Freedom Friday: The Hot New ‘Retirement’ Plan for Baby Boomers – Starting a Business

Baby Boomer Entrepreneur

In her article, The Hot New ‘Retirement’ Plan for Baby Boomers: Starting a Business, author Leigh Buchanan explains how older entrepreneurs are happy to keep thing small and trade material benefits for a more comfortable schedule:

“Characterizing a Boomer business as a retirement hobby is as misleading as saying all 20-somethings launch app companies. Still, startups by people over age 50 tend to skew small. Gallup reports that 80 percent are lifestyle businesses meant to supplement retirement income and keep the mind engaged.

Jeff Williams, founder of BizStarters, a service that coaches older entrepreneurs, says roughly 60 percent of the clients he’s worked with in the course of 20 years ‘are much more interested in schedule flexibility than making a ton of money. They want the feeling that, after they have been in business for six months, they can take three weeks off to go visit their grandkids.’ Very few older founders are trying to replace corporate salaries, says Williams. Instead, average earnings expectations are between $50,000 and $75,000 a year.

The majority also prefer to be soloists, drawing on contract help when necessary. “I get these guys who come to me–they are 57 years old–and they say, ‘Been there, done that, already managed people,'” says Williams. ”I would like to grow a company without employees.””

Read the rest at Inc..


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