Self employment

Many people age 55+ have found satisfaction and success by translating their experience into a business of their own.

Options: You could start your dream business, buy an existing one, or join a franchise program. Self-employment offers the opportunity to develop your own path, but with high failure rates for businesses, it’s important to choose a format that works for you. Two ways to get started:

• Consulting: Many job seekers consult while they look for jobs. Some even stop job hunting because they have become successful consultants and like the flexibility. Some even surpass their previous salary. Search the Business Finder for businesses in your area related to your skill or past occupation to find potential consulting clients.
• Gig employment: Are you looking to pick up on-demand, short-term jobs? Gig workers are paid per task or project. Common gig jobs are delivery driver, shopper, virtual assistant, caterer, and tutor. Find gig opportunities by searching the Job Finder for "gig job" in your local area.

Assess your fit: Self-employment has different challenges than working for an employer. You need to find and nurture clients, manage business partners and staff, network, research, learn new skills and be a self-starter. Self-discipline is a necessity. Take this assessment to check your readiness for self-employment.

Do you need training in specific areas? These resources can help you develop your goals, write a clear business plan, and figure out your budget needs.

• Take free online small business training from the Small Business Administration
• Many community colleges offer low-cost entrepreneurship training
• Your public library may offer classes or know of free classes in your area

Find support: The U.S. Small Business Administration’s Small Business Development Centers provide counseling and training to help start or grow small businesses. SBDCs keep lists of funding opportunities in your area and can help you find and apply for the best options for your needs. They can also help research legal and licensing requirements for a business.

• Find in-depth resources and contacts for local support to start your business at an SBDC near you.
• To learn about your local business community, join the local chamber of commerce, or other business organization.
• Make connections by joining a professional or industry association for people in your type of work. Attend trainings and talk with people in your association about your business idea.
• Learn more and find a mentor in your area through the SCORE program.
• Explore AARP’s Work for Yourself@50+ entrepreneurship website.
• Health insurance options may make self-employment more feasible.