Around the world, many people find themselves in the situation where they cannot afford to retire due to debt.  This has sparked a boom in Seniorpreneurs.  Find out more about becoming a seniorpreneur.

There are more people over the age of 50 starting a business (commonly called seniorpreneurs) than young entrepreneurs. This doesn’t include seniors who are now working for companies after they’ve retired. The average age of the seniorpreneur is 57, dispelling the stereotype of an entrepreneur being a young male who is also a tech-savvy risk taker.

There is evidence to suggest that these new ventures often take the form of self-employment as a way out of unemployment. Due to age discrimination forming a barrier for seniors to enter into mainstream employment, the only alternative for seniors to remain employed or to have an income is to take on the form of self-employment.

Regardless of your age or type of business, starting a business is the same process. It is fair to say most people who have retired have been in the same field, doing the same job for most of their careers. Moving from their comfort zone to doing something new comes with a new set of challenges that are holding them back.

Just because you are retired doesn’t mean you are financially sound. It is a fact we are living longer, are more active and want to continue to live the lifestyle we are accustomed to. Perhaps people haven’t saved enough to supplement their pension. Or others who don’t have a pension have to depend on government pensions. Seniors have often had a lot of experience, knowledge and skill that they can bring to a start-up [and] have the depth and breadth of professional contacts to draw on.

So How Do You Become A Seniorpreneur?

Here are some things for you to consider if you’re thinking about foraying into the world as a senior entrepreneur:

1. What do you love doing? Find ways to be involved in doing the things you love. Follow your passion and aim to reap rewards on all levels: financially, mentally and emotionally. Working on something that interests you personally can be more sustainable and rewarding because a labour of love doesn’t feel like work.

2. Find like-minded people. Find people who share your interests regardless of any age differences. Discussing ideas with people experienced in the areas you may not be familiar with can lift your ideas from the drawing board into reality, without you having to pay for expensive mistakes. Facebook is a wonderful place to find like-minded people, look for groups that suite your interests.

3. Start small. By following in the footsteps of other successful people, you can start with small steps and test your ideas and decisions along the way without it costing you dearly. You’ll be able to see if an idea works or not—and adapt quickly as you learn what your market wants. Because there are no guarantees in business, it can be costly to risk everything on one idea.

4. Get financially organised. The most valuable thing you can do to help yourself is to get on top of things financially. If you have debt or your savings are on the line and the way you’ll earn money is changing, come and have a chat with us.

Some Examples Of What You Could Do:

Do you have too much Debt and feel you can’t afford to retire?

You can reduce your debt repayments by as much as 60%.  With our assistance Maggie reduced her debt repayments from R11 200 to just R5100. Maggie could retire feeling much more comfortable.

Frans reduced his debt repayments from R63 000 to R35 000 a huge relief when your retirement is a few months away.

Don’t let the stress of debt make retirement something you dread, contact us now for a no obligation consultation.

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