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Baby Boomers Are Retiring Into Having a Small Business

More Baby Boomers are not looking to retire from work, instead they are seeking to make their mark by having a small business according to the recent survey from Guidant Financial. Even those who have entered retirement have found they miss the challenge, stimulation, structure and comradery from working.  They want to capitalize on their passion and experiences as a small business owner.

The #1 reason people want to start their own business isn’t for financial reasons, it is to be their own boss.  Sixty-seven percent of Americans say that even if they won the lottery, they would still like to work. It gives more meaning and purpose, structure and more social connection than being retired. One-third of all small business owners are between 50 and 59 years old; 17% are 60 to 69 years old; and 4% are 70 or older.

Some 86% of business owners over the age of 50 selected a business opportunity with a proven track record to minimize risk. Buying a business or franchise requires capital and cashflow that most do not want take on. Even paying premium for a brand franchise does not necessarily mean there is the support system needed, and many find themselves overwhelmed by the steps involved to having a traditional small business. They didn’t want to wear a lot of hats, and do things they do not love or are not experienced with at such as:

  • Hiring, managing, retaining, firing, which can create a chaotic and unreliable schedule
  • Marketing and advertising
  • Time Management (doing quality control sales, overhead and profitability, etc.)
  • Administrative work (bookkeeping, payroll, managing benefits)

Those who want more flexibility in their schedule and work level are discovering the benefits of being a network marketer. They can have a turnkey business with less risk and greater support and ongoing training. They can have the perks of working virtually, whether that be at home, or travelling, or when one is out doing life without additional overhead. Mentoring and coaching is often provided, with ample encouragement to reach one’s goals. The company structure often provides activities, destination events, community connection, personal growth and excitement for making a difference in other’s lives. A good company will handle the customer billing, shipping, payroll, provide marketing materials, and customer service. Whether you want to treat it as a hobby, or a means to leave a greater legacy, it offers a vehicle to match one’s goals. Research shows that being a part of a positive culture that is about personal growth, building and deepening relationships is beneficial to health. Those who choose a business that they have a passion for doing and understood the time and effort needed, when surveyed on their satisfaction 75% reported their happiness level as an 8 or above on a scale of 1 to 10.

If you are interested in a list of questions to help determine what network opportunity could be right for you, you can request one here.

The plans of the diligent end in profit, but those of the hasty end in loss. Proverbs 21:5

Read more:

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How To Increase Your Home’s Value by Remodeling >

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