Graypreneurs are increasing in the United States. What is a “graypreneur?” A graypreneur is simply an older entrepreneur, likely part of the Baby Boomer generation or older. The increase in older entrepreneurs is in part due to many older Americans starting a business instead of heading into retirement.
Some of the reasons older individuals are starting a new business include having more experience and knowledge in a given industry, more financial stability and the ability to take on minimal debt to start the business.
Tips for starting a business later in life
As an older individual thinking about starting your own business, what do you need to know? Here are some issues to consider:
- Take risks (carefully): Understand when it’s worth it to take a risk and when it is not. Create a financial plan to know when you should spend or preserve your assets in a given situation.
- Create a plan: Every business needs a plan. Think about the different scenarios your company may face and detail how you will address these situations before they happen so you know what steps to take if and when the situation does arise.
- Build a team: Hire and work with individuals you can trust. Also consider working with individuals who may have strengths you lack to help your company.
- Maintain a work-life balance: Remember to take care of yourself to prevent burnout. Maintaining a work-life balance will help you better manage your company.
Starting a business at an older age is possible and can be one of the most rewarding things you do in your life. It is important to consider the financial and legal implications of starting your business. Consider talking to a business law attorney to fully understand your options and to help you create a plan to become a “graypreneur” today.