There is a winning combination in business – energy, ingenuity, and innovation. However, there is something to be said for strength and wisdom, which usually comes with age and experience.
Muscles don’t just appear for bodybuilders, they must be torn, stretched, and nourished over time – this is the same with entrepreneurs, no matter the age. Successful entrepreneurs have a winning combination of knowledge and wisdom. The Residential Assisted Living Academy is showing these 50 and older individuals tips to starting businesses.
MORE ADULTS OVER 50 STARTING THEIR OWN BUSINESSES
This combination comes with age and experience because one of the fastest growing demographics in American entrepreneurship is adults over 50.
Many of these seasoned seniors are utilizing skills that have been developed over many years of working. Their experience eliminates excessive growing pains and creates more adventure.
In the mid-90s, people 55 and over constituted nearly 15-percent of new enterprise. As of 2018, nearly 25-percent of all new enterprises were headed by people aged 50 and over.
Something’s happening – what is it?
What is the cause of such a rise in seasoned persons engaging in entrepreneurship? Shouldn’t retirees just ride off into the sunset?
Attributes of Revolutionaries Starting Business Over Age 50
- This particular generation changed American life in nearly every way.
- They don’t “ride off into the sunset”.
- This generation is composed of cultural warriors – Baby Boomers.
- People are actually living longer, more healthy lives.
The old adage of “life is short so make the best of it,” is not quite so accurate anymore. Therefore, Baby Boomers are starting new businesses with their health, wit, energy and grit?
Entrepreneurship provides seasoned professionals and tradespeople with fulfillment. Baby Boomers are people of action.
They believe in America, community, justice, and wealth accumulation. Therefore, they are highly inclined to engage in life through entrepreneurship.
AGE TEACHES US THE VALUE OF TIME
No longer strapped to a 9-to-5 job, Baby Boomers are starting businesses that center on their passion. Many of these enterprises are nonprofits focused on community development.
Baby Boomers remember the difficulties they experienced trying to raise children while working. Many female Baby Boomers remember the stigmas associated with being a working mom.
As a result, many of these enterprises are geared toward strengthening dual-working households. Residential assisted living provides aging adults with the opportunity to build caring communities while generating wealth.
Caregiving allows these individuals to create time for themselves, without feeling guilty.
Seasoned entrepreneurs have found a golden nugget in the assisted living industry. Entrepreneurs over 55 recognize what is happening around them.
They see the coming silver tsunami rising amongst their friends and family, and they see it in the community.
These entrepreneurs also understand what they want. There are 5 golden nuggets about owning a business in the assisted living industry:
- Residential assisted living homes have become the clear preference of senior living for Baby Boomers.
- Baby Boomers do not want to live their senior years in a big box facility.
- They do not want to become a part of a system, an assembly line approach, to healthcare.
- They want to make sure they have a say in what happens to them.
- Baby Boomers want to live among people with whom they can connect and “do life” with.
The Residential Assisted Living Academy offers Baby Boomers and entrepreneurs over 50, the necessary education and training for investing, owning, and operating an assisted living home.
The need is quite clear to seasoned entrepreneurs. Many Baby Boomers are finding this business to be profitable and fulfilling.
THE DATA FOR RETHINKING RETIREMENT
Studies have shown that hundreds of businesses are recognizing an increase in investors or owners over 50.
Recent data shows that 40 is the age at which most business owners start succeeding.
- Reed Hastings, the founder of Netflix said, “I started Netflix when I was 37.”
- Jimmy Wales, founder of Wikipedia said, “When I turned 35, I founded Wikipedia.”
- The founders of McDonald’s, Coca Cola, and Kentucky Fried Chicken were all more than 50 years old at the time they founded their global enterprises.
What does this data tell us? Life does not begin at 21 – life for the entrepreneur can begin at any age.
The Residential Assisted Living Academy is using this data to teach new investors, owners, and operators how to succeed after age 50 in the assisted living industry.
50 IS A GREAT AGE TO GET STARTED
It is a well-known fact that American society relishes youth – youth is associated with everything good. Growth, excitement, love, sports, music, the list goes on and on.
However, youth is also a time of learning, correction, and folly. With age comes wisdom. Wisdom is the principal thing, and when it comes to entrepreneurship, it is an essential thing. The data has proven that older entrepreneurs are more successful.
Here is a list of successful entrepreneurs that are 50 and older:
Success Stories of Entrepreneurs 50 and Older
- Jim Butenscheon left his comfortable information technology job to open the Career Academy of Hair Design. Beginning with just 6 employees, Jim built a top-notch school in Arkansas.
- Rand Smith and his trustworthy partner, Janeel, his wife, started eyeSmit Sport & Fashion Optical in Kansas City, Missouri. Their store provides prescription fashion and sports eyewear to those desirous. Not everyone enjoys contact lenses.
- Chris and Susan Beesley began an online business education service, where they leverage their many years as management and accounting consultants to help others build strong businesses.
- At 65, Michael Grottola started a consulting firm where he helps over 150 small business owners raise necessary capital.
- Sam Taylor and his wife, at age 63, started an online art gallery. He had worked as a business professional for many years and his wife in the textiles industry. Together, they have built a creative and enduring business.
- A retired Colonel, Dave Bateman, started a coffee business. He and his wife Trudy moved to Hawaii from Washington and started HeavenlyHawaiian.
- At 73, Radha Daga started a garment business that turned into a food business. Triguni Foods supplies food to Indigo Airlines. This housewife transformed into an entrepreneur and now employs over 100 underprivileged women.
- Norberto Bogard, in his mid 50’s, founded Pie Derecho, a free publication that thrives on advertising dollars. Norberto’s publication offers job information to Spanish speaking people throughout the New York Metropolitan area.
- Angie Higa, a grandmother is also an entrepreneur. She founded SkyDreams, the wonderful travel blanket and pillow company. After catching a cold while traveling by air, she created this company to help prevent others from getting sick while traveling.
These entrepreneurs have really changed their communities – in some instances, they have changed the world.
Do not allow your multiple skills and ingenuity to go to waste. Retirement does not equate to the end.
Even after retirement you can construct, create, and contribute.
THE PERFECT BUSINESS PLAN FOR PEOPLE OVER AGE 50
Millions of people are aging every day and need assistance with activities of daily living. Over 25-percent of aging adults and retirees require senior living options. Many don’t require nursing facilities or simply prefer a different option.
Assisted living homes are small communities, where 6 to 10 people make new lives together. The smaller setting makes building relationships easier and the staff really gets to know each resident personally.
Baby Boomers love this concept.
Are you looking to start a business that has a proven track record? Now is the time to consider investing, owning or operating your own assisted living home.
Do you want to leverage all of the skills you have developed from your work life?
The Residential Assisted Living Academy is highly equipped to help you start this new journey. Learn everything you need to know from A-Z about owning and operating an assisted living home.
The Residential Assisted Living Academy will support your entrepreneurial passion to help others live purposeful lives.