Why start a biz at 60? As many baby boomers or people turning 60 are asking themselves what’s next? Many embark on entrepreneurial venture for a variety of reasons.
- Experience and Expertise: Older individuals often have a wealth of knowledge and experience accumulated throughout their careers. This experience can be valuable when starting a business, as it provides a strong foundation for decision-making and problem-solving.
- Financial Considerations: Starting a business later in life may come with different financial considerations. Some individuals may have retirement savings that they can allocate towards their new venture, while others may seek funding options such as loans, grants, or partnerships.
- Flexibility and Work-Life Balance: Starting a business later in life can provide greater flexibility and the opportunity to create a work-life balance that suits the individual’s needs. Older entrepreneurs may have more control over their schedule and can focus on projects they are passionate about.
- Networking and Connections: Many older individuals have extensive professional networks, which can be advantageous when starting a business. Leveraging these connections can help with finding clients, partners, mentors, or suppliers.
- Challenges and Risks: While there are several advantages to starting a business after 60, there are also challenges and risks to consider. These may include adapting to new technologies, competition from younger entrepreneurs, and potentially longer working hours to establish the business successfully.
- Health and Well-being: It’s important to consider personal health and well-being when starting a business later in life. Entrepreneurship can be demanding, so taking care of physical and mental health is crucial.
- Support and Resources: There are various organizations, programs, and resources available to support senior entrepreneurs. These include business incubators, mentoring programs, training workshops, and government initiatives that specifically cater to older individuals starting businesses.
This subject came about from a conversation with my Mastermind Partners, of how older people are starting businesses, to carry on their work they are already doing, or want to solve a pain they have experienced in their life, or for advocacy.. many different reasons. Why start a biz at 60?
This gal Susan Golden, wrote a book on “Stage no Age.” She was interviewed by Next Avenue, if you go to this page you can hear the 15 minute interview. https://www.forbes.com/sites/nextavenue/2022/08/26/over-60-think-of-your-stage-not-your-age/?sh=37de71ce26a5
In my research I found another article by AARP. about “Why start a biz at 60?”
“Retirees run microbusinesses to stay active rather than make extra money. Money matters, of course. But the older a microbusiness owner is, the more likely they are running the business to stay engaged rather than earn income.
Among owners age 70 and older, 24 percent said they own the business to stay active. Only 13 percent of that age group said they do it to make extra income.“
“Age can actually be helpful rather than an obstacle to starting a business.” “Older people have more life experience, more professional experience and financial stability. They’re likely to understand how difficult it can be to manage different personalities.”
Some of the reasons Baby Boomers are particularly drawn — and suited — to self-employment and entrepreneurship is the flexibility, they can work on their purpose and stay engaged with people and
Learn how to leave a Legacy and Leaving a Positive Impact: Baby boomers often think about the legacy they will leave behind and the impact they have made on their families, communities, or society as a whole. Concerns may arise about ensuring a positive and meaningful legacy and making a difference in the lives of future generations.
If you have been thinking about starting your business, after 60 or have one, consider joining Peer Advisory group, they can help guide you to the resources and connections you need or want.
As a volunteer at Score you can sign up there or you can join my marketing club..just go to this page and sign up for the marketing articles. I’ll soon be offering marketing classes.
What are your thoughts?
P.S. Why start a biz at 60? Get this newsletter https://marketing.mari-lynharris.com/double-your-business-news