More Americans over 50 are Starting their own Businesses

By Art Koff –

Those between the ages of 55 and 64 had the highest rate of entrepreneurial activity of any age group between 1996 and 2010. To this end I have prepared a list of

Seven Reasons to Start Your Own Business

1. You’ll never get laid off again. If you’ve been fired or laid off you can avoid this once and for all by starting your own business. On the other hand be aware that most start-ups don’t succeed and you could very well lose the moneys you invest to get your business started. It usually takes some time before a new business generates enough profit before you get to pay yourself.

2. You don’t have to worry about asking your boss for a raise. Entrepreneurs who run their own businesses can make good money if the business is successful. Since you are taking all the risk you are entailed to all the rewards. Getting your business started is not easy but it is similar to the difference between renting and owning in that all your hard work is an investment in something you own. Money and effort invested in your own business makes the business more valuable and more profitable for you.

3. You don’t have to go to the office anymore. You can work from home or anywhere from which you can conduct your business.

4. Because of technology and the ability to hire staff inexpensively, many of which can work remotely, the costs of starting a business are a great deal less than they were years ago. There are a large number of experienced and valuable unemployed professionals anxious to join your firm as employees or independent contractors. Right now you can hire talent inexpensively and if you are willing to share profits or perhaps ownership in your business you can often find just the right people who are willing to share your risk by accepting lower compensation.

5. A big benefit in owning your business is the opportunity to write off or depreciate legitimate business expenses. If you purchase a laptop, iPad, iPhone, etc. you can write it off as a business expense. You can also deduct software as well as auto expenses and transportation costs other than to and from work.

6. In today’s business environment many have started their own companies with very little capital investment. If you need capital, the cost of money is at an all time low so as you expand your business you have access to monies at very low interest rates; however you should check with your bank or financial institution as you form your business to make sure you can provide all the proper documentation prior to having to borrow. The time to make sure your ducks are in order is before you actually need moneys.

7. If you are interested in purchasing an existing business many sellers will finance the purchase often at extremely favorable terms. Most will “hold notes” to bridge the gap between the purchase price of the company and the total funds you can raise. If you have the proper funds you may also be able to purchase at a substantial savings.

For information on the kinds of businesses, including franchises, that are appropriate for older Americans as well as a number of small business enterprises that required little or no capital investment that were sent in by readers check out RetiredBrains.com and click on Start Your Own Business or Work from Home.

Art Koff is a senior in his mid 70’s and after “retiring” from 40+ years in advertising, founded RetiredBrains in 2003 as an information resource for boomers, retirees and Americans planning their retirement. Art can be reached through his site at www.RetiredBrains.com.