Boomers back in business

Canadian baby boomers will be making the most of their down time, with millions expected to launch ‘semi-retirement’ businesses as their careers wind down.

Canadian baby boomers will be making the most of their down time, with millions expected to launch ‘semi-retirement’ businesses as their careers wind down.

A BMO Retirement Institute report found that more than half (52 per cent) of boomers surveyed are drawn to entrepreneurial activity because they like the idea of working for themselves, while only 11 per cent cited job loss as the reason for launching a new company.

The most commonly cited source for funding for boomers looking to start a business is a withdrawal from personal savings, followed by taking out a loan.

“For an increasing number of Canadians, retirement isn’t about a definitive shift from work to leisure,” said Tina Di Vito of BMO Retirement Institute. “Rather, it’s more of an extended transition that involves a combination of both.”

This ‘boomerpreneur’ trend, where Canadians on the cusp of retirement are looking to realize their self-employment dreams, is expected to grow as boomers start to retire in greater numbers over the next few years.

However, those considering it should understand that entrepreneurship involves an enormous financial commitment that is best managed with the assistance of an experienced financial professional.

This year, the first of the boomers turn 65 and became eligible for retirement. As Canadians start to retire in greater numbers, the ‘boomerpreneur’ phenomenon could lead to Canada experiencing a surge of new businesses that, planned and managed prudently, should provide a positive economic boost in the long-term. Conversely, the lack of sufficient preparation could have an overall negative effect on the economy and the business owner.

Di Vito offers the following advice:

Do your research – Take advantage of your resources to learn all you need to know to set up your company. This includes gaining industry insight, arranging a new phone number, deciding whether or not to incorporate the business and looking into the potential tax implications.

Consider the pros and cons – Think carefully about why you want to start your own business. Being your own boss can offer some flexibility. However, other sacrifices, such as longer hours and a possible decrease in cash flow may be necessary to ensure your success.

Develop a plan – Stress-test your idea and research your marketplace, including what products and services you will be offering, their appropriate price points, who your potential customers are and what your sales targets will need to be to cover your costs. Keep your end goal in mind as you build your company and maintain a positive, yet realistic, outlook as you progress.

Seek outside advice – Speak to an accountant and a small business banker. Financial specialists can provide insight into setting up your company, market competition, personal and business capital and how it may change over time.



Just Posted

District of Lantzville Mayor Mark Swain, left, and Snaw-Naw-As Chief Gordon Edwards sign a memorandum of understanding outside Snaw-Naw-As Market on Friday, June 18. (Greg Sakaki/News Bulletin)
Lantzville and Snaw-Naw-As sign memorandum of understanding

District and First Nation create joint working group

Things are looking up for Vancouver Island as zero COVID-19 cases have been reported for the first time since October. THE CANADIAN PRESS/Darryl Dyck
Island records zero new COVID-19 cases for the first time since October

For the first time since October, the province is reporting zero new… Continue reading

Black Press file photo
RCMP seek suspect in Vancouver Island-wide crime spree

Crimes stretched from Deep Bay to Qualicum, Ladysmith, Chemainus and Youbou

Tilray announces new line of products offering more inexpensive choices for medical cannabis users. (News Bulletin file photo)
Nanaimo-based Tilray launches new medical cannabis product line

Symbios brand products offered at ‘better price point’ for medical cannabis products

Freighters have becomd abundant in the Trincomali Channel on the east side of Thetis Island.
Nanaimo ponders taking on waste from nearby anchored freighters

Vancouver-based Tymac petitioning the Regional District of Nanaimo to accept waste at its landfill

A small pod of Pacific white-sided dolphins pass by close to shore in Campbell River June 16, 2021. Still capture from video courtesy of Kimberly Hart
VIDEO: Dolphin sunset captured from Vancouver Island shore

Spectacular setting for view of travelling pod of Pacific white-sided dolphins

Janice Coady, left, Aimee Chalifoux and Linda Milford at a vigil for Amy Watts on Wednesday, June 16, outside Nanaimo city hall. (Greg Sakaki/News Bulletin)
‘We need to do better,’ says mother of woman killed in Nanaimo

Vigil held for former outreach worker Amy Watts, whose body was found downtown June 3

The B.C. Ministry of Education has announced close to $44 million for the province’s schools for COVID-19 recovery. (News Bulletin file)
Nanaimo-Ladysmith school stakeholders say COVID-19 recovery funding can make a difference

B.C. Ministry of Education announces it expects a ‘near-normal’ return to class in September

Regional District of Nanaimo is looking to repair sewage pipe in the Hammond Bay Road area, which was corroded by gas. (Black Press file)
Corroded sewer pipe along Nanaimo’s Hammond Bay Road will cost $5.5 million to fix

Pipe replacement and reinforcement part of $6.9-million infrastructure project

(V.I. Trail/Google Maps)
Now 90% complete, Vancouver Island trail forges new funding parnership

Victoria Foundation takes on Vancouver Island Trail Association; fund valued at $40,000

Karl and Stephanie Ann Johanson were thrilled to spot a pair of Sandhill Cranes in the Panama Flats this month, an unusual appearance for such birds. (Photo by Stephanie Ann Johanson)
WATCH: Sandhill cranes an unusual, joyful sight in South Island parkland

These birds don’t often touch down on their way between northern B.C. and Mexico

Police are asking for public assistance in locating Anthony Graham who has been charged with the murders of Kamloops brothers Carlo and Erick Fryer. (RCMP photo)
2 charged, suspect at large in killings of B.C. brothers linked to gang activity: RCMP

Kamloops brothers Erick and Carlo Fryer were found deceased in May on a remote Okanagan road

Albert Health Minister Tyler Shandro and Alberta Premier Jason Kenney unveil an opening sign after speaking about the Open for Summer Plan and next steps in the COVID-19 vaccine rollout, in Edmonton, Friday, June 18, 2021. THE CANADIAN PRESS/Jason Franson
Alberta 1st province in Canada to lift all COVID-19 public health restrictions

70.2% of eligible citizens 12 and older in the province have received a dose of the vaccine

Most Read