Older Americans start more businesses than any other age group and it has been that way for more than a decade, according to the U.S. Small Business Administration (SBA). Between 1996 and 2013, the 55 to 64 demographic started businesses at a higher rate than those in their 20’s or 30’s. In 2013, in fact, nearly 25 percent of all small businesses were started by an entrepreneur who was in the 55-plus age group.
That makes a lot of sense. In addition to starting a wealth of new businesses, Baby Boomers are also providing a wealth of new business opportunities for entrepreneurs of any age. These opportunities go far beyond healthcare and ageing-related sectors to also include products and services that are needed and wanted by Boomers who are working longer, traveling more, are more active and are also more focused on health, fitness and appearance than any generation that has come before them. It’s a win-win all the way around: older entrepreneurs creating new businesses and jobs by serving the ageing Baby Boomer market. Who, after all, would know its needs and wants better than a Boomer entrepreneur?
Over my career, I have worked as an SBDC business analyst in Illinois and Arizona, and as a consultant to SBDC state networks and related programs in Alaska, Arizona, Illinois, Maryland and New Mexico. Those experiences provided me with a front row seat to watch the emerging success stories of small businesses across the country.
I have taken this experience and paired it with three decades of successful business building experience to create a new venture that is playing a featured role in my own rebalancing plan: Encore Business Advisors. My new business indulges my passion for working with new and aspiring business owners to help them confront the challenges of startup and growth by offering personalized one-on-one advising by phone, web or in person. It is a perfect example of pairing experience, expertise and passion to respond to a growing market trend (encore entrepreneurship) while meeting personal goals. You can do this too!