The recession of 2008 and it’s negative impact on both retirement portfolios and career prospects created a significant increase in next chapter entrepreneurial ventures. The rise of the Boomer Entrepreneur has been well documented. In fact a recent TD Trust survey found that 54% of boomers have started or considered starting a small business prior to retirement and 40% of workers over 65 are self employed. A Bank of Montreal study found that 75% of boomers said they became entrepreneurs later in life due to a need for additional income.
Regardless of the motivation, after a lifetime of working for someone else many boomers relish the opportunity to be their own bosses for a change. The good news is that the timing couldn’t be better.
10 reasons why now is a great time to become a “Boomerpreneur:”
- Age doesn’t matter when you’re the boss. Ageism can be a major factor for someone 50+ seeking employment. A new venture can be a perfect alternative for those tired of the corporate grind but not ready to retire.
- You could have 20 or more productive years ahead of you. Warren Buffett is 80 and still goes to the office daily. Assuming good health there is no reason why working into your late seventies can’t be an option.
- The ability to generate income past 65. Dave Blanchett, head of retirement research at Morningstar, found that just three years of additional income improves one’s odds of having a financially secure retirement by 55%.
- You pick the people you choose to work with and those you don’t. Sometimes you can’t be too picky in the start-up period, but with success comes the ability to be much more selective.
- With the advent of internet based businesses you can work from almost anywhere. As a retirement transition coach and consultant not only do I have the ability to work from home, but I also have the option to work remotely when on vacation. This flexibility can be a very important factor when considering post retirement ventures.
- The opportunity to build your business around something you enjoy and are truly passionate about. There are a fortunate few who land on a career or venture that they are truly passionate about right out of school, but for the vast majority of us true passion proved to be elusive. After 25+ years of making a living this is your opportunity to create a legacy.
- You have 25+ years of experience and expertise to draw from and the network, social skills and maturity to go with it. You really can take all your accumulated experiences in life and successfully apply them to a new and exciting venture. Today people over 55 are almost twice as likely to create successful start-ups as those 20 to 34.
- The ability to stay both mentally and socially engaged. Staying engaged in your retirement years can play a significant role in overall happiness levels.
- The cost of entry has never been lower. It has never been less expensive and therefore less risky to start an entrepreneurial venture. Many new ventures today are launched for well under $10,000 and can run for less than $500 per month. This is especially attractive for those with less financial resources.
- Speaking of risk boomers aren’t afraid to take chances. Compared to other generations the boomer set are far less fearful of taking risks. A sizable 43% of boomers identified themselves as being high risk takers.
Later life start-ups aren’t for everybody. I know that even though I had 30+ years as a consumer products sales executive, the prospect of going it on my own was, and still is scary. With that said knowing what I know now my only regret is that I didn’t take the leap 10 years ago.
You can’t start the next chapter of your life if you keep re-reading the last one – Unknown
Maybe it’s time to bet on yourself!
As President of Your Future Reimagined (YFR) Coaching and Consulting, I help professionals/executives successfully transition to enjoyable and enriching retirements.