Q: I’m thinking about starting a business after I retire subsequent month. I’ll be 65. Am I too old to begin a business? — Milton A.

A: Milton, congratulations on your pending retirement. I discover it admirable that after numerous years of tough work you are thinking about starting a business. While most men your age would be content material to sit on the porch and view the globe go by, you are considering a ride on the entrepreneurial roller coaster. You’re certainly tall enough to ride this ride, but are you too old?

Here is my regular answer: It depends. It depends on your well being, your power, your generate, your objectives, and of program, your finances. If all these are in good shape and you have your spouse’s approval (that is a biggie), then there is absolutely no reason why you should not begin a business at your age.

In fact, the numbers are really in your favor. According to recent studies 22 % of men and 14 % of ladies over 65 are self-employed. That’s compared to just seven % for other age groups.

According to a Vanderbilt University research the number of entrepreneurs age 45 to 64 will develop by 15 million by 2006.

That’s compared to a 4 million decline for entrepreneurs age 25 to 44.

A 1998 survey of child boomers conducted by the American Association of Retired Persons (AARP) revealed that 80 % of respondants planned to work beyond retirement age, and 17 % of these planned to launch new companies.

The research mentioned, “Self-employment amongst American employees increases with age, with the most dramatic leap happening at age 65.”

Older entrepreneurs might also discover starting a business easier than their more youthful counterparts simply because older entrepreneurs tend to have much more encounter to draw from and much more assets with which to finance a business.

Further proof comes from a report released by Barclays Bank entitled 3rd Age Business owners – Profiting From Encounter. The report shows that older entrepreneurs are accountable for fifty % much more business begin-ups than 10 years ago. This amounts to around 60,000 business begin-ups final yr alone.

The survey also showed that present day 3rd age entrepreneurs (as the report calls entrepreneurs over the age of fifty) do not thoughts placing in the hrs needed to build their business. Nearly 49 % work an typical of 36 hrs or much more a week.

3rd agers also rated vacations, lack of tension and a balance between work and home life much more important than their more youthful counterparts.

The report additional showed that only 27 % operate the business as the only source of household income, with 51 % supplementing their pension.

Other crucial findings showed that 3rd age begin-ups account for 15 % of all new companies, and 3rd age entrepreneurs are three occasions much more likely to be male than female. There is a downside (isn’t there always?). Numerous companies fail inside the initial few years and older entrepreneurs might be much less able to deal with the monetary loss than more youthful entrepreneurs.

It is 1 factor to shed everything at 25, but it is a a lot larger offer to be financially ruined at 65.

So my guidance, Milton, is that if your well being and finances permit (and the Mrs. gives the green light) by all indicates begin your business.

Climb on the entrepreneurial roller coaster and hang on tight.

You get the senior low cost, by the way.

Just attempt not to shed your lunch when issues get bumpy and you will most likely do just good.

Here is to your success.

Tim Knox

Small Company Q&#038A is written by veteran entrepreneur and syndicated columnist, Tim Knox. Tim serves as the president and CEO of three successful technologies businesses and is the founder of DropshipWholesale.net, an on-line organization dedicated to the success of on-line and eBay entrepreneurs.

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