COLUMN: Ask the money lady – Becoming an entrepreneur

Dear Money Lady:

Hi Christine, I don’t want to go back into the office this fall so I am thinking of starting my own business. Do you think other people are planning to do this too and is it a good idea? I am in my 50’s and I am not sure.

Cheryl

Great question Cheryl – one that a lot of people are now pondering with the mandated “back-to-work” movement with Canadian big corporations. To be an entrepreneur, you’ll need an “iron will,” to keep going during the times when you’re not making money, when the obstacles seem too big, and when the time investment becomes too intense.

The key to becoming a successful business owner is to find and fill a niche market or demand. I know this is hard to do, but honestly this will be the one thing that sets your business apart and ensures your success long term. Being in your 50’s does not matter. Often it is better to be older with life experiences, to bring more expertise to your venture and to be better able to relate to your customers. Another trait you must have is the ability to be flexible. Never be too rigid in your ideas for the growth of your business. Once you get in and begin establishing your brand, realize that sometimes you may need to pivot on your original focus to expand and grow. And lastly, my advice would be to constantly look for ways to involve your business with more and more people so that you can create a “buzz” in your industry or area to have more people talk about you. Of course, social media platforms help with this process but also look for ways to get down to the “street level” and meet your potential customers.

I run a Vibrant Living Speakers Series in towns and cities across Canada, and currently this 2025/2026 season we are in Ontario. We always have local professionals come to speak – many times they have a good story and can provide value to our participants on a variety of different subjects. The series is open to the public, free of charge, and aims to empower older adults by providing opportunities to learn something new. I’ll be there at every event – so if you are in the GTA, why not come out to see me and get inspired in the process!

You should always be looking for ways to spread your message. Never be too cheap to advertise. Too many small business owners, especially in Canada, err on the side of being frugal. Being too sparing on your advertising budget or just relying on Goggle to bring you customers will never make you highly successful; instead, it will guarantee you stay small and mediocre in your field. To become a superstar, you need to get out there, talk to as many people as you can every single day, attract more and more customers, inform everyone about your business in your community and build customer trust so that people spread your message too. Remember, to make money, you will need to spend money and to grow your business you must get involved with your audience.

Cheryl, believe in your brand and invest in your business. Become a passionate whirlwind powerhouse. If you do that, I know you will be successful.

Christine Ibbotson is a Canadian finance writer, radio host & YouTuber. For more advice check out her YouTube channel: ASK THE MONEY LADY – Your Canadian Finance Coach.