Back in Business – Why Seniors are Hot Property
An increasingly ageing population means that many seniors are now having to stay in work longer, or are simply deciding not to retire at all. Many are now actively choosing to become senior entrepreneurs – or have simply fallen into it by accident. But what are the reasons for this senior boom and why are so many choosing to stay in work rather than taking the easier option?
Why Are So Many Seniors Staying in Work?
One major reason is market downturns. The last few years have been financially tough across all sectors, and many seniors are feeling the pinch more than most. Many simply do not have enough now to fund long-term care should they need to go into a residential home, so have to keep on working in order to be able to afford what they need as they age.
There have been many changes to health and social care too, which mean that for some, the age at which they can start to claim social security has risen and they simply do not have enough money to keep them going.
Another reason is that although we’re an ageing population, we’re actively ageing younger, with many seniors claiming that working is keeping them vital and active. William Hall, MD, and a Professor of Medicine at the University of Rochester School of Medicine at Highland Hospital in Rochester, New York, comments that, “If you feel productive and valued, don’t think about retirement.” the advice is to keep on keeping on for as long as you can.
Choosing to Start a Business
Some seniors are now becoming more entrepreneurial and starting their own businesses up from scratch. According to Harvard Business Review “Baby boomers will be the most financially powerful generation of mature consumers ever; meaning that more people over the age of 65 will have to either stay in work, or start their own businesses to be able to live within their means as they age.
What Do Seniors Need to Think About to Start a Business?
If you’re thinking about providing good or services, thorough market research is needed before a plan is put into place. Think about who your customer base will be? Will they really require what you can offer? Will you be able to earn a profit from the one product, or do you need an array of products or services you can offer in order to keep going?
A basic business plan is a good idea to put in place before anything else. This will set out exactly what it is you want to achieve, whether you can get the funding or help required to set up and maintain your interests and also what will happen to the business when you finally decide to retire – whether it is passed on to a family member or other entrepreneur to continue.
Setting up a business should never be done alone, you should always have support in place even if it is just an accountant or book-keeper to help keep on top of things and manage finances whilst you take care of the day to day running of things.
As your business expands, you may need to take on other help for tasks such as admin and general office duties. Make sure you are financially aware of these extra implications and that you can support and maintain staff if you need to.
Image credit: Olu Eletu