According to Chris Farrell, in a recent article at Forbes.com, you can start a business in retirement.
Older workers have decades of experience, a network of contacts, and often more money than younger people to invest in a start-up company. They have lived through years of economic ebbs and flows and are often able to spot needs and market trends due to their years of study.
55-to-64-year-olds made up 15% of new entrepreneurs in the 1997 Kauffman Index of Entrepreneurship, but the number jumped to 24% in the 2016 Index.
And, according to the U.S. Bureau of Labor Statistics, the self-employment rates among workers 65 and up, who don’t incorporate, is the highest of any age group at 15.5%.
Working into the latter years of life gives meaning to each day and the platform to invest in the lives of employees and customers. It is a way to give back to one’s community and provides the opportunity to build a business with one’s spouse and potentially children and grandchildren.
It is vital that we continue learning into our senior years. Farrell reports that there are nearly 1,000 Small Business Development Centers at colleges and state economic development agencies that offer free or low-cost business consulting and training that are open to citizens of all ages.
Read, network, and seek wisdom. Pray for creativity to fill a niche. Maybe you can be the next Colonel Sanders.
“Commit your work to the Lord, and your plans will be established.” Proverbs 16:3