Boomer Biz Zone Blog
Surveys reveal that 75% of Americans over 55 want to keep working well into their sixties.
But due to massive downsizing, forced early retirements and just plain job burnout, more and more of these 50+ folks are looking for an alternative to a corporate job as their way to work in the next stage of their lives.
Here are 10 reasons why doing entrepreneurial work can let you combine passion and profit in the next stage of your life.
Your age doesn’t matter when you run your own business.
Whether you sell products to large corporations or services to consumers, your customers don’t care how old you are. They only care that you deliver what you promised when you promised it.
You can combine working for mission and for money.
Often while you are climbing the corporate ladder you have to give up volunteer and charity work in order to keep up with the long work hours. When you become your own boss, you have the chance to combine giving back to your community with making a nice living.
You can work from almost anywhere.
Using a tablet or smart phone linked to the Web, you can stay in touch with your customers from almost anywhere in the world which permits you to reside in more than one location during the year in order to better enjoy your desired lifestyle.
You can avoid getting a pink slip ever again.
In the corporate world, one person can get you fired. When you run your own business your ability to survive and thrive comes from finding a group of customers who really want what you are selling. If you keep them happy, many will not only buy repeatedly from you, but will also tell their friends.
You can select with whom you work.
It is uncommon in a corporate career to be able to choose your boss. But, when you are an independent business owner you can often choose which clients to pursue and which vendors from which to buy.
You can have multiple sources of income.
Serial entrepreneurs are individuals who have launched two or more businesses. But there is an even larger group of small business owners today: “sequential entrepreneurs”. These people use the financial foundation of their original business to permit them to extend into three, four or more ways to make money.
You can enjoy a more flexible work schedule.
When you run your own business you can streamline your work process to complete all the work you need to do each week in less than forty hours. Plus, if you work from a home office you eliminate commuting time. The hours you free up can be used for family-oriented activities, such as visiting your grandkids.
You determine your financial progress.
Corporate salaries have not increased much over the past decade. But, entrepreneurial business owners can enjoy a very different financial reality, where it is possible to set a goal for personal compensation at the beginning of the year and roll out a sales and marketing plan to achieve the goal. Your ability to earn is limited only by your hustle and determination.
You can work with family if you wish.
You may be thinking that you’ll run your business for five or six years and then close up and move into more traditional retirement. Well, the good news is that your business doesn’t have to stop running when you’re ready to stop running. You can work with a son or daughter, or a nephew or niece to show them the ropes of the business and prepare them to take over day-to-day management of your business when you are ready to ease up.
You can really boost your retirement savings.
The IRS permits you as the owner of your own business to put aside a large chunk of your earnings into one or more deferred taxation retirement accounts. Currently, if you are over age 50 you can put away 25% of your self-employed income, up to a limit of $55,000, in a SEP/IRA account. Additionally, today even a solo entrepreneur can afford to look at setting up a 401(k) and/or profit-sharing plan for his company, which permits deferring taxes on even more self-employment income.