Baby Boomers as Entrepreneurs
According to Going Your Own Way, an article in USnews.com a CGC analysis of government data shows that those 55 to 64 and older represent one of the fastest-growing groups of self-employed workers. Some 1.8 million American workers ages 55 to 64 are self-employed outside of agriculture, up 29 percent from 2000, according to the Labor Department. The number of do-it-yourselfers 65 and older has grown 18 percent to 756,000. And boomers 45 to 54 years old make up more than a quarter of the nation’s 9.6 million self-employed. Overall, boomers and older entrepreneurs now account for 54 percent of self-employed workers, up from 48.5 percent in 2000.
You are never too old to learn and you are never too old to be on your own. That counts for starting a new business or being your own boss post-retirement. The key to success is to think and act practically and stay away from those who send negatives vibes, are targets of continuous discouragement or are those who ask you to be too cautious or even stay away from an “adventure” or a venture that might be too much for you. You must decide for yourself – you know best of what you are capable of and how you want your future to be.
Also this could be the time to live you passion, if you had in mind ever before to be an independent worker then post-retirement could be the time to live your entrepreneurial dreams.
Some tips to start now:
- When thinking about starting a new business, take time to research about the business license and permits that you might require to launch your own business.
- Make a plan on what the expected legal liabilities and tax implications could be for this new business. Hire an attorney if you find the legalities complex and time consuming.
- Investment Capital- How much are you ready to invest and how much can you generate through other retargets? Learn the basics of money management before you step into new territories.
- If you are thinking of starting a new Internet based business, beware of the scams and identity thefts that go around. Try to investigate and identify those who are known in the business or those who provide you with enough evidence of their valid licenses and existence. A good background check can save you a lot of trouble. Don’t be influenced by easy money on the Internet, if it is too good to be true it is most probably a scam!
- Research online and read books on entrepreneurship and find mentors or experts who can help you in directing you towards being a successful entrepreneur.
- A franchise could be another viable option but be cautious on the investment requirement and the time commitment.
More tips that are relevant for anyone stepping into entrepreneurial dreams are at Entrepreneurship for Women Re-entering Workforce.
Some of the tips above may sound daunting but when you go step by step the dream of launching your own enterprise becomes a reality. You can never be too prepared and must never underestimate the importance of planning when starting a new venture.