Some feel shut out by the corporate world, victims of age bias, others just want more control over their future, or space to spread their wings.
But today, many experienced workers are deciding it’s not too late to start their own business.
“Older Americans … are increasingly shunning retirement to start companies because they see job opportunities limited after age 55, don’t have enough savings to retire comfortably or want to work for themselves,” says Bloomberg Personal Finance.
In some circles, they’re called “encore entrepreneurs,” individuals who have set up their own businesses later on in life.
According to the Small Business Administration, these older entrepreneurs are currently launching more than half of the 400,000 business startups in the U.S. each year.
And guess what? The group includes more women than men.
In the South Florida area, the Research Park at Florida Atlantic University in Boca Raton, which includes a technology business incubator to assist startup companies, says “a good 30 percent” of new businesses are run by those over 50.
For some, the goal may be starting a modest, part-time operation to supplement their income. For others, it’s a pedal-to-the-metal undertaking targeting seven figure revenues.
We have several clients who have switched gears in mid-life to recapture the income or professional freedom they felt was lacking. We look forward to bringing you some of their stories over the coming months, as we ask them to share their challenges, accomplishments, and lessons learned in their journeys.
All of them would probably agree they work harder and longer than ever before. But regrets are in short supply.
Are you considering becoming an “encore entrepreneur”? Stay tuned!