Seniors who start a business are so important to our economy, they deserve recognition, gratitude and our attention..

In fact all too often the mainstream press ignores their stories.

But these “privileged group of Americans” I’m talking about are are seniors who start a business and just happen to be at least 50 years old.

They are using their decades of experience, financial know how and network of colleagues and friends to start their own businesses.

What’s amazing is that instead of winding down and preparing for a relaxed retirement, they’re just getting started.

How are they doing it?

In just a minute I’ll share four starter tips but first let’s talk about …

Seniors Start A Business

The numbers of older seniors that start a business are growing by leaps and bounds.

More than half of America’s small business owners are over the age of 50. Here’s how the numbers work:

• 33% of U.S. small business owners are between 50 and 59 years old
• 17% are 6o to 69 years old,
• 4% are 70 and up.

What’s changed that pushing seniors to start a business of their own?

Well, initially it was thought that after the Great Recession of 2009, people aged 50+ who were laid off from their jobs would have to start a business out of necessity.

And while that is true for a portion of these 50+ entrepreneurs, it was something else entirely that led them make the decision to start their own business.

Seniors Are Following Their Passions

According to a report put together by Guidant Financial, over 42% of entrepreneurs over 50 say they launched their business because they wanted to pursue their passion. Another 36% said they started a business simply because the opportunity presented itself. A little over 22% said they did so because they were unhappy working in corporate America.

And in a surprising twist, only 15% of entrepreneurs who started their own business did so after losing their jobs

They saw this as a moment in their lives in which they could finally dedicate to doing something they loved.

So what kind of businesses did these older entrepreneurs start?

In another surprise, they run the gambit of industries including business services, food or restaurant, healthy & beauty, fitness, home services, and general retail.

How can you join their ranks and start your own business? Well, here are four tips you can use to get started.

Four Steps to Start a Business

Start a Business Step #1: Find a profitable business idea. This is the most daunting area, which holds many people back. But with a little due diligence, you can get past it.

The easiest way to come up with a good business idea is go through a mental checklist of possibilities such as what skills do you have and know well? What do your friends; family and associates say you are great at doing? What activities do you like to do on the weekends? What items do you pay for now that you wish you could do yourself?

Start a Business Step #2: Find top-paying clients. Make use of professional websites such as MediaBistro, Udemy, Etsy, and LinkedIn to find clients. Look for trade associations in the industry you are familiar with or want to go into.

Do an Internet search as well to find potential clients in your chosen niche.

And don’t be afraid to contact local people in your area. Stop in, say hello and introduce yourself.

Keep in mind that finding potential clients is about forming relationships.

Start a Business Step #3: Pitch your services. Reach out to those clients through email or phone call and let them know about your services. You might not get a YES on the first contact, which is why you need to keep at it. In fact you should contact that potential client once a week for a month straight.

If you don’t hear from them or the answer is NO, then move on to the next potential client on your list. Eventually, you’ll get a yes.

Start a Business Step #4: Have a professional website. With platforms such as Word Press, it’s easy for people to create their own professional website. Having a website is important because it offers potential clients a way to find you.

These days, most people use the Internet to find what they’re looking for or to check the credibility of a company.

So having a website that lets clients know about your business idea and how you can help them is just one more way to help get your idea off the ground.

Here’s the thing to keep in mind.

While most of these 50+ entrepreneurs are making enough money to cover their expenses and are showing a profit; they aren’t doing it to become multi-millions.

Remember, the number one reason seniors start a business is because it allows them to do something they enjoy. Because life isn’t always about money … happiness is just as important.

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