Starting a small business after 50

[LA Bizzy]

Hello! I am a young 53. Spent 20 years helping hundreds of small businesses start and grow from soup to nuts in all types of industries, Also sell real estate and am a relationship marketing specialist. Would welcome to engage in discussions on boomers starting and/or growing their companies after age 50. Looking forward to meeting you all!

 

[REWahoo]

Starting a business (AKA: "work") is about as far as you can get from what many of us early retiree wannabees are interested in pursuing - but there are exceptions. Also, I detect the distinct aroma of an upcoming sales pitch from your initial post.

Nevertheless, I'll offer you a conditional welcome to the forum .

 

[LA Bizzy]

Viable considerations for retirement

I direct a Small Business Development Center (govt funded) and have found that more and more folks over 50 are retiring into starting their own enterprises, fulfilling their dreams doing something that they want to do instead of have to do and seeking opportunities to supplement the
retirement income they don't have....and many seeking opportunities using the web because of the convenience and portability. Just like the college students I also counsel, very often we do not promote self employment as a means of income or revenue generation....not to students, folks with disabilities or this gang over 50.......yet more and more it is becoming part of our mainstream economic fabric because of the advances in communication and technology. I would be very interested in hearing others point of view, their struggles, their questions....since everyone will not likely be independently wealthy to cruise out their later years lounging on decks all over the world. I am walking through the process myself....despite all my years of counsel for others.....because the journey, altho fundamentally is the same, the actual practical application today of starting and growing even a free lance opportunity.....is so very different and challenging. Talking about it and doing it are 2 different things. I am getting a much better understanding with and for my client base....and thought this was a good community to be a part of.

 

[harley]

Ah, but we ARE all independently wealthy and cruising out our later years.

That's what FIRE means - Financially Independent, Retired Early.

There are some here who continue to work while retired (never quite figured that one out, myself), but most of us either have or are aiming for a life of self-directed leisure. You'll probably get more advice on why to not do what you are advocating than how to do it. JMO.

 

[RonBoyd]

I always looked toward Ray Croc and Harland Sanders as role models for late blooming entrepreneurers. In any event, the key to success in that endeavor will be an above average (read "for one's age") amount of energy -- indeed, an extraordinary amount -- and an unshakable believe in the product involved. If you don't have BOTH of those attributes you should, instead, "buy in to" a younger person's dream... in other words invest in the stock market or become a venture capitalist. (The latter, BTW, requires great energy.)

I salute you... and wish you well.

 

[Leonidas]

... in other words invest in the stock market

That about sums it up. I'm the portfolio manager and tax-adviser/accountant for a very small private family office, and in my spare time I tutor a very exclusive clientele in physics, chemistry, advanced algebra, economics and Spanish.

During my off-hours I tend to do things like I am right now, lounging on my deck with my laptop smoking a cigar and enjoying a nice after dinner beverage.

That's about as passionate as I can muster to describe keeping track of my portfolio and helping the kid with homework.

 

[CuppaJoe]

What the others said. LOL, Leonidas! I just came in after a few hours in the sun, reading and gazing at a spectacular view, secure in the knowledge that tomorrow I will not have Sundayitis (dread of Mondays that comes over one in the afternoon).

That's a lot of hats to be wearing, OP; I generally just wear a wide-brimmed sunhat.

 

[Nords]

Welcome to the board, Bizzy, I think.

I am getting a much better understanding with and for my client base....and thought this was a good community to be a part of.

It's a great community to be part of, but not if you're looking for employment or clients. Maybe you'd like to read the FAQs and a few of the sticky'd topics to figure out who you're trying to hang out with.

I'm beginning to suspect that neither you nor the people you work with are surfers...

 

[Gumby]

I leverage my core competencies to achieve superior results in a dynamic environment. I also mow the lawn on Saturdays.

 

[rescueme]

I direct a Small Business Development Center (govt funded) and have found that more and more folks over 50 are retiring into starting their own enterprises...

That's not retirement, IMHO. That's just trading one job for another...

No thanks; life is too short to be spent on "creating work" (e.g. "enterprise") till you're too old to have a good retirement (e.g. while you are still physically and mentally active).

I understand that there are those in their 50's that are unfortunate to either lose their jobs, or forced into "early retirement" and need income, due to the current economic challange and I'm sure they could use your services. However, don't confuse that with most folks on this forum.

BTW, I did retire in my 50's (late, by some on this board). It was my decision (not the company's) and turned out to be one of the best decisions of my life. I have no desire to "have" to do anything as related to acquire income beyond what I have today (yes, I'm blessed; I understand that fact).

Please see my reference:

 

[chinaco]

Welcome.

Ditto other comments... most of us are trying to figure out how to stop working.

 

[Nords]

Maybe this guy would be looking for some mentoring:

 

[MichaelB]

I direct a Small Business Development Center (govt funded) and have found that more and more folks over 50 are retiring into starting their own enterprises, fulfilling their dreams doing something that they want to do instead of have to do and seeking opportunities to supplement the
retirement income they don't have

More and more folks over 50 are working self employed because they can't get decent jobs due to rampant age discrimination. More of a nightmare than a dream.

and thought this was a good community to be a part of.

Welcome to the forum. The better discussions here are all about fulfilling dreams by not working. Tell us something about the "not working" part of yourself.

 

[REWahoo]

We will need another day or two to be sure, but I suspect the OP discovered the client grazing wasn't nearly as green on this side of the fence as she initially thought and she's moved on.

 

[flpanhandle]

I have a business that you can purchase today on the Beautiful Florida Gulf Coast that I established in 1995 and have been chained to the !@#$%^&*(()))(*&^ six days a week for 15 years! Now I'm 54 and want out.
Guess I'm not that guy over 50 wanting to start a business

 

[CuppaJoe]

Maybe this guy would be looking for some mentoring:

That is too hilarious. I saved it to my best file. Get a look at the message on the coffee mug:

 

[FinanceDude]

I have a business that you can purchase today on the Beautiful Florida Gulf Coast that I established in 1995 and have been chained to the !@#$%^&*(()))(*&^ six days a week for 15 years! Now I'm 54 and want out.
Guess I'm not that guy over 50 wanting to start a business

Does it cahsflow? Sorry....couldn't resist..........the OP seems like a remake of MMND..........

 

[Nords]

That is too hilarious. I saved it to my best file. Get a look at the message on the coffee mug:

I forget who originally posted that here, but it's been in my best file for a while too.

Every Monday morning as our kid heads off to school (particularly after long holiday weekends), and as the thundering herd of commuters evacuates our neighborhood, spouse and I kick back in our double-wide recliner and proclaim "Thank God it's Monday!" Very little actual work happens around Hale Nords on a Monday.

 

[kimber6]

I live in the boons.. When I retire, I would love to open an outdoors store- even if I didnt make squat doing it. Just be an old fart and BS with people all day lol

 

[Purron]

Does it cahsflow? Sorry....couldn't resist..........the OP seems like a remake of MMND..........

I'll never forget the MMND days. Lots of high drama.

 

[e86s54]

Owning a business of my own that requires only 8 or so hours a week of actual work, I get many guys over 50 thinking "I'd love to do this as a retirement project" and as Kimber6 puts it "even if I didnt make squat doing it. Just be an old fart and BS with people all day"

Aside from working instead of complete retirement, I see two real problems with this. First, you'll likely need to risk capital, some more than others. So can you venture that much $ and handle it it fine if you lost it all?

Second, most businesses face a competitive landscape, especially if there is a low barrier to entry (low capital expenditure...say like hairdressing). So in order to do well, you must work very hard at it to get established and eventually make $. This doesn't sound like ER to me.

My business took 2 years of planning, a lot of $ and 1000s of hours of work to get it established to the point of only needing 8hrs a week to maintain. But still I worry.

But if you can make $ with your passion...that's the ticket! The rest is simply exchanging life energy for $ (aka a job).

E86