A struggling economy is motivating many semi-retired workers to consider entrepreneurship, and buying a business allows people to utilize their life experience and expansive network of contacts.
Typically drawing on savings or even a retirement account for funds, some retired workers are pursuing a second career, according to the U.S. News & World Report.
“Increasingly, older workers who are unable to find new jobs or are looking for increased workplace flexibility go to work for themselves,” writes Emily Brandon. “Almost a quarter of workers who change jobs after age 51 become self-employed, according to an AARP and Urban Institute analysis.”
Since permanent retirement is closer than it is for younger entrepreneurs, experts warn that using too much money to buy a business can be risky. Business professor Dan Olszewski advises older entrepreneurs to be prepared to accept a “worst-case scenario.”
Older workers have a competitive advantage in their network of colleagues and friends who can provide advice and sales leads.
But entrepreneurship is never without risk. Angel investor Marty Zwilling writes at the Huffington Post that entrepreneurs should be wary of businesses that rely on new technologies or internet services that have a high attrition rate.
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