What is it Like to Be a Senior Entrepreneur?
Rob Horken — owner of Rob’s Rod Repair and Custom-Built Fishing Rods — supplements his retirement income by building custom-made fishing rods. An avid, lifelong fisherman in East Grand Forks, Minnesota, Rob’s rods are like individual works of art. They have become a popular choice in his local area as birthday, holiday and graduation gifts.1
When most of us think about retirement, we don’t think we will end up like Rob. We don’t have plans for a business, but we might have the skills to get there. It takes a lot of time and dedication, but it can be worthwhile, especially for seniors. With rising rates of depression and health risks in retirement, a business could be exactly what you need to stay happy, healthy & motivated in your golden years.
Have you ever thought of starting up your own business venture?
The perks can be pretty satisfying. Rather than constantly battling against corporate structure, you will have your own autonomy. There is no age discrimination, when you are your own boss and you can set your own hours. If you are making additional deposits to your retirement accounts, you might make enough money to fund your retirement income.
You may want to consider whether you have a skill that you want to share with people and how profitable that skill will be. Make sure to stay on track and budget your spending. Don’t spend all of the nest egg and be careful with your business investments!
Self-Employed Baby Boomers
Since 2000, the baby-boom population has been gradually retiring, contributing to a steady increase in self-employment. In fact, so many 50-plus boomers have started their own businesses that the trend is called “olderpreneurs.”2
After Age 50, Female Entrepreneurs May Have An Advantage
Interestingly, women comprise 40 percent of new entrepreneurs in the U.S. Some experts say that women older than 50 who launch their own businesses actually have more advantages than younger women. Once their children are grown, older women often are motivated to re-purpose their time and energy into a new project.3
Should I Become an Entrepreneur?
Whether launching a vegan food truck or an independent bookstore, many seniors are investing their passion, experience and money into a new venture designed to keep them busy and fulfilled throughout their retirement years. There is no reason that you would be obligated to create a business venture, but it is something that can be worthwhile with the right skill, financing and dedication. If you choose to start a business, find your niche and take it one step at a time. You could end up doing something great.