Financial Solution For Baby Boomers Is To Start Their Own Businesses, Says Founder Of Bizstarters
CHICAGO, Jan. 9, 2013 /PRNewswire/ -- Americans over age 50 face a profound dilemma today – the vast majority want to keep working well into their sixties but fewer and fewer of them are welcome in the corporate world, often because of their age. But, according to Chicago-based business start-up expert Jeff Williams, running a business today is a relatively low risk, high reward alternative to a corporate job for these individuals.
Jeff Williams is the CEO and Chief Coach for Bizstarters.com, a nationally known coaching company helping individuals age 50 and over start their own businesses.
Over the past seven years Williams has seen a boom in business startups by people over 50, but he says: "Many, many more older boomers need to seriously look at starting a business if they want to continue to work. And, many will if they understand the new lower cost, higher profit version of small business that's possible today."
Williams suggests seven reasons why starting a business is "THE way to work today" for 50+ boomers:
- Your age doesn't matter when you run your own business. Your customers don't care how old you are. They only care that you deliver what you promised when you promised it.
- Technology lets you look big when you're small. Thanks to technology, more and more business owners are working from home, earning $100,000 or more per year.
- New businesses last longer than new jobs. More than 50% of new hires today only last 18 months in the job. More than 55% of new businesses last at least two years, with many running five years or longer.
- You have a lot of people near your age to sell. You have 78 million boomer peers to sell to – they see you as a "sister or brother." You have 42 million people over age 70 to sell to – they see you as a "son or daughter."
- It's never been cheaper to run a business. Many highly profitable businesses today cost less than $500 per month to run.
- You determine your financial progress. You set financial goals as you wish and create plans to achieve them. You are the "boss."
- You can continue to run your own business for as long as you wish. In fact the IRS gives you a number of ways to legally put away up to 40% of your salary in deferred retirement accounts.
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