A 2003 survey conducted for AARP found that many Americans between the ages of 50 and 70 plan to work far into what has traditionally been viewed as their "retirement years." Why? For many, it's the perfect time to leverage experience, passions, hobbies, and resources to launch or purchase a small business.
And the possibilities are limited only by your dreams. Owning your own small business can be an exciting lifestyle choice, a great way to stay engaged and productive. As an seasoned worker, you likely bring more maturity, stronger finances, and a wider network of professional contacts and associates than younger competitors. For many older entrepreneurs, starting a small business can be an opportunity to transform a lifetime hobby—such as fishing, quilting, or photography—into a lucrative line of work.
FACT: According to Experience Corps, the number of Americans age 55 and older will almost double between 2007 and 2030 -- from 60 million to 107.6 million. Get the Facts.
Sole proprietorships, home-based and online businesses are often a natural fit for older small business owners because they are less expensive to start, offer greater flexibility, and can harness computer technology for profit in ways that have never been so easy--or so powerful. Buying and selling merchandise through online auctions and e-tailers is just one example of an online business opportunity that didn't even exist a few years ago. More information about starting an online business can be found at Entrepreneur.com.
No matter what kind of small business you are interested in, there are some basic concepts you need to understand to help you start planning. And, whether you are interested in starting a side business right away or intend to wait until retirement, now is the time to explore the possibilities—starting a business, purchasing a business, or buying a franchise--through the help of the SBA and its Resource Partners.
Top Franchise Opportunities
Interested in franchising, but not sure which is the best one for you? Entrepreneur.com has a list of their top 500 choices, as well as more specialized lists like top low-cost and home-based franchises.
Start a business A written guide to starting and running your business successfully is essential. This plan will help you apply for loans, promote growth, and provide a map for you to follow.
Buy a business or start fresh Once the decision is made to start a business, often the next decision is either to buy an existing business or start a new venture from scratch. Learn more about the advantages and disadvantages of both options.
SBA financial resources SBA provides a number of financial assistance programs for small businesses including 7(a) and 504 loans. You can review eligibility requirements of various SBA's loan programs.
