5 reasons why Baby Boomer businesses rock

If you are an U.S.-based Baby Boomer and wonder if you should start your own business, this article is for you.

Yes, I am a Millennial. I might look young but I am an old soul. This explains why I always have deeper and more entertaining conversations with individuals who are decades older than I am and why my mentors and dream clients are Baby Boomers[1].

Boomers tend to be more balanced and more aligned with their values than for example a Generation X representative. Boomers are eager learners and there is always something essential that I can learn from them, which makes working with Boomers even more fulfilling.

Based on these insights and experiences, I will share five powerful reasons why times have never been better to become a Boomer entrepreneur or solopreneur.

1. Money (money, money)

Boomers have the money and over the next years Baby Boomers will receive even more money. Boomers in the US have the highest net worth of any population segment with 70% of all disposable income and will inherit $15 Trillion over the next 20 years.

Let these numbers sink in for a minute.

Imagine in what kind of privileged position you are in: There is a reduced need to raise funds, to pitch your business to investors and/or to be rejected over and over again by arrogant schnooks who think they understood the world - the whole universe- because their title says “serial entrepreneur”. Take your private equity and build a business based on your values, ideas and solutions.

2. A winner’s mindset 

One of my mentors told me once: “The older you get, the less you’ll care about things you cannot control – like the opinions of other people. And the more you’ll accept, love and find peace with yourself.” In other words: You are at the peak of your authenticity. You are blessed with attributes like patience, resilience and lightheartedness. Traits that many people in my age often struggle with or lack.

When you compare start-up and success rates of Millennial versus Baby Boomer entrepreneurs it is those over 50 who are twice as likely to start a new business and twice as likely to succeed.

Also, targeting Boomers is a very smart strategic move, as Americans aged 55 - 65 outspend the average consumer in nearly every category. As a fellow Boomer you know how your customers feel, what they want and crave for (and that it’s not more age- and health related products).

3. Experience, knowledge and skills 

You have the experience, insights, knowledge and skills that it takes to not only market to Baby Boomers but also to successful create and run a business.

You have been a member of the job market for 35-plus years. And you have made a lot of mistakes. You know what works and what doesn’t work. You have learned from good leaders and bad leaders. That is a priceless advantage. Now take that knowledge and design a business based on best practices as well as your talents and skills.

Here a few numbers that could motivate you: American Boomers spend $ 7 Billion a year online. They will spend $ 4.74 Trillion over the next 20 years. Yet, Americans over 50 are targeted with only 5-10% of marketing dollars. This is a huge opportunity.

4. (The right) time

You had your career. Perhaps you raised a family. You did everything you were supposedto do. Now, having finished serving your “societal duties” you can fully focus on yourself and your dreams - without feeling guilty or stressed. The time of big compromises is over. It’s your turn!

How are you going to live over the next thirty, forty even fifty years? Retire? Withdraw? Will traditional retirement activities give you an enough purpose and reason to get up in the morning in the long run? Many Baby Boomers are retiring from retirement after a few years and seeking a more relevant and purposeful life.

5. A solid social network

As Porter Gale wrote, “your network is your net worth”. Typically, and for younger people, building a solid social network of co-equal individuals and brilliant minds takes time, effort and maintenance.

You already have the social capital which Millennials can only dream of. Use this network to get the information, resources, advice and talent you need to skyrocket your business. Strategic collaborations, reverse mentoring and internships are just three potential examples on how to do that.

Conclusion?

Baby Boomers are the most powerful market demographic in the US from a consumer’s perspective and as future creators and business builders.

You have (almost) everything the majority of Millennial and even Generation X start-ups are lacking and seeking. So, don’t wait. Make that jump. Your best years are still ahead.

What are your thoughts on this topic? I look forward to hearing from you! PS: Share this article with a friend or colleague who needs to be aware of these facts and numbers.

[1] A side note for critics: Generalizations are always a risky endeavor. And I am fully aware that the term “generation” is worth a separate dialogue (I have scientifically discussed it over three pages in my PhD thesis). Nevertheless, for simplicity reasons, let’s assume for this article that a generation of Baby Boomers exists.