She Means Profit

Starting a Business in Your 40s and 50s: Reinventing Yourself Through Entrepreneurship

• Melissa Houston • Season 2 • Episode 172

Share episode

What if midlife was the perfect time to start a business?

In this episode of She Means Profit, I explore why more and more Gen X women are stepping into the world of entrepreneurship. If you’re a woman in your 40s, 50s, or beyond, this episode is for you. We’re talking about reinventing yourself, claiming control over your financial future, and finding personal fulfillment in ways that a corporate job often can’t provide.

This topic is especially close to my heart. Recently, my hairstylist, a young woman in her 20s, took a leap and opened her own salon. Watching her take charge of her financial future reminded me of the power and possibility that comes with business ownership. And if she can do it, so can you! Age shouldn’t limit us; instead, our years of experience give us an edge.

Starting a business is about more than financial freedom—it’s about creating a legacy, pursuing your passion, and breaking through those glass ceilings. In this episode, I’ll dive into why business ownership can be a powerful path to wealth-building and how it’s helping women take control of their futures. So if you’ve been wondering if now’s the time to start something of your own, this might just be the sign you’ve been waiting for.

Listen to learn:‌

  • The Power of Reinvention for Gen X Women
    Many Gen X women are moving beyond the corporate world to build businesses that reflect their values and passions. It’s never too late to reinvent yourself!
  • Financial Freedom Through Business Ownership
    Starting a business offers financial control and wealth-building potential that can go beyond what a traditional salary provides.
  • Building Generational Wealth
    A successful business can create financial security not only for you but for future generations, allowing you to leave a lasting legacy.
  • Breaking Glass Ceilings and Setting New Norms
    Women over 50 are leading the charge in new business creation, changing the landscape of what it means to be an entrepreneur.
  • Importance of Passion and Purpose
    To succeed in business, you need to be passionate about your work. This passion will help you persevere through the ups and downs of entrepreneurship.

Links:‌ ‌  

Courses:

Work with me:

Follow me on:

IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa

Note: We use AI transcription so there may be some inaccuracies

Melissa Houston: Welcome to episode 172 of She Means Profit. Today we are going to be talking about a topic that is incredibly close to my heart and central to the work that I do. And this is why I strongly encourage women, especially Gen X women, to go into business for themselves. So if you're a woman in your forties, fifties or beyond, this episode is for you, even if you're younger.

I mean, it doesn't really matter what age we are going to explore entrepreneurship and why it is not only a viable option for you, but the best way to claim control over your financial future independence and personal fulfillment. But before we get into it, ironically enough, so I had this episode planned for quite some time.

I plan all my episodes out in advance. However, my hairstylist ended up opening her own salon not too long ago. So I visited her for the first time last week in her new salon and I'm super excited for her. This fantastic woman, I think got to be between the ages of 25 and 28, not any older.

And her and her business partner decided, okay, that's it. We're taking control over our financial futures and we are opening our own salon. So they did this. let's see. So she's been working as a hairstylist for a few years, so she's got her experience. As a stylist and she just was like, okay, it's time to move on and make my own money So she's got her space She's got all these services that they provide they've hired team members.

They're growing and she's only been in business for like a month and a half I am so excited for her and there's nothing I think that makes me more happy than to see women when they empower themselves financially. So she's got her plan together. She's still at home living with her mom, which is fantastic.

she's taking on all this responsibility and preparing herself for when she's ready to move out and get on with it. And she's going to have a financially successful business to support her while she continues on with her life. if you are thinking about starting a business. This episode is for you because if you're thinking about it, I am definitely going to encourage you to do it.

And if you're not thinking about it, you may want to start. Okay. So let's talk about reinvention. So there's a lot of power with reinvention and Gen X women are in a unique position to reinvent themselves. Many of you have spent decades in corporate environments, often in roles where we've been overlooked.

Undervalued or face glass ceilings. Believe me, I know the feeling. I was in corporate for 20 years and, at the beginning of my career, I was in the private sector, which was really demanding, learned a lot. It was fantastic. I have no regrets. But when I had my kids, I needed a slower pace, something that was going to be, more aligned with my values, went to government.

It was great. while I was there, because it allowed me to be home with my kids. after schools, on weekends, you know, be there for their soccer games, hockey games, whatever was going on. And I still had, an interesting role. However, I outgrew that, you know, when my kids got older and they didn't need me anymore, I had a real good sit down with myself and said, okay, what is it that you want for yourself?

Now's your time. And, you know, I reinvented myself. So here's the good news. It's never too late to reinvent yourself. Many Gen X women are leaving corporate behind to start businesses that are aligned with your passions, expertise, and the life you want to live. I recently interviewed, if you're Canadian, I interviewed, one of the VPs at RBC and they had done a 2024 small business report.

And it showed that even more Canadians are starting business ownership. Business ownership is huge in the States. 99. 9 percent of all businesses the States are small business owners. But in Canada, we're not as big, but we are growing. So that's pretty exciting news. Starting a business gives you the opportunity to be the decision maker.

You are in control of your time, your energy, and your focus. Plus, you're bringing a lifetime experience to the table. Wisdom that younger generations simply don't have yet. And this is true. They say ageism is like Corporate world and I, do believe it for sure, but experience is valued as a business owner in entrepreneurship, right?

 at least that's been my experience where I feel that, you know, people look at me and they may see my age, but they also see the value of the knowledge that I have. So remember that if you're thinking, Oh, I'm too old for this. And especially since we're inundated with pictures and images of young, beautiful, blonde entrepreneurs that are, you know, just killing it, making, you know, millions of whatever they're doing.

First of all, I want to say a lot of that is. And secondly, there is space for everybody in the entrepreneurial space. So whether you have an understanding of leadership, problem solving skills or knowing how to manage people, you are equipped to handle the ups and downs of entrepreneurship. And it's happening on a large scale.

Gen X women are leading the charge when it comes to new business creation. The highest percentage of new business owners are women over 50. This is huge. And this means that you're part of a growing movement, a wave of women who are defining success on our own terms. Being an entrepreneur, I mean, it's definitely not for the faint of heart.

It has been challenging. I have been. in my own business for five years now and I think for the first two years, I was still employed. however, as time went on, like, it's hard. Did it get easier? I'm just thinking to myself, and I'm not entirely sure that it's gotten easier. It's just the problems became different, right?

As I grow my business, I'm just faced with new challenges. So, um, You definitely have to have resilience and you have to be in the right mindset to be an entrepreneur. But even on my worst day, and I'm going to steal this from Amy Porterfield because she says it often, and I think this is the first person who I heard this from, but even on my worst day of being an entrepreneur, it out beats, out shines, out performs, out anything.

My best day in corporate. So there's a lot to be said about being a business owner, especially a business owner over 50. Let's talk about the financial freedom and security. So one of the biggest reasons I encourage women to start businesses is for financial freedom. You may hear me talk about this And I say it over and over again, I believe the fastest and most reliable way to build your wealth is through business ownership.

Your business is not only a means for creating an income, but it's also a financial asset. So if you manage your business, well, your financial asset will grow in value over time. And let's face it, that's why she means profit is here to guide you and help you build your business. We want to see you build seven, eight figure, multiple eight figure businesses.

And the only way you're going to do that is with the right financial advice.

Okay, so let's talk about how many of us have grown up thinking that having a stable corporate job was the safest financial route. It's true. Like I remember growing up, my dad was actually a partner in an engineering firm. So essentially he was an entrepreneur.

And did my parents ever encourage me to be an entrepreneur? Absolutely not. They were like, you need to get a job with a pension and this and that. Even though my dad was killing it as a, at his engineering firm. like I grew up, And I never didn't get anything I want. I wasn't by any means a spoiled child.

course there were frivolous things that I wanted that there was no way I was ever going to get, but. I never needed for anything, right? we always had the technology, the newest technology. We always had, a comfortable lifestyle, the whole bit. Right. my dad was a very solid breadwinner.

 my mom worked part time when she did work. She worked part time as a nurse. life was good. Of course it did come from a dysfunctional family, but that's a topic for another day. So life was good. And, I was always encouraged to get a regular job, which I did, but I also always had that feeling that I should be doing something on my own.

So from the time I remember my daughter was One, maybe, and I was going back to work. I was like, no, I want to do something for myself. But it was trying to figure out exactly what I wanted to do and to get the timing right to do it. Because when the kids were younger, obviously our financial situation wasn't as solid as it was when I started my business about five years ago.

So a lot of factors came into play. But, Basically, you know, having a corporate job was the safest financial route for me, but times have changed. And we've seen this in as industries collapse, the layoffs that we're experiencing these days. there's no job security.

 companies are downsizing constantly. Job security is truly a thing of the past. Relying on a paycheck from someone else can be just as risky as being an entrepreneur. So when you start your own business, you take control of your financial future. You're not waiting around for someone to a raise or promotion that may never come.

You're setting your own income potential, and believe me, I remember the days where I'd work my butt off. expecting, hoping, praying for a promotion, for a raise, for some sort of recognition that never came.

So there's a lot of power in being your own boss and giving yourself that promotion, breaking those glass ceilings and building something that you care passionately about.

Entrepreneurship allows you to build wealth in a way that a salary. from a job cannot. Business ownership is the most common path to wealth, especially for women. But a lot of women don't know how to build their wealth through their business. Hence, she means profit. So building a successful business can create generational wealth, not just for you, but your children and your grandchildren.

You can build a business that you can pass down and have for generations. It gives you the financial flexibility to make choices, whether that's working less, traveling more, investing in causes you care about, or working more and making a shit ton of money. There is absolutely no shame in wanting to make a lot of money, and it doesn't have to be risky.

In fact, when you choose a business niche with demand and create a well thought out plan, you're mitigating a lot of risk. The key is to start strategically. Pick a business where there's a need and people willing to pay for your products and services. So I can't emphasize this enough because you want to make sure that what you have to offer is something that people want and are willing to pay for.

That is absolutely one of the top advice I give new women entrepreneurs.

So The other piece of advice I give is to make sure the advice you're following is from reputable entrepreneurs who've been there before. They've done it, but they know what they're talking about. There's a lot of crap out there on the internet. and by crap, I mean true caca. And even Entrepreneurs with large followings don't necessarily have the best business advice, okay?

So don't get all, glamourized by the fact that this entrepreneur has, you know, I don't know, like a multi million dollar business and has, hundreds of thousands of followers and all sorts of stuff. It's a lot of smoke and mirrors, right? You want to make sure that you're following the people who really have proven themselves and they understand business and you are learning from them, not the glossed over magazine images that we see on Instagram and such, right?

Get your advice from reputable sources that understand the business world. Okay. So we talked about starting strategically and finding a business where there's a need and people willing to pay for your service. Now let's talk about the personal fulfillment factor beyond the financial benefits. There is personal fulfillment.

And if you are not starting a business because you truly are passionate about what you want to offer the world, I highly recommend don't bother because you have to have that passion. That's the why that keeps you going in the times where you're in the gutter and you're like, why did I even think I was crazy enough to start this business?

Because, entrepreneurship is a bunch of ups and downs. And there's no escaping that. It's not going to be smooth sailing. It's not going to be a linear success line. It is going to be ups and downs and five steps backwards, two steps forward kind of days and all sorts of stuff, right? So talk about think about the personal fulfillment that you're going to get.

After years of working for someone else, You may find that you've been suppressing your own dreams. You have talents, insights, and ideas that haven't been fully appreciated in the corporate world. So starting your business allows you to create something that reflects what you're passionate about, what your values are, and what your talents are.

So if you feel called to start a business that makes an impact, whether it's helping others through service based businesses, creating products that improve people's lives, or contributing to your community in a meaningful way, When you own a business, you have the freedom to build something that you're truly proud of.

It's really like having another baby. It's something that aligns with who you are and what you stand for. when I think of She Means Profit, that is my baby. That's gotten my blood, sweat, and tears. I love it dearly. mean, I love my kids too, obviously. But, I have a lot of strong feelings for my business.

And at times you also have to remember to take the emotion out of your business so you can make smart decisions that are going to benefit your business. But it's not uncommon to really be, emotionally attached to your business. Entrepreneurship can also be a vehicle for personal growth. You learn so much about yourself in the process.

You have to learn how to overcome fear, how to handle uncertainty, how persevere. You are making yourself vulnerable to the world. And when you're vulnerable, that exposes you are and what you're made of. So the challenges you face as a business owner ultimately make you stronger and more confident.

So this is, the personal fulfillment factor. Okay. It can check a lot of boxes when it's like, you know, looking at the next stage of your life, and you're thinking, who do I want to be? And where do I want to go?

Okay, now we're going to stop talk about the changing landscape for future generations. Because when you set step into entrepreneurship, you're not only changing your own life, You're changing the landscape for future generations of women. This is the larger picture, right? Because, you know, it's funny, I was thinking not too long ago, I saw on LinkedIn, somebody had posted that it's been 50 years since women have been able to get their own credit card.

 I'm 51 and I'm thinking, my god, if my mother was only Like I was only a year old when my mother first could get her own credit card by herself without her husband's signature. That is not long. that 50 years has not been long enough. And first of all, I can't even imagine my mom expecting my dad to.

Give her permission for a credit card. It just wouldn't happen these days. so being an entrepreneur, more women are stepping into this space and we're paving the way for future generations of women. So representation matters. By becoming a successful business owner, you're showing younger women that it's possible to thrive in business.

and do it on your own terms. We need more women in business because we need more women making decisions, creating jobs, and controlling wealth. The more women that step into these roles, the more we normalize women's leadership in business. That's how we change the narrative and open the doors for others to walk through.

And this is especially important when we think about the statistic that only 1. 9 percent of women business owners make over 1 million per year. We are changing this. This is why She Means Profit exists. We want to see at least 50 percent of women owned businesses making over 1 million per year. I understand that it's not the choice for every woman, but For a lot of women it is and they're just not making that kind of money.

So we want to change it. It starts with more women taking the leap into entrepreneurship and growing businesses that aren't just about surviving, but they are thriving. So if you've been sitting on the fence, wondering if starting a business is right for you, Let me be clear.

Yes. Yes, it is. This is your sign. You have the skills, experience, and wisdom to succeed, and there is a world of opportunity waiting for you. It's time to take control of your financial future, pursue your passions, and build something that reflects your values and talents. And remember, starting a business is not just about making money.

It's about creating a life that aligns with who you are. And when more women do that, we change the world for the better. Okay. And if you need further guidance on starting a business, please check out From Office to Entrepreneur. That is a course that I created to help you, obviously, get from office into entrepreneurship.

The link for that is in the show notes. And If you are looking for ways to grow your business, check out all the resources at shemeansprofit. com forward slash offers. We have resources, courses, podcast episodes, all sorts of things that she means profit. And together we are building something incredible.