The passion that spurs someone to dream of starting a business isn’t reserved for the techie Millennial in the torn jeans and hoodie. Even the person in the relaxed-fit khakis and reading glasses can feel the zeal.
Research shows Baby Boomers may have a greater passion for entrepreneurship than younger generations. One report showed that, in 2014, those ages 55 to 64 had a higher rate of new entrepreneurial activity than the stereotypical risk-taking 20 to 34 age group.
Even more Boomers might take the leap, but they can become intimidated “by that word ‘entrepreneurial,’” says Elizabeth Isele, CEO of the Global Institute of Experienced Entrepreneurship.
There are many factors to consider, including how to finance a business. But perhaps the biggest challenge, Isele says, “is having the confidence to do it.”
Match your interests with an area of opportunity
What if you have the dream and the drive but can’t decide what avenue to take?
Experts say there are many opportunities in the current economy. Here are some growing industries and useful strategies to get you started.
1. Services for seniors
“These are businesses and services that are geared toward people in their 70s and 80s that can be done by people in their 50s and 60s.”
One example: patient advocacy services for seniors who need assistance with health care-related issues, such as tackling billing mistakes or sorting out insurance coverage. There’s also a need for home-modification professionals, fitness trainers for seniors and personal finance planners.
“There’s a huge demand for things even as basic as bill-paying services,” says Hannon, who also serves as a jobs expert for AARP. “We’re living longer, and people really are seeking out advice on how to manage their accounts.”
4. A Web-based business
5. Pick your passion
Opportunities based on a personal passion abound. Hannon, the AARP jobs coach, says she’s worked with people who started businesses based on interests as varied as sewing, gardening and dog grooming.
“There are ways to tap into your passion and what you love to start your own business at over 50.”
by Benjamin Pimentel, NerdWallet
Benjamin Pimentel is a staff writer at NerdWallet, a personal finance website.
NerdWallet is a USA TODAY content partner providing general news, commentary and coverage from around the Web. Its content is produced independently of USA TODAY.