If you think that starting your own business is something that’s reserved for young adults who are fresh out of school or particularly tech savvy, think again. The average age of small business owners in the U.S. is just over 50 years old, and 57 percent of all business owners are this age or older, according to a recent survey from Guidant Financial/Lending Club.
Why Baby Boomers Make Good Business Owners
If you know anything about the baby boomer generation, it should come as no surprise that they make for excellent business owners. They’ve lived through enough cycles of hardship and prosperity to understand that you can never take stability for granted. Unafraid of work, they are eager and willing to put in the time that it takes to make a project successful. While they are incredibly independent and resourceful, they are also competitive.
If you’re a baby boomer who recognizes these strengths, you also need to understand how well these translate to owning a business. While learning the ins and outs of the business world and taking that first step can be intimidating, just know that with your determination and a little help, anything is possible.
Side Gigs Offer an Opportunity for Income in Retirement
With many baby boomers now nearing or already in retirement, they might be finding that their careful saving and planning just isn’t enough. Your retirement fund and additional savings might be enough to keep you comfortable, but opportunities to travel and experience the world might be just out of reach.
Many retirees or near retirees are finding that side gigs offer the perfect solution. Without having to go back to school, start from the bottom with a new career, or try to go back to your old one, you can start earning a steady income. As a business owner, you’ll set your own hours and expectations. You can work around doctors appointments or visits with the grandkids, or even work while you’re traveling the globe.
They Know That They Aren’t Alone
Starting a new business entirely from scratch can be overwhelming for anyone, regardless of their age. From sourcing products and services to learn about marketing, accounting, and other necessities, it’s not only time-consuming but also discouraging, because it can take a long time to ever see a profit through your efforts.
But baby boomers have realized that you don’t have to start from the bottom to become a business owner. Companies like Amway empower anyone to take control and rapidly launch their very own side gig. Don’t let rumors get in the way of your success; check out these Amway pyramid scheme facts to learn how the company helps individuals launch real businesses that earn profits through sales of quality products. Unlike actual pyramid schemes, you won’t be stuck trying to recruit the very customers you should be selling to simply to see a return on your investment.
Taking Control of Your Future at Any Age
No matter your age, its never too late to take control of your future. Whether you’re looking to earn some extra income or want to empower yourself and finally be your own boss in retirement, a side gig offers a perfect solution. And if you’re lucky enough to be a proud baby boomer, you already have the skills you need to be a successful business owner!