Generations ago, folks worked their way up the ladder. Education wasn’t near as helpful as years of experience, and one worked until they couldn’t work anymore. However, changes in opportunities and society adjusted that scene, where retirement became a common norm, and a fancy degree meant getting a better job straight out of school.
Now, we’re somewhere in-between. And baby boomers say we’re much better off.
Despite the stereotype of retirees with gray hair handing over job titles to spend their days in the tropics, many are stepping down, but not out. Still retiring from one job, more and more boomers are taking those decades of experience and turning it into a profitable business that they started themselves.
Take for instance Mary Liz Curtain, who owns her “dream” business, a destination lifestyle store called Leon & Lulu. After years in “a real job,” she and her husband, after turning 50, decided they wanted to do something different. It’s their years of experience, she says, that allowed them to find better employees, fund their venture, and take a well-rounded approach to business ownership. Nine years later, the Detroit-based company has had a tremendous amount of success, and expanded into a second building and an off-site warehouse.
A fact that Curtain is not only proud of, but can’t imagine happening any other way. Retirement, she said, just wasn’t for her. In terms of quitting work or performing stereotypical hobbies, like playing bridge or scheduling afternoon rounds of golf. And if she was going to keep working, why not do it in an industry in which she’s always wanted to branch out? And by doing something she’s always wanted to do – owning her own business.
Though she did warn about the dangers of gambling with retirement money, there are plenty of ways around putting your life savings on the line. Such as offering loyal employees equity in the business that they will more than likely take over once aging owners are no longer working on a daily basis. In fact, employees might be more willing to sign up if there’s a piece of the pie – a timely pie – being offered up.
Other boomers like Curtain and her husband have been starting their own companies for years. And it’s their work experience and success that are helping them through. In industries where high-ups are notoriously young (such as the case with the Curtains), those who have been company presidents and CEOs have a little something more to offer. And since they’re not “hungry” to rise to the top, they’re out to genuinely enjoy their jobs. A trait that has been shown to better attract business and quality employees. [Wall Street Journal]
Aside from actual work tactics that have been gained by years in the field, age might offer up a few more advantages. For instance, banks might be more willing to loan to someone with a longer credit history. New customers might be more responsive to older sales men or women. And employees are likely more excited about working for someone who isn’t younger than they are. Overall, there are plenty of outside perks that can come from starting a business at an older age. It’s simply a secondary career that has a better chance for success.
So for those of you with years of work experience excited about the prospect of starting your own business — search our great selection of franchise and business opportunities for sale. Have fun exploring and finding success in your new life as a business owner!
WSJ Source: http://blogs.wsj.com/experts/2014/11/03/how-i-launched-my-dream-business-after-age-50/