After spending decades working in a field and accumulating experience and knowledge, you may feel like it’s time for something different. The good news is there may be a market for all of your hard-earned wisdom, and you may be able to sell your skills as a consultant or service provider to other businesses.
Recent years have seen a substantial shift toward older adults starting businesses. In 1996, roughly 15 percent of entrepreneurs were ages 55 to 64. That number jumped to nearly 25 percent in 2020, according to a report by the Ewing Marion Kauffman Foundation. And a study published in the January 2021 issue of the Journal of Business Venturing found that when people launched businesses in their 40s, 50s or 60s, there was a positive effect on the firm’s size and financial success.
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