There’s a common misconception that entrepreneurship is most successful when begun at a young age. While there are certainly many successful young entrepreneurs, small business owners should not feel limited by their age. Truthfully, older adults nearing or past retirement have the skills, experience and drive to make excellent owners of small businesses and franchises.
More and more seniors are making the switch to small business ownership. If you’re reaching your senior years but have always thought about owning your own business, it’s not too late! Entrepreneurship is a fantastic choice for retirees for a number of reasons. Here are just a few.
1. You’re past the corporate grind
A lot of older adults become interested in small business ownership after working in a corporate office for many years. Entrepreneurship is enticing because it offers you the freedom to do what you love, to set your own hours and to grow the business how you see fit. Feeling fed up with the corporate grind can be an excellent driver that pushes you to start and build your own business from the ground up.
Entrepreneurship is also a great way to keep yourself occupied during retirement. All too many seniors find that they’re bored or feel unfulfilled after retiring and want something else to do. Building a small business can be a lucrative way to spend your time.
2. You have a wealth of experience
Older entrepreneurs have a leg up over their younger counterparts because of their years of experience. Whether in the corporate world or from prior business ventures, you’ve had a lot of opportunities to gain experience that can be useful when building your startup. Working in a managerial role in your past jobs can also help you step up as a leader of a team of employees once your business gets off the ground.
Equally as important, you’ve had a lot of opportunity to make mistakes—and to learn from them. Bringing a wealth of experience to your new business can be instrumental in finding success faster and with fewer hiccups along the way.
3. You’ve established financial stability
Seniors also have another advantage that can help them in an area where a lot of new business owners struggle: financing their business. You’ve had most of your life to build financial stability by building good credit and a nest egg.
These things can play a crucial role in getting your business up and running. Good credit is useful in obtaining SBA loans and lines of credit for your business. And, if you have a 401(k) from a previous employer, you have the option of rolling that money over through a rollover as business startup (ROBS) to finance your business without debt or penalties.
It’s never too late to start your business
Do you have a dream of being your own boss and building a successful small business? Don’t turn away from it thinking it’s too late! Leverage your skills, experience and stability to build something new.
At Tenet Financial Group, we help aspiring entrepreneurs young and old achieve their dreams of small business and franchise ownership by connecting them with reliable financing options. Call on our Senior Consultants to learn more and get a jumpstart on your business venture.: (888) 901-3335, Option 9, or complete this no-obligation, free calculator on our website to begin exploring funding options you might qualify for.