Art Koff, founder of RetiredBrains.com and author of the reference guide Invent Your Retirement Resources for the Good Life, contributed his thoughts and resources to our new Older Entrepreneurs series:
Many older Americans have not been able to find employment in this difficult job market and are looking for ways to create a revenue stream. As a result, Americans ages 55 to 65 are forming businesses at the highest rate of any age group – 28 percent higher than the average rate for all adults. The business formation rate for people ages 45 to 54 is also higher than average.
Although many older Americans have started businesses with comparatively little capital investment, it is important to recognize that most businesses will not generate much revenue for some time and you must plan to have enough cash on hand to pay for your living expenses in addition to possibly having to put more money into your start up.
Who becomes an older entrepreneur?
(based on feedback from visitors to RetiredBrains.com)
• People who had a great idea and could deliver a unique product or service or had a passion for something they always wanted to do.
• People where were fed up with working for someone else or had been laid off or were worried about being let go.
• People who wanted an opportunity in which their efforts were directly related to their income—if they were going to work long hours they wanted something more to show for it.
• People who had access to the start up monies necessary to fund the product or service they were marketing.
• People who had family and/or friends that could work with them to both get their business off the ground as well as provide them with a place of employment.
Check out the Start Your Own Business section of RetiredBrains.com for the pros and cons, as well as for information on almost every aspect of starting your own business. Topics covered include:
• Doing Your Research
• Funding Your Business
• Incorporating Your Business
• Business Insurance
• A List of Appropriate Franchises (& Restaurant Franchises)
• Using Retirement Funds
• Good Reasons to Start Your Own Business Now