Many think of business formation as a young entrepreneur’s game. Yet, according to a study from the Kauffman Foundation, Americans between the ages of 55 and 64 have had the highest rate of entrepreneurial activity for more than a decade. A report in the Wall Street Journal suggests that older entrepreneurs still find success in the business world with smart business strategies and close attention to a market of their peers.
Many of the entrepreneurs who spoke to the source said that they cater their services to retired Americans. Jeff Williams of Bizstarters.com says people of this age group “have a shared experience.”
Art Koff told the Wall Street Journal that he founded his businesses on the very idea that many of his fellow retired peers were getting as bored as him. In 2003, he launched RetiredBrains.com and now the site records thousands of visitors each day.
The one common problem many older entrepreneurs told the source they face is finding funding. Still, in light of the administration’s recent $30 billion boost to small banks to increase startup loans, this may not be a problem for long.
Entrepreneurs – of all ages – can seek the counsel of professionals at an incorporation service to learn how to incorporate their businesses.