They also need to be realistic about the level of commitment a new business will take, surround themselves with resources and mentors, and build a network of support, Markey said. Solid financial advice is also critical, she said.
Jane Bryant Quinn, AARP Bulletin columnist and author of “Making The Most of Your Money Now,” said that training and an excellent business plan are key for boomers who are starting a business because of a need to build or supplement their income.
“At your age, you are going to be spending significant money to buy yourself a job and if that fails, if that doesn’t go well, you are going to be very hard-put 10 years from now,” Quinn said.
Kerry Dyer, who has 25 years of accounting management experience, decided to start her own firm in July 2010 after being laid off twice in three years.
Dyer, 54, initially started applying for jobs, but was told she was overqualified or the employer wouldn’t believe her when she said she would take less pay, she said.
“Finally I said, ‘If I am going to make that little pay, I might as well work for myself and do something I enjoy doing,’ “ said Dyer, whose certified public accountant firm caters to businesses making less than $3 million in revenue and have up to 10 employees.
She obtained one client after she sent letters to friends and family. She met her second through her church. Then she joined a networking group.
“That was probably the best move I ever made,” Dyer said.
The advantages of building her own firm include working with other business owners who are passionate about their business, and being able to control every aspect of her business, Dyer said.
Back at SignCraft Solutions, “there were days we didn’t know how we were going to cover payroll,” McEwen said. “We ended up going more and more in debt.”