the ways they can get what they want. Let鈥檚 start doing that and not giving up this time. Keep going Julie, believe you can, like yourself for making a change, and discard the inevitable setbacks and obstacles that you will have to overcome in your new journey. Just keep persisting until you succeed. You can go in a different direction, change your life, begin again. Just make a difference. It is often just a mind shift to believing that you can!
Good Luck and Best Wishes,
Money Lady
Written by Christine Ibbotson, author of two new books, 鈥淒on鈥檛 Panic 鈥� How to Manage your Finances and Financial Anxieties During and After the Coronavirus鈥� and 鈥淗ow to Retire Debt Free & Wealthy鈥�available at all bookstores across Canada. If you have a money question, please email on website:
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