Owning a business as a baby boomer: What should you consider?

Owning a business at any age is a huge time commitment, but if you’re among the growing group of baby boomers who are tapping into their entrepreneurial spirit, you’ll want to consider a few things before you sign on the dotted line.

Dedication: Are you buying the business as a hobby?   Evaluate if you want this business as a hobby or as a true business endeavor. Just because you like to make pizza at home doesn’t mean you’re cut out to own your own Italian restaurant. If it’s a hobby, shelve it.

Evaluate your time commitment: Even side businesses can require more attention than you predict. Make sure that your priorities are straight. Is this a time in your life where you cherish spending quality time with family? That may be compromised, as you’ll need to put your business high on your priorities list

Consider your energy levels: Owning your own business takes someone who has the wherewithal to withstand the ups and downs. Often, business owners are the first and last person on the job. Consider your energy levels and what support, if any, you could incorporate for when you need time off.

Know the financials: You should never use your retirement savings to invest in a business. Consider a small business loan to get you started, or even better, see if you can moonlight in the industry before your full-on purchase the business.

Consider these points, and if you’re still ready, enjoy your time as a business owner. Now, you’ll be able to call the shots and create the company you’ve always wanted or dreamed of working for.

Owning your own business can be very fulfilling work. Who knows – it may even be something you can pass down in your family!