My name is RJ and I`m going to be jobless in 1 month at age 55 for the first time since I graduated from the U of FL in 1977. This last job didn`t end exactly as I hoped and I took an incentive to "go away". I`m in good shape financially though not rich. I am now looking forward to finally starting something on my own and have several ideas to sift through before I get started in earnest. Looking forward to taking advantage of the wealth of knowledge that appears to be present at this site.
Hi there, RJ :-) Welcome to the community.
The window of opportunity for getting into a self-run business is still there, but it`s narrowing. Two years ago, anyone could jump in and get started. Today, with countless people in your condition, the opportunities are harder to find.
Since you currently have money and a credit rating, and you also have some saved assets, you may want to give some serious consideration to investigating franchises. Cost to buy a franchise is highly variable, as are the "things" you can do within those franchise opportunities.
But it likely is going to be very difficult for you to get another job. Age and the economy are tilted against you (us, I`m your age).
As you read the posts here, you`ll find that the single main problem for most entrepreneurs is finding money to finance their venture. Self-financing is a sure thing, IF you have some money of your own.
Our assets will take us several years without getting into my 401k or taking out a HEL on my paid for house so I feel quite fortunate to be in the position I`m in relative to others. I know several around my age who have little to show for years of work and now have no work. So, I`m moving ahead feeling confident and with sufficient assets to start a home based business without borrowing (I don`t owe anyone anything now and would prefer to keep it that way). I`ve thought of a franchise but am not quite ready to go that route yet though I may change my tune in time. I know the competition is growing as you mention but I also know from my wife`s experience and that of many self employed friends that being competent and honest will take one a long way. When I need to hire someone for something, those are the 2 things I want most. Thanks again for your comments and input and I look forward to hearing more from the experienced folks on these boards. I feel like we`re headed to battle in this economy and knowing I`m not going in alone helps.