Today, more and more Boomers are choosing to go back to work, wanting to stay active mentally, physically and socially. And a growing number of individuals in their 60s and 70s are fulfilling lifelong dreams of starting a business of their own – becoming entrepreneurs and building something, rather than working for an employer.
According to a survey by MBO Partners in September, 2011, of the more than 16 million independent workers in the US today, 30 % (more than 4.7 million) are Boomers (ages 50-64), and 10 % (more than 1.5 million) are Seniors (age 65+).
The reasons aren’t just financial, either. Survey results found that a large number of entrepreneurs wanted to create something that reflected their interest and gave them something to feel challenged and motivated. More than half of those surveyed said it was a proactive choice to become an independent worker, rather than a result of being forced out of the workplace.
Top Industries for Boomer Entrepreneurs
Boomer entrepreneurs call upon their wealth of experience, knowledge and desire to create something meaningful. According to the MBO study, independent workers across all segments of the economy and geographic regions are drawn toward these industries:
A Few Words of Caution
Working in any industry requires education, research and preparation.
- Education. This requirement is often answered by years of industry experience, but brushing up on industry standards to learn the latest trends often is the factor for success. Consider certification courses, networking, even subscribing to industry/trade publications to keep your knowledge and skills up-to-date.
- Research. Know what others are offering in your industry and in your geographic region. Price your services accordingly, taking into account both your income requirements as well as what a client will consider a good value.
- Preparation. Consult an accountant to ensure you have all the necessary tools and information in place for billing, collections, and tax reporting. Remember that independent workers must account for self-employment tax, and certain start-up costs, expenses and write-offs may be better to be reviewed by a tax professional than the business owner.
Having a convenient home office or simply a comfortable home to return to after work each day – and having the time to enjoy it – is one of the most pleasant aspects of entrepreneurship. At Windsong, we design every home with features such as a stepless entry, low-maintenance exterior, ample natural light and flexible space perfect for a home office so both your personal life and your professional life are fulfilling and enjoyable. Welcome home to Windsong – Where Life’s a Breeze!