Senior Professionals: Why It’s Never too Late to Start Your Own Business

One of the things that my experience as an entrepreneur has taught me is that it is never too late to start a business.  There are a lot of misconceptions going around about self-employment and owning a business when it comes to whether or not someone can take it on.  Being an entrepreneur, starting a business, running a business, growing a business, it’s all made out to be more complicated, difficult, and dangerous than it actually is.  It's true that starting and owning a business is a challenge to say the least, but it is not insurmountable, and it is certainly not overly difficult.

In particular I’ve noticed that senior professionals are very, very strongly discouraged to not start their own business.  “Just relax and sit tight and live out your retirement in peace and calmness,” is what they’re taught to do and told to do.  But when you think about it, who better to start a business than someone with decades of experience?  They do not have children to take care of.  They usually do not have excessive debts, car payments, mortgages, or other financial difficulties to worry about.  To top it all off, they have decades of experience and education and intelligence in the adult workaday world that they can apply to their own endeavors.  So really, seniors are actually very well set up to start their own business.

What I Plan to Do

My goal is to rehabilitate as many people who are addicted to drugs and alcohol as possible. I have set about achieving this goal by opening multiple drug and alcohol addiction rehabilitation centers. I don't intend to stop this important work.  I want to keep building these rehab programs and keep working to get people off of drugs and alcohol all across the United States.  Even when I, “should be in retirement,” I plan to continue to start new businesses and continue to rehabilitate individuals who suffer with a lot of the addiction problems that I used to suffer with myself before I achieved sobriety.

My Advice to You

Starting your own business can be a challenging but rewarding endeavor.  The challenge creates the reward, which creates the desire for the next phase. My advice to you is first, to just do it!  Take the plunge and get started.  Read on for some more tips for seniors who want to start their own business:

  1. Planning for success and really getting a good schedule and plan of action worked out is easily one of the best ways by far to ensure that your efforts and your actions will be profitable in one way or the other in your business.
  2. In 2014 it was recorded that businesses that were started by entrepreneurs in the age group of 55-65 accounted for no less than twenty-six percent of all startups!  So we know that lots of seniors followed their dreams and started businesses of their own.  Take a page from their book, and study what their successful actions are.  A key of my success has been to always be researching what the successes and the errors of others are, and apply those findings to my own business.
  3. In most cases of seniors who start their own businesses I have noticed that it is not necessary for them to dip into their retirement savings to start their business.  If this is also the case for you then great, but if not then don’t be afraid to dip into your personal funds for such a worthwhile endeavor as this.  The safety and security provided by retirement savings is nothing if the life it is funding is being lived in boredom and shiftlessness.
  4. Many entrepreneurs are able to work out of their homes.  I recommend this to seniors as it means less moving about, less driving, and less expenses.  Working from home can be a great tax write off, and can make the overall business much less stressful and easier to manage.
  5. Seniors have the unique advantage of having been around for a long time and of having seen lots of different things.  Because of this, they have a totally unique position and station of being able to call upon their history and their knowingness to be successful.  Don’t doubt this experience and this history; rather use it to your advantage to make wise decisions.

Seniors are coming back out of retirement and adding to the economy in droves,  They have really been helping a lot in a lot of different areas and a cross a lot of different sectors.  With their help, the economy will recover.  I am excited to see this trend continue and I’m looking forward to seeing the positive effects of it.

Per Wickstrom is the founder and CEO of Best Drug Rehabilitation, one of the top holistic rehabilitation centers in the country. He found sobriety after a decades-long struggle with addiction and has since dedicated his life and career to helping others find the same life-affirming success he has. Connect with Per via his blog, Twitter or LinkedIn.

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