Baby boomers are leading the charge when it comes to starting their own businesses.

Whether we like to admit it or not, there's age discrimination in the U.S. If somebody gets fired or laid off, it's tougher for people once they're past age 45.

So that's lead a lot of baby boomers to be their own employers. I saw a story in the Raleigh News & Observer  story that noted people age 55-64 are the biggest demo for growing new businesses. This is a big shift; it didn't used to be like this at all.

A lot of older workers know they have skills, experience, and value so they decide to create their own opportunity.

But a couple of warnings. One thing I've heard over and over from midcareer professionals, people are so bitter about being cast loose that when they do a fresh start, they try to do something completely and totally different.

Now, if it's avocation or a first love, fine. But don't zag just because you didn't like the zig. Your best bet is drawing on contacts, experience, training, and the years you've had doing what you do. You know the players, you know the industry.

Franchising also appeals to midcareer professionals, but it can be insta-dead end, not an insta-business. If you want to try franchising, first go to work in that business as a grunt for 6 months so you learn the ropes on somebody else's dime. You learn all the questions to ask and then you make better choices.
 

Image of Clark Howard About the author: Clark Howard

Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to save more, spend less and avoid getting ripped off. View More Articles

Show Comments 0