What is it like to start a business after you have already retired?
In 2019, analysis from the Kauffman Foundation, a nonpartisan group endorsing entrepreneurship, found that more than 25 percent of new entrepreneurs aged 55 to 64 were. This was up from about 15 percent in 1996. Across the age range, there has been a peak in new business start-ups since May, according to the Census Bureau. According to the Economic Innovation Group, the bipartisan public policy organization, this peak is likely “powered by newly unemployed individuals opting to begin their own businesses, either by choice or force.”
“Older women, especially,” said Elizabeth Isele, founder and chief executive of the Global Institute for Experienced Entrepreneurship, “are particularly motivated to begin their own businesses to foster their economic self-reliance, help their families and provide jobs for others in their communities.” Start-up costs for a virtual business are under $2,000, depending on the field, of course, but the most significant challenges might be finding time to keep the technical skills up-to-date and pricing your services right.
The biggest reward for starting a business after retirement? The freedom you could not have imagined.” “For most retirees, or those nearing retirement age, starting a new business by repackaging the skills and experience gathered over decades into a new profession is exciting,” said Nancy Ancowitz, a New York City-based career coach. “It hits you, particularly during the Coronavirus situation, that time no longer seems unlimited,” she said. “You’re conscious of your own clock ticking. Since you don’t have an endless vista of work ahead of you, you may be inspired to finally retool and discover a new trade, or just try something different.” A buyout from an employer is good seed money to fuel the career you’ve been longing to launch. If you haven’t looked for a job in months, it’s certainly a treat to get that kick-start rather than searching for a job.