As Shakespeare wrote, “Leisure is a fine garment for a day, but is horrible daily attire.” Retired individuals are discovering that business activity avoids excessive leisure. Some must keep working to supplement their incomes. Others simply enjoy working.
But seniors are not approaching work like they did for past employers. Instead, they are taking the plunge into entrepreneurship. Starting a business when you’re older may actually permit you to deploy some overlooked abilities.
Those age 50-plus tend to have flexible lifestyles as well as financial resources and extensive knowledge. They also have better health and longer life expectancy than previous generations of their age. So, even if working longer is somewhat of a financial necessity, there is also a drive to remain active.
The entrepreneurial boom in the US is thriving because of an aging population. Increasingly, Americans age 55 to 64 are leveraging their experience to start new businesses. The entrepreneurial activity of this age group is much higher than those in the 20 to 34 age range.
The obstacles confronting older entrepreneurs are a little different than the challenges for younger ones. Here are some factors to always remember.
First, seniors should start businesses that utilize their skills. If your experience is with marketing, maybe starting a restaurant is not your best choice. Instead, you can start a corporation that produces marketing materials and writes promotional literature. By using the internet for distribution, you can obtain customers anywhere for a variety of services. For example, an expert in finance can easily send files over the internet.
Next, older entrepreneurs should leverage their network of professional contacts. You want to have friends and family as either customers or advisers. By selecting an industry that is familiar to your contacts, they become a source of assistance. Also, your business can provide something that is frequently purchased by friends and family. Now, they can start buying from you.
Most of all, older entrepreneurs should look for ways to operate a new company on a low budget. This is why home-based businesses are so popular among seniors. Don’t let money become an issue. Senior entrepreneurs should avoid excessive borrowing to start or buy a business.
Older entrepreneurs are experienced at managing risk. They should not become discouraged about having to work during their so-called retirement. In fact, doing so is becoming a popular passion for the boomer generation.