More than five million Americans age 55 or older run their own businesses or are self-employed. If you are thinking of career and income alternatives to your current situation and the idea of selling to the largest population in American history appeals to you, look into products and services that Boomers desire, products that will make their lives easier, products that will make them feel and look younger.
If you are 55 or older and are under-employed, having difficulty finding employment or are dissatisfied with your current employment, you should look at your fellow Boomers for inspiration. They are starting businesses at record rates. More than five million Americans age 55 or older run their own businesses or are self-employed, according to the Small Business Administration.
The number of self-employed people ages 55 to 64 is soaring, climbing 52% from 2000 to 2007. A study by Babson College and Baruch College revealed that Boomers, aged 55 and above, started 18.9% of all businesses in 2008, compared with 10% in 2001. They are playing a larger role in entrepreneurship partly because the number of Americans in the 55 to 64 age category is rising rapidly as Boomers continue their journey as the largest population of Americans born after WWII.
Some of these businesses were started as a result of the recent poor economy that destroyed their retirement savings, some were as a result of recognizing the advantages of taking a company buy-out to pursue a passion. Regardless of the reason, Boomers are a rapidly increasing source of small business activity in many areas of our overall economy.
But, what about the Boomers who, perhaps, have depleted their retirement savings or have had meager careers and have saved little as they raised their families? Are there no significant opportunities for them? Fortunately, there are, and there is help at little to no cost. The federal government has numerous programs to help Boomer entrepreneurs. For example, traditionally, laid-off workers cannot obtain unemployment benefits unless they are looking for a job, but in 10 states, they can continue receiving jobless benefits if they show they are starting a business instead.
The Small Business Administration's Web site offers advice and expertise to entrepreneurs age 50 and older. The site says the ages from 50 to 70 are “the perfect time to leverage experience, passions, hobbies and resources to launch or purchase a small business.” And, there is the key to your success in thinking about pursuing a new business opportunity; experience, passion and hobbies can form the basis for a new, more satisfying career.
The SBA offers free courses on starting a business that also include some of the basic legal matters that concern start-ups. They may also offer advice and encouragement or help with contacting a mentor, usually another small business owner with similar background and market experience.
Boomer businesses span the range from a hobby turned into an income producing activity to retail franchises to continuing in their former career as consultants, some even with their former employers. But, you shouldn't forget that the largest opportunity may be to use the size of the Boomer population to your advantage and offer products to it.
Nutrition products, anti-aging products, health and wellness in general are all areas that appeal to Boomers as they re-define what aging is, and what it means. Their strong interest in healthy living, or at least, the appearance of healthy living, is fertile ground for you as you appeal to the Boomer desire to hold on to youth and live a heathy, meaningful life for as long as possible.
So, if you are thinking of career and income alternatives to your current situation and the idea of selling to the largest population in history appeals to you, look into products and services that Boomers desire, products that will make their lives easier, products that will make them feel and look younger.
