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Many individuals approaching retirement age starting businesses

On Behalf of | Dec 8, 2016 | Business & Commercial Law

Starting a business is not just an activity for the young. Entrepreneurs come in all ages. For example, some people opt to start a business as they are approaching retirement. In fact, this is becoming quite common. One recent estimate, by The Kauffman Foundation, pointed to the 55-64 age group being the age group that is currently behind the most new businesses.

Why is starting a business becoming so popular among those nearing retirement? One possibility is changing views on what people want out of their retirement years.

Individuals who are nearing retirement can bring a lot to the table that could help them when starting a business. This includes experience and a developed network of contacts.

Now, as is the case for entrepreneurs of any age, individuals in their fifties or sixties can face a range of challenges when it comes to starting a business.

This includes challenges related to the logistical and financial aspects of getting a new business off of the ground. So, giving careful thought to things like their marketing strategy (including strategies for social media marketing), intended market, start-up costs and plans for projecting their and their business’ expertise out to potential customers can be important for individuals who are starting a business as they are nearing retirement.

Getting a business started can also have challenging legal aspects. Business lawyers can assist business owners of all ages with the legal issues involved in bringing a new business into existence.

Now, the age of a new business owner is among the many things that could have an impact on why they have decided to become an entrepreneur and on what short-term and long-term goals they have for their business. This underscores that every new business owner is unique in what they want for and from their business. Business attorneys can help business owners with incorporating their particular goals into their approach to key legal issues for their company.

Source: The Huffington Post, “The 7 Steps To Starting Your Own Business After Age 50,” Andrea Atkins, Dec. 7, 2016