It appears that many baby boomers and those in nearby age groups are turning to business ownership as they get older.
According to a recent survey, Americans over 50 make up the biggest class of small business owners in the United States. Reportedly, over half of the small business owners in the nation are in this age group.
Business ownership is particularly common in the 50 to 59 age group. Reportedly, around one in three American business owners are in this age range.
What types of companies is it common for entrepreneurs over 50 to own? The top five are business services, food/restaurant, general retail, fitness/health and automotive.
It appears that financing is a significant area of concern for entrepreneurs in this age group. According to the survey, over two-thirds of small business owners 50 and older indicated that they face challenges related to cash flow and getting enough capital. Also, issues related to obtaining capital were a top difficulty reported by prospective business owners in this age group who have not yet taken the plunge to start a company.
The survey results also point to many entrepreneurs over 50 having big dreams for their companies. Just a little short of two-thirds of such business owners reported desiring to grow their businesses.
There are many different goals entrepreneurs in this age group, or any other age group, can have for their business. Many things can impact how likely a person will be to be able to achieve the goals he or she has when starting a company or taking efforts to further grow a business. This include how legal issues that arise in relation to the company are addressed. Skilled business law attorneys can advise entrepreneurs on what they can do to protect and further their goals when navigating such issues.