Do you think 50 is too old to start your business empire? Don’t let the queen Martha Stewart hear that kind of language! 😵🎀 She rose to fame later in life and makes a mean tuna tartar.
The internet is full of 20-something tech bros, but don’t let them think you’re past your prime. If you’re thinking about taking the entrepreneurial leap, check out these power stats! ⚡
Here’s Five Fast Facts on starting a business in your 50s:
- 🏎️ Start Your Engines - According to the latest data, almost a fourth of new businesses have founders between 55 and 64 years old. That’s a 15% increase from 20 years ago. Recent Census data also shows over half of American small businesses are owned by folks 55 and up.
- 🦉 Word to the Wise - The young bucks might come out the gate guns blazing, but with age comes wisdom. Compared to 30 year old entrepreneurs, those in their 50s are twice as likely to succeed. They also have a higher probability of being profitable.
- 😎 OK, Boomer! - According to data from payroll platform Gusto, Gen Z founders pay themselves an average of $10K in their first year of business. Baby Boomers smoked them with an average year-one pay of $60K. They also make more than Millennials.
- 💡 New Chapter - Lots of older folks turn to entrepreneurship after a layoff. The Gusto data shows roughly a fourth of 55+ entrepreneurs start up after job loss. Compare that to the 10% of founders overall on the platform.
- 💰 Going Green - Don’t have a ton of cash to pony up? You might not need as much as you think. Research shows that most entrepreneurs start their businesses with $5K or less. Of course, that largely depends on your chosen industry.
🔥Bottom line: Got a good full-time gig but wanna start something of your own? Go for it! These days, there are plenty of side hustles to help you pad that income. And that’s super important, considering many Americans don’t think they’ll ever reach retirement. Head over to this article to read why it feels so out of reach.
Getting ready to start a new business?
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