Starting a business as a boomer: What you need to know
Baby boomers have the knowledge, experience, connections, and often, the capital to succeed as entrepreneurs — and Wisconsin’s very own capital city is one of the best places in the country to launch a new venture, according to the story 6 Tips for Starting a Business After Age 50 on U.S. News & World Report’s web site.
Linda Remeschatis, 60, is a Wisconsin baby boomer who followed up a career as a prosecutor as the creator of Wisconsinmade.com, an online food and gift store. She says that would-be entrepreneurs need to prepare to work longer hours — she puts in more time now than she did as an attorney and makes less money — but the rewards can be worth it. To save on overhead costs, Remeschatis, like many small business owners, works from her home in Madison.
Those with the desire to start a business must have a backup plan if things don’t work out — and only 44 percent of startups last four years, according to the Small Business Administration.
“You have to be very comfortable with the worst-case scenario for the outcome of that business,” said Dan Olszewski, director of the Weinert Center for Entrepreneurship at the University of Wisconsin-Madison.
In addition to the 6 Tips, U.S. News & World Report explores 10 Great Places for Entrepreneurs to Retire. Find out why Madison is on the list.
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