You are over the age of 50 and have successfully acquired a wide range of skills and abilities. Perhaps you feel that your career has reached its prime or that you are ready for a change. You may have passions that you’d like to pursue and ideas you’d like to make come to life. You are still active and nowhere near ready to retire… does any of this sound familiar? If so, you may be among the country’s growing segment of entrepreneurs aged 55-64, according to AARP!
Since 2008, adults aged 50 and older have represented the largest growing segment of business owners – and they are showing no signs of stopping. In 1994, individuals aged 55-64 represented 14% of all new enterprises. In 2018, that number grew to over 25%. For approximately 6% of 2,700 new business owners surveyed by Guidant Financial and Lending Club, the reason behind entrepreneurship was job loss or other necessity. But other common reasons for older adults choosing self-employment were a desire to be one’s own boss, the hope of fulfilling a lifelong passion, a desire not to retire and dissatisfaction with the corporate world.
It’s no secret that the risks and rewards of entrepreneurship are ideal for someone who has already held an accomplished career. Many older adults no longer have the financial obligations of raising children and managing a mortgage payment along with a college fund, thus making the initial investment of starting a business a more palatable and attainable feat. In addition, older adults may especially enjoy the flexibility and freedom that comes with owning one’s own business, still retaining time to travel and enjoy hobbies and daytime social events.
Research even suggests that ‘migration destinations that are popular with people 50 and older are, not surprisingly, also the busiest regions for start-ups among that demographic.’ The above-mentioned study identified the big three sunshine states of Florida, Texas and California as the literally hottest regions where those aged 50 and older launch new businesses. Older entrepreneurs often have a broad base of lifetime experience that they can leverage – often turning their most cultivated and fine-tuned skills into a specific service or offering.
Have you ever thought about starting your own business? What is stopping you? Our hope is that the data above and the original article (find it HERE) inspires you to stay engaged in what you love for as long as you want!
I have always agreed with the saying that ‘if you love what you do, you never have to work a day in your life.’ I hope those words find even more meaning for you as your life changes and your goals do too.
Resource Used: More Adults Over 50 Starting Their Own Businesses
All my best,
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS,
REI, AHWD, RSPS, MSLG
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