After the age of 65, it is expected that older adults will take the time to relax as they can look to live off their Social Security for the rest of their lives. However, there is an increasing number of seniors in the US who are starting small businesses from home, showing that they aren’t ready to throw in the towel just yet.
According to a study, older adults aged 55 to 64 represented the second-largest jump in entrepreneurial activity over the past years. Moreover, while the world celebrates young tech mavericks such as Facebook’s Mark Zuckerberg and Snapchat’s Evan Spiegel, another research revealed that there are more tech founders over the age of 50 than under the age of 30.
There are so many reasons why seniors are starting their own business during their golden years and why many senior-run home businesses are flourishing all over the country. Though the main reason may be purely economic, it appears that starting a business late in life can also benefit a person in other ways. Here are some reasons why older adults are starting their own businesses.
For financial security
The single largest factor why seniors are going into business nowadays is to ensure their financial security. Living off Social Security can only get you so far, and oftentimes, it may not cover other unexpected expenses that may come up in the future.
An alternative to full-time work
For some seniors, starting a new business is also an alternative to working full-time. Last year, data from the Bureau of Labor Statistics showed that those who were of retirement age continued to work. It was revealed that 18.8% of Americans ages 65 or older, or almost 9 million people, reported being employed full-time or part-time. However, some older people, particularly those who are done working for other people or who have mobility issues, prefer to earn money on their own terms and on their own time.
For the social factor
Another reason why seniors are starting home businesses is that they simply love being active. Managing a business keeps older people engaged, and it also keeps their creativity alive. Being a senior entrepreneur also enables you to stave off loneliness and social isolation as you get to communicate with younger people on a daily basis.
Entrepreneurial options for seniors
If you’re a senior citizen and are looking to start a small business, you have a lot of options that may be right for you. Most retirees become consultants and they get to use their past work experience to advise other people in the same field.
Another easy way to have a business is to sell crafts or baked goods in your home. You can set up an Etsy shop to sell your goods, or you can sell your items at weekend markets or fairs. You can also run errands for other people or babysit for your neighbors or loved ones.
Whatever you choose to do, make sure to start a small business that will make you feel productive and fulfilled until the day that you choose to retire. Find something that can fill your days in a pleasant way, and don’t forget to have fun while you’re at it.