In this episode of Next Act Ninjas, host Rachael Van Pelt reveals why your Next Act is the perfect time for an entrepreneurial journey. Did you know that businesses started by entrepreneurs over 55 have a 70% success rate compared to only 28% success rate for younger entrepreneurs? Discover how to turn decades of experience into a profitable, fulfilling business that supports your long-term health, wealth, and fulfillment.
Rachael addresses the biggest fears facing older entrepreneurs—from tech adoption to ageism—and reveals how AI and automation can simplify your business and boost productivity. By using these tools, you can streamline operations, minimize costs, and focus on the uniquely human skills that only years of experience can provide. Get a simple step-by-step strategy for launching your Next Act business in as little as 30 days. Whether you're ready to consult, modernize an industry, or combine online courses with coaching, this episode is packed with insights for designing a business that boosts your healthspan, wealthspan, and quality of life.
Tune in to learn how age and experience are your ultimate entrepreneurial assets. Start your Next Act by mastering the modern tools that make entrepreneurship accessible, achievable, and aligned with a long, healthy life.
Chapters
00:00 Introduction to Next Act Entrepreneurship
01:31 AI is Creating Unprecedented Opportunities for Next Act Entrepreneurs
03:12 Overcoming Fears and Misconceptions
05:44 Age is an Asset not a Liability for Entrepreneurs
08:08 Simple Framework for Starting your Entrepreneurial Journey
09:07 Identifying Your Business Model
11:07 Build a Business that Supports your Health Longevity
12:17 4-Week Action Plan to Launch your Next Act Business
13:48 Initial Steps to Get Started Immediately
*****************************
Welcome back to Next Act Ninjas, the #1 podcast for mastering your health and wealth longevity. I'm your host, Rachael Van Pelt, and today we're diving into a topic that's both personal and exciting, becoming a Next Act entrepreneur. If you're thinking about starting your own business as an encore career or semi-retirement plan, then you're going to love today's episode because I'm going to share why now is the perfect time to become an entrepreneur and how to get started immediately.
Recently, I came across a fascinating statistic. 25% of new entrepreneurs are over the age of 55. That's crazy. One in four new business owners are in their Next Act. What's even more impressive? These entrepreneurs have a 70% success rate compared to just 28% for younger entrepreneurs. Why? Because experience matters, right?
I've seen this firsthand. As a retired healthspan scientist turned Realtor and coach, I've walked this path. And trust me, I did have those middle-of-the-night moments wondering if I was crazy to be starting something new when so many other people around me were planning retirement, or they were digging in their fully-tenured heels to become emeritus professors.
But here's the thing, your Next Act is the perfect time for an entrepreneurial journey, especially given the seismic shifts that we're seeing in the workplace. AI and automation are displacing many traditional jobs, and for some, it's going to force early retirement. But the good news is, these very disruptions are also creating unprecedented opportunities.
Think about it. While AI can handle big data processing and repetitive tasks, it can't replace all of the wonderful human experience, the nuanced strategies, and the social networks that we've built over decades. And AI is lowering the barrier to entrepreneurship. Every day, AI is making it easier to run a business because it's automating tasks that once required entire teams. And that's freeing up time for us to focus on what we do best. I discovered during my own transition that age is an asset, not a liability. It may feel like being over 50, in a youth-centric startup world is a weakness, but it is actually your superpower. Because you have exactly what younger entrepreneurs don't, you have decades of real-world experience. You have a richly connected network, and you have the intuition that only comes from years in the field. So this is a pivotal moment for experienced professionals. I'm going to explain why, and then I'm going to show you how to take advantage of it.
But first, let's address some of the fears I hear most from people who are thinking about entrepreneurship. I hear a lot of comments like, "AI and automation are making my skills obsolete", or "Age discrimination is worse than ever before", or "I can't compete with younger, more tech-savvy entrepreneurs". While these concerns are real, they're based on outdated thinking. People had these same fears at the turn of the Industrial Age, and yet we have far more jobs, even for older adults, and we have higher rate wages than we had before the Industrial Age. Of course AI is going to completely transform industries, but it also has the potential to create far more jobs than it eliminates, doesn't it? We just have to be prepared to pivot to jobs that are augmented by intelligence, augmented by automation and machine learning. When AI takes over routine tasks, it will free us up to focus on what we humans do best, tasks that require deep human connection, emotional intelligence, and intuitive or value-based decisions.
Just to give you some examples of things that I've seen people doing that AI can't handle. I've seen a former HR exec who runs a thriving business helping companies navigate sensitive personnel issues. I've seen a retired teacher who uses AI to create personalized learning plans for schools so that their teachers can focus on giving much more attention to their special needs students. I've seen a former CFO who helps small businesses in interpret their AI-generated financial reports and make strategic decisions that are much more nuanced than any AI model could come up with.
In other words, I think we can think of AI as a tool, not a replacement. It's an assistant that allows us to focus on high-value activities, the activities that only someone with decades of experience could provide. If you want to pivot your Next Act, you need to be prepared to leverage AI to your advantage. But I do want to address ageism. Yes, it does exist, especially in the traditional corporate setting. But entrepreneurship is different. You get to make the rules if you're an entrepreneur. Your age becomes an asset, not a liability. I mean, think about it for a minute. Who would you trust more for financial advice? Someone who's seen multiple market cycles or a 20-something-year-old fresh out of school? You value experience, don't you? That is assuming that that financial advisor is still nimble and is not mired in outdated ways of doing things.
In my real estate practice, clients come to me specifically because they want someone who's been through the transitions that they're facing. My age and experience aren't just advantages, they're essential to my value. I've spent decades buying and selling properties while simultaneously thinking about healthy aging and what it takes to thrive in place or to live a sunbird lifestyle. Sure, AI is making it easier for me to help people all over the country rather than just in my neighborhood, but my unique combination of experience as a health longevity scientists and a real estate investor, take my value beyond what the average AI algorithm can compute. My value is not in finding properties or writing contracts. AI tools can do that, right? My value is in helping people navigate all of the complex decisions, the negotiations, the emotional ups and downs of what we might consider one of life's biggest stressors, buying real estate. And again, my age and experience, they're an asset when it comes to these skills. They're not a liability. The same is true for you, right?
Now, if you're thinking, yeah, but "I'm too old to learn new technology", I think you know my response by now. That is a BS excuse! You don't need to become a tech guru to be an entrepreneur these days. You just need to know enough to leverage the tools that we have at our disposal effectively. You need to stay nimble and willing to try new things. And if you can't learn it, delegate it. It's never been easier to find people all over the world to help with just about any task that you can think of.
That being said, I'm going to give you a simple framework to get started. First, I want you to start by doing an 'expertise audit'. What problems have you solved throughout your career? What insights can you offer that others would love to pay for? Focus on areas where humans excel beyond machines. What's your value-add to AI? And I want you to identify your ideal client. Often it's someone who's just a few steps behind you in the journey.
And then embrace a 'minimal tech stack'. You don't need every new tool out there. You just need the basics. You need a simple website. You need a social media platform. And you need basic automation tools for scheduling and emailing. I use Calendly and Mailchimp. Only add complexity as needed.
And turn your attention to what type of business that you might want to do. I think there are a few types that are particularly well-suited for Next Act entrepreneurs. There are three major categories.
The first is expertise-based consulting. One of the most obvious business models is to simply leverage your decades of experience by turning it into a consulting practice. Focus on an area where human judgment is irreplaceable. This is often the fastest path to revenue because you're simply sharing your existing knowledge, that simple.
The second category is a tech-enhanced traditional business. This is where you take a conventional business and you supercharge it with technology. For instance, my brokerage, eXp Realty, has modernized the real estate industry. They took an outdated industry and they massively improved it with new technology. Better yet, the modern approach has improved productivity, it reduced overhead, so brokerage fees are lower. This approach may seem like a no-brainer, but you'd be surprised at how many industries are stuck in old ways of doing things. If you can bring new tech to an old industry, do it, please!
The third category is a hybrid model of these things. That's where you combine digital products with high-touch services. That allows you to scale your expertise while you maintain personal connection. For example, you could offer an online course paired with group coaching or create a membership community that includes mentoring. This is the approach I used for my Healthspan Mastery program. I offer one-to-one coaching, but I pair it with online courses that give people my step-by-step blueprint for improving their health longevity. It's a wonderful way to help people all over the country in a high-tech but personalized way.
Okay, so once you've identified which of the three business models is right for you, I want you to think about the lifestyle you want going forward. Because in my opinion, one of the biggest perks of becoming a Next Act entrepreneur is being able to design a business that supports your health longevity. You get to structure your work around your life, not the other way around.
If you want to maintain your health as an entrepreneur, focus on managing your energy, not just your time. Start with a minimal viable business so you avoid overwhelm. Automate whatever you can. Schedule your most important work to be done during your peak energy hours. And of course, prioritize rest and recovery, good sleep, and physical activity to stay healthy.
And don't forget to build a support system. Join entrepreneur groups, stay connected with clients and colleagues, incorporate collaboration into your business model. Because that social connectivity and support, they're critical for your business if you want it to thrive. They're also critical for your healthspan.
What do you think? Are you ready? Are you feeling inspired to enter the entrepreneur arena? If so, grab a pen and paper because I'm going to give you a step-by-step action plan for the next 30 days. Write this down. No, better yet, download the transcript of today's episode. I mean, we're in the age of intelligence after all, right? There are just a few simple things you have to focus on each week for the next four weeks if you want to be able to launch right away.
In week one, just complete that expertise audit that we talked about. Reach out to potential clients in your network and identify the problems that you can solve. That's all you gotta do in week one.
Week two, clarify your business model. Create your basic service offering and set up your tech stack. Week three, develop a simple marketing message. Set up a social media profile and build a basic website. That's it.
Week four, make your first offer to your network. Schedule a few discovery calls with them, and then enroll somebody as your first client.
Keep it simple. You're not building an empire in four weeks, unless of course you want to. Your goal is just to create a sustainable, fulfilling business that leverages your expertise, that supports your Next Act of lifestyle, a lifestyle that supports your health and your wealth longevity.
Remember, perfection is the enemy of profitable. So just start before you feel ready. Focus first on solving one specific problem for one type of client. You can always expand later if it makes sense. And think of age and experience as your advantage, it's not an obstacle.
As soon as you're done listening to this podcast, I challenge you, just set aside 30 minutes a day for business development. Block that time on your calendar and stick to it.
Your homework this week is simple. Just complete that expertise audit, interview a few people in your network, and identify the key problems that you can solve. Start visualizing your encore business. How is it going to feel? How is it going to support the lifestyle that you want long-term?
Keeping in mind that every expert was once a beginner just like you. Every successful business started with a single step. The question isn't whether you have what it takes. Your wealth of experience ensures that you have what it takes. The real questions are, what problem do you want to solve? Who do you want to help? And how do you want to live?
For example, I help people optimize their healthspan and wealthspan through smarter real estate and health strategies. AI is rapidly changing how I work as an entrepreneur on a day-to-day basis, but it's also allowing me to help more people than ever before while maintaining a healthy lifestyle. I absolutely love what I do, and I'm excited for you to do the same.
I'd love to hear what all of you Next Act Ninjas are planning or are already doing, so please share your business ideas in the comments. And for those of you who are thinking about downsizing, becoming a sunbird, or you just want a little bit of support to thrive in place, let's chat. I'm here to help you navigate next steps. You'll find a link to hop on my calendar in the show notes. It's part of my minimal tech stack.
Until next time, live well, love more, age less, my friends.