Reasons Why Seniors are Starting Businesses

By Office Space TorontoIn standard28th February, 2013

Call it a sign of the times. More older Canadians than ever before are starting their own business at a time when we might expect them to retire, or even after they retire. While most of these businesses will likely be home-based, many are started using office space Toronto, just to get the seniors out of their homes.

As mentioned in our previous blog, people between 55 and 64 represent one of the largest group surges in entrepreneurial activity by age (just behind those who are 35 to 44). There are several factors for this trend, including increased longevity. But probably the single largest factor is economic. These entrepreneurs are at the age when they must look at their retirement finances, but also look at how they will keep busy and active in their retirement years. This combination of economic need and the growing number of baby boomers that are finding themselves with much more time, energy and money on hand, has led to this surge in senior-citizen entrepreneurs.

One such senior turned entrepreneur who has office space for rent Toronto retired from an executive job at a bank after 35 years with the same company. Within a few months of his retirement, his wife suggested that he find a part-time job to keep him busy and out of the house. It seemed that his wife had her own home-based business and after his retirement, he was at home all the time and became a distraction to her while she was trying to get her work done. Once he decided to start his own financial advisory business, it was again his wife who suggested that he work from an office rental space where she herself had a virtual office Toronto for her gift basket business.

In our next blog, we will be talking about how senior entrepreneurs find financing for their new business ventures. Some will self-finance from their retirement funds and others will seek out help from financial institutions and government programs that help start-up businesses.