There have been more and more Baby Boomers becoming entrepreneurs. As they retire from their jobs, many of them are immediately starting their own businesses. In fact, they help make up the majority of self-employed workers along with older entrepreneurs.
For many Boomers, they’ve always wanted to be in business for themselves, and one option that many are choosing is to start an online business. This is fitting, since a majority of them are comfortable going online and regularly surf the web. Plus, running an online business is more flexible and appealing than running an actual storefront. They do not want to be tied down all the time with having to manage a physical building now that they are retired, and this is the perfect answer.
Some Reasons Baby Boomers Are Becoming Entrepreneurs
- Baby Boomers are healthier and live longer on average. When it comes time to retire, they still have plenty of years of good health left.
- Baby Boomers enjoy making money. They don’t want to come home after retirement and do nothing, but rather continue to feel useful by still earning a living of some sort.
- Baby Boomers want to remain active. They enjoy working and staying active and sitting around at home with nothing to do is not appealing to them.
- Baby Boomers already have plenty of experience. They have 20-30 years of experience already racked up, and can generally start an online business with the knowledge they already have.
- Baby Boomers get to pick what business they start. Again, with all the knowledge they already have, they can pick something that they enjoy doing and are good at.
- Baby Boomers want freedom. They don’t want to be tied down to a storefront which involves much more time and involvement. They want the freedom to be able to enjoy more things that they’ve always wanted to do, or just spend more time with family.
- Baby Boomers may already have the funds to start the business. If they have been planning all along, they may already have some money saved up to start this business, and have an advantage over a younger person who might not have the savings to help start a business.
- Baby Boomers won’t be discriminated because of age. With age comes experience, as a general rule, and they will have much more trust from potential customers in their products or services than perhaps a young person just starting out.
Not Retirement Ready
Many Baby Boomers going into retirement are really not ready to retire. Although they may want to move on from the job they’ve been doing for many years, they probably still want to remain active and vital to their community – that need to feel useful. For many, this is the perfect time to revisit what they always dreamed of doing as a career but was just not practical 20-30 years ago. Now they have the experience, and perhaps the savings, to begin on a journey that could be both rewarding and fruitful where they can also enjoy the freedoms of retirement.