Business booms for 50-plus | Calvin Goings

Entrepreneurs over the age of 50 are one of the fastest growing groups of new business owners. For age 50+ individuals, entrepreneurship offers an opportunity to use knowledge and experience that has been gained during a lifetime and put it toward creating a new business that can be rewarding and challenging.

The following is written by Calvin Goings, the regional administrator for the US Small Business Association:

Entrepreneurs over the age of 50 are one of the fastest growing groups of new business owners.

For age 50+ individuals, entrepreneurship offers an opportunity to use knowledge and experience that has been gained during a lifetime and put it toward creating a new business that can be rewarding and challenging.

Considering that there are 76 million people over the age of 50 in the United States, encore entrepreneurs are becoming a powerful economic force. And this is why the SBA has teamed up with AARP state offices nationwide. This summer, SBA has launched a new Summer of Encore Mentoring initiative, which has grown from one day in 2012, to Mentor months in 2013 and 2014, to an entire summer filled with events specifically designed to help encore entrepreneurs start or grow a small business.

Encore entrepreneurs will be matched with successful business mentors and experts who will lend advice and assistance. We know this kind of coaching can be critical for the success of a small business. Our data shows that when entrepreneurs have a long-term counseling relationship with SBA, they achieve stronger sales, higher profits and more hires than their competition.

The number of Americans age 50+ who are working or looking for work has grown significantly during the past decade. This is expected to continue to increase. In fact, 35 percent of the United States labor force will be age 50+ in 2022. This compares to just 25 percent in 2002, which makes small business ownership a good option for many baby boomers.

Throughout June, July and August, SBA district offices, state AARP offices and SBA resource partners will host events around the country. Events include speed mentoring, which allows mentors with small business experience and entrepreneurs to share information during one-on-one counseling sessions and workshops for entrepreneurs to learn best practices from successful small-business owners. To find a local event near you go to www.sba.gov/encore.

Free online courses targeted at helping encore entrepreneurs start or grow their businesses are also available at www.sba.gov/encore.

In addition, SBA will be hosting a webinar series to help current and potential encore entrepreneurs. For more information and to register, visit www.aarp.org/moneywebinars.

There’s no better time to start a business than today. For Americans, especially those over age 50, why not make this summer a fresh start to the next chapter of your career?

 

More in Business

Finding balance in occupational licensing

Recently, the Institute for Justice (Institute) determined state licensing barriers for lower-income workers and aspiring entrepreneurs not only hurts people trying to establish themselves in a profession, but annually drives consumer prices up by $203 billion.

Remembering Ed Carlson, Vietnam POW

Since last Veteran’s Day, Ken Burns’ in-depth documentary on the Vietnam War has aired. It is a powerful reminder of an unpopular war in which many “baby boomers” fought and died.

Rural prosperity essential to Washington

While Seattle is growing rapidly, our rural areas continue to struggle. They don’t have the corporate giants such as Amazon, Microsoft and Boeing creating jobs and economic opportunities. Farms are predominantly family-owned.

Amazon’s plan reminiscent Boeing’s Chicago move

Last year, Seattle Times aerospace reporter Dominic Gates wrote about the similarities and differences between Boeing’s corporate office move to Chicago and Amazon’s plan for a second headquarters.

LiveLocal98022 meeting cancelled

Bob Green, the night’s speaker, notified the organization he couldn’t attend due to an illness.

Expanded Panama Canal among challenges for Washington Ports

The $5.4 billion spent to expand the Panama Canal is paying off for East Coast and Gulf of Mexico seaports; however, it is putting more pressure on the Northwest to remain competitive.

Players taking a knee hurting the NFL | Don Brunell

On a recent Saturday afternoon in Portland, a young woman stepped onto the playing field at the beginning of the University of Montana vs Portland State football game and started singing our national anthem. She immediately drew a blank on the words and briefly stopped, but as she started apologizing, the fans spontaneously took up the singing.

New metal collecting machine may clean up contaminated waters

There is a new machine being tested in Montana which could decontaminate toxic mine tailings while recovering valuable precious minerals for everyday use.

Workshop will focus on business, social media

All are invited to learn how social media can impact business and how it can be used to create a positive experience for customers.

Impact of Hirst decision must be address

In Washington, the legislative stalemate over permitting new household wells and the state’s construction budget has not only delayed needed funding for public projects, but triggered yet another salvo in the wider conflict over future supplies of fresh water for people, fish and farms.

Mitigate massive wildfire danger | Don Brunell

At last count firefighters were battling 82 major wildfires in 10 western states. The fires have already scorched 2,300 square miles of forests and range lands, dislocated thousands of people, and burned hundreds of homes and buildings.

Silver linings to Hurricane Harvey | Don Brunell

All of the things that went wrong in New Orleans with Hurricane Katrina in 2005, appear to have been corrected with Houston’s recent Hurricane Harvey. Chalk it up to a series of important lessons learned.