Article Contributed by Dave Thomas
In a day and age when it seems just about everyone has to work additional years in order to have a relatively secure retirement, more and more entrepreneurs are finding the need to come out of retirement.
Not only are older entrepreneurs realizing the need to work harder, in some cases coming out of retirement to make ends meet, they are also coming to the realization that their status as ideal entrepreneurs works to their benefit.
According to a number of studies, individuals ages 60 and older are the fastest growing group of entrepreneurs in the nation.
For the older worker who has been let go from a job and is finding a new position hard to locate, more of them are turning to entrepreneurship to cover their financial needs. In many cases, they draw on their previous experience or venture into something entirely new to fulfill a lifelong dream.
According to a report from AARP and Urban Institute, nearly one-fourth of individuals who switch jobs after the age of 51 turn to self-employment to meet their career and financial needs.
In the event you are leaning towards being an entrepreneur in what would normally be viewed as your retirement years, here are some things to consider:
- Use your work background to your advantage – With a wealth of experience, it only makes sense to draw on what you’ve learned during your career. Tap into what you’re most comfortable with and where you have the most experience;
- Secure financial backing – It is of utmost importance to make sure your new business venture is financially secure. Given the state of the economy, it is not surprising that many potential entrepreneurs are hesitant to tap into their financial savings. Before looking to savings to start your venture, consider other avenues, including taking out a bank loan or going to family and friends to invest in your business;
- Be prepared to work extra hours – For many individuals coming out of retirement to be self-employed, the work hours will be intense in many cases. In the event these individuals choose to add staff, they’re still responsible for managing them. Be prepared to put in more hours than when you worked for someone else and be ready for increased levels of responsibility;
- Focus in on having fun – While having to work extra years for older entrepreneurs may not sound like fun, you can still make it an enjoyable situation. If you’ve ever dreamed of running your own business, just because you’re older does not mean you can’t do it. If you take time to enjoy the fruits of your labor, both you and those working under you will benefit.
With the economic forecasts saying more and more individuals will not be able to rely on Social Security alone to make a go of it in their later years, starting your own business can be both personally and more importantly financially satisfying.
Are you ready to become an older entrepreneur?
About the Author:
Dave Thomas, who covers items like business phone service writes extensively forBusiness.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.
