Five Senior Citizens Pursue Entrepreneurship with their Hobbies as the Base
Boomers and Beyond: A New Wave of Entrepreneurship
In a world where the youth often dominate the startup scene, a new trend is emerging: older entrepreneurs are making a significant impact, particularly in the retiree community.
Karen Hastie, a seasoned entrepreneur, encourages her fellow retirees to embrace their unique strengths and disregard the naysayers. At the age of 60, Hastie launched Chamber Perks App, a successful Canada-based Chambers of Commerce services provider, demonstrating that age is no barrier to success.
Dawn LaFontaine, for instance, started her pet products business, Cat In the Box, at the ripe age of 59. Meanwhile, Jim O'Connell, a newly minted charter boat captain for GetMyBoat.com, is enjoying his time on the water, meeting people, and earning a living.
The financial landscape for older entrepreneurs is also favourable. According to research, older founders often launch businesses with higher starting salaries than their younger counterparts. This could be due to experienced entrepreneurs having stronger networks, existing client relationships, or initial credibility.
One such example is Michael McCaman, who co-founded Orion Therapeutics. McCaman's company focuses on developing nanoparticles for delivering RNA, like Moderna or Pfizer's COVID vaccines, offering a cheaper and safer lipid option. McCaman felt confident in his knowledge and network in the industry, and he did not need a salary since he had consulting income.
Janice Costa, another successful retiree entrepreneur, turned a side gig into a business called Canine Camp Getaway during the global pandemic. She expanded her business by becoming an S-Corp, using QuickBooks, advertising more, selling branded merchandise, and adding a second location. Canine Camp Getaway offers a variety of classes for dogs, including agility, nose work, hiking, swimming, dock diving, barn hunting, and more.
Drew Parker, the founder of The Complete Retirement Planner (TCRP), created his platform to help individuals create a detailed financial plan. TCRP, easy to use and filled with notes and explanations, has grown every year since its launch, with new features being added. Sales were slow at first but picked up within a year and now have customers in every state.
This trend is not limited to North America. In Germany, many companies in the Mittelstand sector have increasingly older entrepreneurs, with about half of the medium-sized business owners already over 55 years old and this is expected to rise to 70% within two years. This is largely due to the aging Baby Boomer generation reaching retirement age and fewer young entrepreneurs taking their place.
In conclusion, the landscape of entrepreneurship is changing, with retirees and older individuals making significant strides in the business world. Their experience, networks, and unique perspectives offer a fresh and valuable approach to business. So, if you're a retiree considering a new venture, remember Karen Hastie's advice: steer your own path and ignore the naysayers. You have the knowledge, experience, and unique strength to make a difference.
