There are many, many success stories of Boomers who have started a business. My wife and I ran a small service business together after I left my professional career as an advertising executive. We used that business as a bridge from full-time work to part-time retirement. An unexpected bonus was that we were able to sell the business after seven years.
In an article on Business.com, Deborah Sweeney does a nice job of debunking three myths about starting a business when you're older:
- "I'm too old"
- "It's too risky to start a business"
- "I don't know where to find capital."
Regarding the first, Sweeney advises, "If you're passionate about a product or have a great vision for a service, don't let your age hold you back from getting started." As for the risk, she says you can start more slowly and cautiously before you launch a full-time venture. As for the third myth, imagine the trouble young entrepreneurs have finding capital -- it turns out that older start-up owners typically have better established credit and contacts.
Sweeney's article is encouraging -- as are the stories of Boomers who have made a successful go of it in their later years. Many Boomers, especially professionals, have a great deal to offer as independent business owners. Even if your business produces a modest income, it can be personally rewarding and at least supplement other sources of retirement income.
Is this your year to take the plunge?