Four Reasons for Baby Boomers to Consider Solopreneurship

This is an exciting week for Better, Smarter, Richer!  We’re thrilled to announce that Jackie B. Peterson is about to head to Chicago to attend this year’s Aging in America Conference, where she’ll share her wisdom for Encore Entrepreneurs. Every year, the annual conference of the American Society on Aging brings together exciting content, new innovations, and best practices to develop thought leadership on the most critical issues in the field of aging; this year’s conference will take place March 12-16. Jackie will also be attending the March 12th What’s Next Boomer Business Summit (also in Chicago). This exciting day-long event is affiliated with the Aging in America Conference, and is dedicated to bringing together the country’s top businesses and organizations that are focused on the Boomer (and beyond!) marketplace.

Solopreneurship is perfect for Baby Boomers. Here are just a few of the reasons why:

1) Many seniors already have the basic requirement, principle #1 for successful solopreneurship: they have a lifetime of learning in one particular area, meaning that they have a focused passion for a deep and narrow niche.

2) There’s a relatively low cost of entry to most solo businesses. The “investment capital” is usually your intellectual capital—what you already know.

3) The growth of your business depends on how much time you want to spend on it. Say you’re 57 and not working; you probably have 20+ healthy years to earn money! That means you can put a lot of time into making your enterprise successful. And if you don’t want to stop working 20 years from now, simply reduce the intensity of your work! Because you don’t have a huge overhead to support, expansion and contraction are relatively easy.

4) The internet and all of the e-tools we now have available have made solo businesses scalable. Geography no longer matters. You can sell your product or service anywhere, anytime.

With 10,000 Baby Boomers reaching age 65 every day, we’re at an incredibly exciting time to be part of this movement. We’re witnessing the birth of the Encore Entrepreneur—someone who is 50+ and excited about exploring new options, monetizing a lifetime’s expertise, and redefining retirement!