Brave New Directions: Women Pivoting in Business After 50
Women pivoting in their golden age
Recently I have found myself more and more attracted to the image and symbolism of the phoenix. The image and metaphor keep popping up in books I'm reading, music I'm listening to and on signs and billboards (remember those?). When something shows up more than three times, I pay attention.
I kept wondering, what does the phoenix have to do with women pivoting in business?
What I realized is that the phoenix is a symbol of rebirth. Something I, and several other women I know, women over 50 in business, are experiencing.
And like the phoenix, we don't fear change - we embrace it.
Just as this mythical bird rises from its ashes to start anew, so are more and more women business leaders choosing to pivot their careers, exploring new business models and embracing business model pivots. The thrill of exploring new paths and the promise of undiscovered business opportunities are irresistible.
But more importantly, these women, like me, are realizing they were put on this earth for "more than this". More than financial success, thought leadership, market fit... more than all the things we've achieved on our dream or vision boards.
And like the phoenix, sometimes we have to burn some stuff down to be born anew!
I do like a rainbow-y phoenix!
According to a recent AARP article, some “18.3 of older women starting their entrepreneurial businesses said they saw a business opportunity, and the same percentage said they started a company to follow their passion. An additional 16.9 percent of older women entrepreneurs went into business for themselves because of family considerations. Seven percent wanted a job change, and 4.2 percent took the plunge because they felt they had the experience and/or education to succeed.”
Older women know they have more to offer.
Unfortunately, despite the allure, only a quarter of those considering such a move actually make it. This disparity leads us to explore the reasons behind this hesitation and the unique challenges faced by women like us.
Keep reading to see how you can be one of the successful women pivoting in business after 50 years of age.
Table Of Contents:
The Concept of Pivoting in Business
Pivoting in business isn't just a fashionable term and the topic of my new book, “101 Ways to Rock Change, the successful pivot from executive to entrepreneur!”
Deciding to make a pivot from successful executive to entrepreneur is a strategic maneuver that can significantly alter your career trajectory - and happiness!
.For women over 50, it often means shifting their business models to align with evolving personal and professional goals. This pivot can involve exploring new industries, targeting different customer segments, or adjusting their offerings to better meet market demands.
In many cases, it means leaving the corporate job, the position, the income and the accolades you have cultivated for decades. And that can be scary. And necessary.
Defining Business Pivot
A business pivot doesn't necessarily mean abandoning everything you've built; it's about adapting and leveraging your experience towards something new and more fulfilling. It's akin to adjusting your journey's course, with the potential to lead to more meaningful and satisfying career paths while remaining women leaders.
Why Women Over 50 Pivot
Shifting careers at this stage often stems from a desire to pursue passions long set aside or to find business opportunities that align more closely with personal lives and values.
However, the decision to pivot is not without its challenges. Many women face a learning curve, managing on a shoestring budget, or navigating the complexities of shifting to a new niche space.
And then there’s the whole “invisibility thing!”
Hello!!! I’m Still Standing Here!
In a recent post I shared about my unwanted superpower of becoming invisible once I hit 50, I had several women comment. These were POWERFUL women in their industries and companies. I was shocked!
“I just finished a trip to Thailand with a much younger female friend. I was not seen or heard. I would ask for a water and the person waiting on me acted as if I didn’t exist. My younger friend would ask the same question and get an immediate response. It’s very hard to comprehend that I have aged so much that I am irrelevant.”
“I just had this conversation with my husband recently about becoming invisible in public. I remember the days when a man any age would almost run to the door ahead of me to open it...now they don't even see me. Now they open the door walk in and let the door shut behind them. It might be a small thing but I have noticed and it's happened to me many times. And in many other social situations. I agree it seems so all of a sudden. Just weird. Invisibility does suck.”
“So true. I’ve suggested strategies at work, had them rejected, and then been told months later to implement a “great new idea” urgently, when someone else proposed THE SAME THING. So. Many.Times… (PS—I feel much more heard at the female-led company I’m at now.)”
While other (younger and or male) people might stop valuing us, we know that moving past midlife often brings fresh perspectives.
The Stats
Some women feel inspired to pursue passions they’ve set aside earlier while others seek out ventures aligning better with their lifestyle changes at this stage.
Unfortunately, according to recent data from AARP, over 60% of women over 50 have considered a career pivot, yet only 25% have taken the leap. This data indicates that although a significant portion of women over 50 are interested in changing careers, the majority remain hesitant to make such a move.
But fear not. You're never too old for new beginnings. Think of it as opening up an exciting chapter where you bring all your wisdom and experience to bear on something fresh – perhaps something uniquely yours.
Key Takeaway:
Pivoting in business, especially for women over 50, isn't about abandoning your journey but adjusting its course. It's leveraging years of experience towards something new and potentially more fulfilling. Despite fears and hesitations, it's a chance to bring wisdom into fresh ventures that resonate with evolving life stages.
Preparing for Your Business Pivot
Preparing for a business pivot is like training for a marathon - it requires mental preparation, financial planning, and the development of a solid action plan. Women must also practice self-compassion as they embark on this journey, understanding that it takes time to transition successfully.
Mental Preparation
As mentioned previously, to get started with your business pivot you might want to start with Mindset and mental preparation. The shift can feel overwhelming, even scary at times. But remember - fear is the cousin of growth.
Or, as I have said more than once, “Fear and Excitement feel the exact same in your body - the butterflies, the fluttering heart, the “nerves” and the “buzz.” Instead of thinking “I’m scared” think instead, “Oh isn’t this exciting!” The more you do it, the more you will identify those old fear feelings as new excitement feelings!
Visualization
I could (and will) write a whole post on the power of visualization. But for right now, let me just say that a helpful strategy to mentally prepare yourself involves envisioning what success looks like after the pivot. Consider writing this vision down as it'll serve as an anchor during tough times.
Financial Considerations
Understanding financial implications of pivoting often involves budgeting and investment considerations. Here’s where numbers become our friends – no need to shy away.
Create a current budget of your expenses. What must you keep and what can you release? (I mean - do you really need 6 streaming services?)
Create a detailed budget that takes into account any additional costs associated with the transition. Will you need a website? Employees? Virtual Assistants? A marketing person? Many of us are leaving companies with resources we have taken for granted. If you can;t take them with you, you’ll need to keep in mind who you need to replace in your new venture.
Evaluate if you need external funding or whether bootstrapping would be sufficient.
Analyze projected revenues from your new venture versus current income streams.
With some practical steps toward mental readiness and finances lined out here, you're well on your way towards being part of that exclusive club who doesn't merely survive a pivot but thrives through it.
Building a Supportive Network
Creating a robust supportive network is vital in overcoming both gender and age biases. This network, comprising mentors, peers, and allies, provides not only emotional support but also practical guidance, opportunities, and resources. Networking groups, professional associations, and online communities are invaluable in this regard. They offer a platform for sharing experiences, strategies, and resources, enabling women to empower one another.
Networking plays a pivotal role when you're planning to change the course of your business. It's like having an army of allies, ready to help you navigate new territories. Let’s delve into why this is so critical for women over 50 making a career pivot.
Nurturing Your Network
The great news is, you already have a network. Sure some of those individuals won’t be able to support you in your new venture, but my guess is that you might have many relationships that will be supportive. Some might even come as a surprise!
When you are ready to launch your new business, reach out to your network. Through emails, phone calls, texts and social sharing. LinkedIn will even share with your network when you add a new position to your Experience section! People WANT to help you!
Your existing connections are valuable assets during this transition period. Think back on old colleagues, college friends or even family members who might have insights relevant to the path you want to take.
This is not simply using people for their resources but reconnecting with those already within our circle and deepening those relationships. The Golden Rule applies here too—treat others how you wish to be treated yourself.
Building Your Network
To start building your network, think about it as planting seeds that will grow and bear fruit in time. You don’t need to rush things; genuine relationships take time to cultivate.
Attending events related specifically to your industry, joining online forums, or participating in webinars can be good starting points. Remember that networking isn't just about taking—it's also about giving value where you can.
Now let me share something intriguing: Women who actively network are 50% more likely (yes—you read that right.) to succeed in their pivot. This is a testament to the power of collaboration and solidarity; it's evidence that we are stronger when united. It tells us that we are stronger together than alone.
According to networking expert Kelly Hoey, women over 50 have unique strengths when it comes to networking because they often prioritize relationships and empathy.
If you’re standing on the edge of your business pivot wondering how you’ll make it work, remember this: Your network is like a safety net woven with threads of shared experiences, mutual respect, and professional camaraderie.
It's not required to possess all the solutions, as you've got it covered.
Key Takeaway:
Building a strong network is key when pivoting your business, especially for women over 50. Start planting the seeds of genuine relationships and don't forget to tap into existing connections. Remember, it's not just about taking but also giving value. With active networking, you're more likely to succeed in your career shift because we are stronger together than alone.
Let’s take a look at some women who have successfully made that pivot.
Success Stories of Women Pivoting in Business
There are numerous inspiring success stories of female entrepreneurs who have made significant strides in their encore years, demonstrating that innovation, success, and entrepreneurship have no age limit. Here are some notable examples of women-owned businesses:
Martha Stewart - Lifestyle and Media:
Love her or hate her, you can’t deny Martha was/and is once again a powerhouse. Though Martha Stewart had built a successful career as a stockbroker and caterer, it was later in life when she turned her lifestyle expertise into a media empire. Stewart's business ventures took off significantly in her late 40s and 50s as she established herself as a media mogul with magazines, cookbooks, and television shows.
Lynda Weinman - Education Technology:
I have to give a personal thank you to Lynda Weinman who co-founded Lynda.com. I started creating LinkedIn trainings for her online software training website in 2012. And when it eventually became one of the most popular online learning platforms, LinkedIn acquired Lynda.com for $1.5 billion, marking a significant achievement in her entrepreneurial journey.
Jaleh Bisharat, CEO and Co-Founder of NakedPoppy:
Jaleh ventured into entrepreneurship in her 50s, founding a clean beauty e-tailer driven by a deep-seated passion. With grown children and a wealth of experience in business, culture, and leadership, she is fully invested in her venture. Bisharat sees her age as an asset, bringing wisdom and resilience to her role and continuing to learn from every aspect of the business. Rejecting the notion of 'aging out,' she champions the value of experience, asserting the power and potential of starting new chapters later in life.
These women's stories highlight that success can come at any age and often, the wealth of experience and knowledge gained over the years can lead to groundbreaking entrepreneurial ventures.
Their journeys are a testament to their resilience, innovation, and indomitable spirit, serving as an inspiration for aspiring entrepreneurs of all ages.
Challenges Faced by Women Pivoting in Business
The top challenges include navigating societal and industry-specific gender biases, balancing family and career, and overcoming self-doubt. Ageism in the workplace can also be a significant barrier, making it difficult for women to access the same opportunities as their younger counterparts.
Ageism in the Workplace
Ageism is one of those invisible walls that many women bump into when they attempt to change their career path. Unfortunately, it's still prevalent in today's workplace culture.
This bias often results in fewer opportunities and less support for older professionals making transitions. But remember, age brings wisdom and experience – two traits invaluable in any industry.
The top challenges include navigating societal and industry-specific gender biases, balancing family and career, and overcoming self-doubt. Ageism in the workplace can also be a significant barrier, making it difficult for women to access the same opportunities as their younger counterparts.
Overcoming Societal and Industry-Specific Gender Biases
Gender biases in society and specific industries can lead to women being underestimated and overlooked for promotions, funding, or leadership roles. Women often have to work harder to prove their competence and may be judged more harshly than their male counterparts. The challenge is to break through these stereotypes and demonstrate the value and unique perspectives that women bring to the table.
Janine Vanderburg, a leader in advocating for age and gender equity, emphasizes the importance of challenging these biases head-on. She suggests that women need to become adept at articulating their value proposition and building a personal brand that showcases their unique skills and contributions. Vanderburg often speaks about the need for systemic change in workplace cultures to become more inclusive and to value diversity.
Navigating Age Biases
Ageism adds another layer of complexity for women looking to pivot in business later in life. Older women may face stereotypes that paint them as less technologically savvy, less adaptable, or less driven than their younger counterparts. These stereotypes can be particularly damaging when seeking investment or support for business pivots.
Vanderburg points out that combating ageism requires a proactive approach. Women should highlight their extensive experience, wisdom, and the broad networks they've built over time, framing these as assets rather than drawbacks. She also encourages older women to continuously update their skills and stay abreast of industry trends, thereby combating the stereotype of being out of touch.
Balancing Family and Career
Pivoting later in life often means juggling multiple responsibilities at once: caring for aging parents, supporting adult children or grandchildren, maintaining relationships - all while building your legacy business.
Sometimes you might feel like a circus performer spinning plates. Despite these demands though, striking the right balance between family commitments and your professional goals is not just possible; it’s doable with careful planning and prioritization.
Key Takeaway:
Navigating a career change or business pivot is no easy task, especially amidst ingrained gender and age biases. However, with a clear understanding of the biases they face, women can craft effective strategies to overcome them. This includes articulating their unique value, embracing continuous learning, and building a strong support network. By doing so, women not only champion their individual paths but also contribute to broader systemic change, paving the way for future generations. As emphasized by Janine Vanderburg, through collective effort and personal resilience, women can overcome these challenges and thrive in their chosen careers and businesses. It takes time, effort, and community support, but the rewards are well worth it, leading to a richer, more diverse business world.
Resources for Women Pivoting in Business
When it comes to pivoting in business, women over 50 are not alone. For those seeking assistance with pivoting in business, there is an abundance of resources available to make the process smoother and more successful.
Online Communities
A key part of your pivot journey is finding a community that resonates with you. Here we have some noteworthy online spaces tailored specifically towards women over 50 navigating their business pivot:
America’s SBDC Network: This network provides help at every stage of your entrepreneurial journey.
Ellevate Network: A global network designed for professional women committed to elevating each other through education, inspiration, and opportunity.
Reset Collective - A group of visionary leaders who initiate and integrate fresh business results through member led, interactive sessions on referral-revenue + collaboration; mindset growth; street smarts, money smarts; innovations in biz and life approach.
If you're thinking about making the leap but feeling unsure or overwhelmed - remember this: only when we dare to step out of our comfort zone do we grow and learn. As much as change might seem daunting now – once you take action – things start falling into place.
Mentorship Programs
Getting a mentor can be an absolute game-changer. Mentors provide guidance, share their experiences, and offer valuable insights that could help you navigate your pivot more smoothly.
I personally work with Kami Guildner and her Soul+Strategy Mastermind & Business Coaching For Entrepreneurs. Kami guides you toward forging genuine connections and integrating mindful strategies into your business. She steers away from one-size-fits-all growth formulas, recognizing the unique essence of YOU. Authentic business strategy is distinct—it's cultivated from the inside-out rather than imposed from the outside-in.
Of course, I am always excited to interview potential clients as well!
Conclusion
The journey of women pivoting in business after 50 is a testament to the enduring spirit of reinvention and resilience. These women, much like the phoenix, are not deterred by the flames of transition; instead, they rise, renewed and more determined. The path they choose is not just about personal success; it's a bold declaration that age and experience are assets invaluable in the business world.
The power of preparation, the courage to face new challenges, and the wisdom to seek alignment between personal values and professional aspirations are the hallmarks of their journey. These women do not merely adapt; they transform, driven by a vision for what lies ahead, and a steadfast belief in their contribution to the world of business.
Their stories of pivoting past 50 are not just narratives of change; they are blueprints of possibility for future generations. They demonstrate that with the right mindset, support network, and resources, the later years can be the most dynamic and impactful of one's career.
As we look to the future, let's draw inspiration from these trailblazing women. Let their stories remind us that it's never too late to pursue a dream, to shift direction, or to embrace a new beginning. Whether you are contemplating a pivot or in the midst of one, remember: the journey is as much about discovering who you are as it is about where you are going.
With every woman who chooses to pivot after 50, the narrative of business leadership is rewritten, becoming more inclusive, diverse, and enriched with the wisdom of experience. So, to those standing at the precipice of change, take heart. The path may be uncharted, but it is yours to define. Forge ahead with the knowledge that you are part of a growing community of women who are not just surviving but thriving in their encore careers, reshaping the landscape of business leadership with every step they take.
In short…
Braving new directions isn't easy...
But as we've seen, women pivoting in business after 50 have the tenacity to navigate through challenges and make their mark.
The power of preparation is clear. It lets you face a pivot with courage and confidence.
Tales of triumph prove that age can fuel entrepreneurial success or even catalyze corporate shifts. These stories inspire us all.
We've tackled hurdles like ageism, family-career balance...all obstacles turned stepping stones for many brave ladies out there!
A solid network can be your ally when taking this plunge. Leverage it well!
Beyond everything else, remember resources are at hand - online communities & organizations dedicated to helping seasoned professionals take flight anew!
Phoenix rising above working women
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