How to Help Your Client Start a Business After 50

Companies such as Guidant Financial help entrepreneurs gain access to capital, and Guidant CEO David Nilssen says many of their clients are 48 to 50 years old, with an aversion to the corporate lifestyle as their primary motivator, reports Forbes . The advice of a financial professional when it comes to starting a new business can be beneficial to all entrepreneurs. A study from the Global Financial Literacy Excellence Center at George Washington University (GW) found growing interest in flexible employment and the expanding possibilities for creating an individualized approach to retirement to be key drivers for entrepreneurship and self-employment among people older than 50. "Age can actually be helpful rather than an obstacle to starting a business," Nilssen notes. "Older people have more life experience, more professional experience, and financial stability. They're likely to understand how difficult it can be to manage different personalities." The GW study cited health and longevity, education, and affluence as key factors making the over-50 set more suitable and more attracted to self-employment and entrepreneurship. Prospective entrepreneurs should initially decide whether they want to start a new venture, purchase an existing business, or gradually transition from one career to another; financial pros can help by discussing each option's advantages and drawbacks with clients. The five leading businesses Nilssen's clients buy include business services, quick service restaurants, health or fitness businesses, bed and breakfasts, and personal services businesses.