Have you hear of boomerpreneurs? These are entrepreneurs that form a business startup after the age of 50. Most boomerpreneurs held successful careers for years prior to their fifties and because of layoffs, retirement, or the desire to start a business of their own, becoming an entrepreneur may be in their future.
Does that sound like your story? If you’re a baby boomer and want to form an LLC or other business, take heart. Owners well beyond the traditional prime career years have formed successful businesses. The rules of forming a successful business don’t change regardless of your age but there may be some that apply for boomerpreneurs.
Plan for Less Income
If you’re currently employed, make plans for the drop in revenue you’ll see when you open your business startup. If you can launch as a part time business, that may help with expenses but if you can’t, save money before quitting your job.
Stay Away from Retirement Funds
Don’t use retirement funds to fund your business unless you have a large excess saved. Businesses may fail but you’ll need money to live on once you can’t work anymore. Having retirement funds is more important than starting a new business.
Have a Partner
Twenty something entrepreneurs may not be concerned with the longevity of their company since they’re at the beginning of their career but those fifty and above are more likely to face health issues or they may run out of working years earlier in the company’s evolution. Having a partner in place that can take over the business when you can no longer work is best planned for at the formation of the company.
Stay with your Strengths
Just as a twenty something might have difficulty forming a business that only appeals to the retired population, boomerpreneurs may find it challenging to form a business that appeals to teenagers. For some, that may not be true but forming a business startup that serves a need that people of all ages encounter may help to make the business successful much sooner.
Don’t let age discourage you from starting a business. Many entrepreneurs have proved that starting a business later in life has just as much chance for success as a young startup provided it serves a need, is well planned out, and the entrepreneur has help from other experts in the field.