Starting a small business later in life can still bring success with the right strategy
The Wall Street Journal suggests that older entrepreneurs interested in starting a business post-retirement target their own age group.
Many older entrepreneurs told the source they find success with businesses geared toward their generation. Jeff Williams, chief executive of Bizstarters.com, told the Wall Street Journal that people of the same age group "have a shared experience."
Still, even with an eager market and winning business plans, many of the entrepreneurs expressed their regret that banks don't readily make loans to people over 60 - making starting a small business later in life a challenge.
It could be a challenge that pays off. Jennifer Campbell of Ontario is having success with her memoir-writing service. The source says she makes more than $60,000 a year. Like many of the other older entrepreneurs interviewed, she told the source that "the aging boomer" is her ideal customer.
The moral may be that it's never too late to start a business. According to a report released by the Kauffman Foundation last year, elder entrepreneurs started more American businesses than younger generations last year. Canadian boomers might take note.
