Are you tired of punching the clock for someone else, but think you can’t find another job at your age? Are the kids out of the house, freeing you to re-enter the job market? Are you nearing retirement, but don’t know what you will do with all that free time – or wonder how you will manage once you retire?
For many Americans born between 1946 and 1964, retirement has a very different meaning than it did a generation ago. According to a USA Today/Gallup poll, 63% of American adults plan to work in retirement; two-thirds say enjoyment of work is the key reason. With years of valuable work experience, maturity, and plenty of energy at their disposal, today’s older workers are increasingly finding financial and personal fulfillment in running their own small businesses.
There are as many reasons for starting a small business as there are Americans reaching retirement age. Corporate layoffs, the need for supplemental income, and a desire for a more flexible lifestyle can all play a part. Advanced technology is leveling the playing field for small businesses, and many individuals approaching retirement are now able to realize their personal ambition to be the boss and reap the rewards.
If this sounds like you or someone you know, the SBA and its resource partners can help you find fulfilment in your later years through your own small business opportunity.
The Possibilities for 50+ Entrepreneurs
Owning your own small business can be an exciting change of pace, as well as a terrific way to stay engaged and productive. As a workforce veteran, you bring a great deal to the table: maturity, strong finances, and a wide network of professional contacts and associates. For many older entrepreneurs, starting a small business can be an opportunity to transform a lifetime hobby – such as fishing, investing, writing, or photography – into a lucrative line of work.
Sole proprietorships, home-based and online businesses are often a natural fit for older small business owners, mainly because they are less expensive to start and allow for more flexibility. A popular option is buying and selling merchandise through online auctions and e-tailers. More information about starting an online business can be found at Entrepreneur.com.
No matter what kind of small business you are interested in, there are some basic concepts you need to understand to help you in the planning process. Whether you are interested in starting a side business right away or intend to wait until retirement, now is the time to explore the possibilities—starting a business, purchasing a business, or buying a franchise – through the help of the SBA and its resource partners.
The first step: complete an SBA self-assessment to understand your readiness for starting a small business. The SBA also offers a wealth of resources designed to help entrepreneurs over the age of 50 get started: business planning, professional counseling, financial services, and much more. If you are already a small business owner, the SBA’s resources – and Resource Partners – can help you fine-tune your operation.
SBA resources can help you learn more about your market, shape a winning business idea, and build your professional network. The SBA can also help you understand the impact on your finances of small business start-up capital, taxes, and social security.
Start Smart with SBA Resources
- SBA small business planner
Careful planning is fundamental to success. The Small Business Planner includes information and resources that will help you at any stage of the business lifecycle.
- Buy a franchise
Business franchising offers many opportunities and this form of ownership has helped many entrepreneurs.
- Finance a business
An integral component of starting a successful business is raising sufficient capital. There are many challenges here, but we have numerous resources are available to help you.
- SBA healthcare resources
Did you know that small business owners may be able to deduct some of health insurance premiums from their taxes? Health Savings Accounts (HSAs) can also offer more ways to save on healthcare costs.
- Contract opportunities
The SBA provides information on the various programs that can help you position your business for contracting opportunities throughout the Federal Government.