Later in Life EntrepreneursLater in life entrepreneurs. You may not have encountered them yet if you are a younger worker, but if you’re established in your career or are retired, you are probably running into them more often these days. They’ve worked for years in their chosen careers. They have an excellent skill set and understand the market better than most others. And now they are using that experience to start their own businesses. These businesses operate in the “longevity market” – a market that continues to grow as our population ages. Entrepreneurs in this market are able to use their skills and experience to sell services and products to a market that they may already be a customer in.

Later in Life Entrepreneurs Starting Businesses

Last week, the New York Times had an article about later in life entrepreneurs starting businesses. There has been significant growth in this market,

  • In 2019, roughly 25% of new entrepreneurs were between 55 and 64;
  • People 50 and older spent $5.6 trillion on good and services in 2015 (more than those under 50);
  • The 50-plus age group is estimated to be expanding by 45% by 2050, compared to 13% for the younger group.

There are plenty of lessons in these statistics for new business founders. Even if you aren’t a later in life entrepreneur, the longevity market isn’t one that many companies should be ignoring. Think back to the early 2000’s when Facebook was only for college students. Fast-forward to today and your grandmother probably has a Facebook account. She enjoys posting on your photos and loves to see the grandkids on Facebook. With the advertising tools offered by Facebook, that’s a vast market for your business.

A Variety of Services

Many later in life entrepreneurs are providing services in the health care industry. There’s clearly a demand for those services as the population ages. But the increased spending doesn’t stop at health care. The New York Times points out that “older people spent more on financial services, durable, goods, nondurable goods and motor vehicles.” Clearly, there are plenty of opportunities for businesses in all of these categories (and more).

One area that affinity with the group can be helped by later in life entrepreneurs is when offering advice “on nutrition, fall prevention, and the management of diabetes and other chronic illnesses.” Sending in a 22-year-old new employee may not be the right next step for your business. However, if you’ve got experienced workers who are looking for more flexible work arrangements, it might be the perfect position for them.

If you’re looking to grow as we emerge from the pandemic, now’s a good time to look at the longevity market. There can be lots of opportunities for you and your business. And if you need to add some help to make it happen, you may be able to find some excellent experienced workers who are looking for a flexible work arrangement.

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Next Steps

If you are thinking of starting a business or already started your business and want to make sure your legal documents are in order, give me a call and we can discuss the process and what documents would be best tailored for your company – (877) AMAYERS.

Andrew Ayers
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I work with business and estate planning clients to craft legal solutions to protect their legacies.
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