Second chances don't always come by often. For people nearing the age of 50, retirement is positioned as the endgame. However, many retirees are looking beyond the double digits and paving a new road. Or should we say, a new business.
Age discrimination isn't going away anytime soon. Nearly two-thirds of older people believe it happens in the workplace. States have laws that protect employees from all types of discrimination. Despite regulations set in place, people may have to leave their full-time job for various reasons, such as health-related issues and changes in the industry.
Additionally, some people would rather work for themselves. It's a freedom not everyone experiences. In the past five years, the number of self-employed individuals over the age of 65 has more than doubled.
Business opportunities for retirees
Oftentimes, people nearing the retirement age have the financial resources to take a chance in the business world. There are some common routes that retirees take, which includes:
- Running a practice
- Buying a franchise
- Becoming a travel tour guide
- Starting a service-based business
- Starting a home-based business
Full-time retirement can get expensive. Traveling and other activities cost a lot, as well. Retirees who are still in good health sometimes have the time and resources to start business endeavors. After putting in the hard work, it can overall be very rewarding.
It's important to have a good understanding of business law before you start forming a plan. Weigh out the pros and cons, and consider the risks. If you are married, make sure your spouse is on-board. It helps to have a business partner.