The COVID-19 pandemic has drastically altered the employment landscape, forcing many older workers to reconsider their career paths. For some, this has meant early retirement, but for others, like Dave Summers, it has sparked a new beginning. Summers, 60, lost his job as the director of digital media productions at the American Management Association due to pandemic-related layoffs. Instead of slowing down, he chose to launch his own business as a digital media producer, coach, and animator, creating podcasts, webcasts, and video blogs. As he shared with The New York Times, “My new work is all virtual, so I can live anywhere.”

This story is becoming increasingly common. The pandemic has prompted many older workers to pivot toward entrepreneurship. In 2019, research from the Kauffman Foundation revealed that more than 25% of new entrepreneurs were between the ages of 55 and 64, up from about 15% in 1996. This trend has only accelerated during the pandemic, as many individuals find themselves either choosing or needing to start their own businesses.

The decision to become an entrepreneur later in life is often driven by a combination of necessity and desire. For Dave Summers, starting a business was about more than just financial stability. “I’m not sitting on a massive nest egg, so I need to work to keep afloat,” he said. “It’s also about being healthy and happy. I can’t just retire because underneath it all I’m creative, and I have to be busy doing stuff and helping people tell their stories.”

Elizabeth Isele, founder and chief executive of the Global Institute for Experienced Entrepreneurship, notes that older women, in particular, are highly motivated to start their own businesses. They seek economic self-reliance, the ability to support their families, and the opportunity to provide employment for others in their communities. For many, entrepreneurship offers not just a livelihood, but a sense of purpose and fulfillment.

If you’re considering starting your own business later in life, here are some actionable steps to help you get started:

1. Assess Your Skills and Interests:

Reflect on your career and personal interests to identify areas where you have expertise or Consider how you can repurpose your existing skills into a new business venture. Platforms like SCORE offer free mentoring and workshops to help you evaluate your entrepreneurial potential.

2. Start Small and Virtual:

Like Dave Summers, many older entrepreneurs find success by starting small, with minimal upfront Summers’ virtual business had startup costs under $2,000. Consider exploring virtual opportunities that align with your skills and interests, which can often be launched with low initial investment.

3. Stay Up-to-Date with Technology:

Keeping your technical skills sharp is crucial in today’s digital Online courses from platforms like Coursera and edX can help you learn new technologies or refresh your existing knowledge, making you more competitive and opening up new business opportunities.

4. Seek Financial Guidance:

Managing the financial aspects of a new business can be Apps like QuickBooks and Wave can help you keep track of your finances, while websites like Betterment offer financial planning services to ensure you’re on the right track.

5. Connect with Other Entrepreneurs:

Networking is key to success in any Join local or online entrepreneurial communities to share experiences, gain insights, and find potential collaborators. Websites like Meetup can help you connect with other entrepreneurs in your area or industry.

For many retirees or those nearing retirement age, starting a new business by repackaging the skills and experience honed over decades into a new career is incredibly rewarding. Nancy Ancowitz, a New York City-based career coach, emphasizes that the sense of purpose and fulfillment can be especially pronounced during the later stages of life. “It hits you, especially during the coronavirus crisis, that time no longer feels unlimited,” she said. “You’re aware of your own clock ticking. Since you don’t have a seemingly endless vista of work ahead of you, you may be motivated to finally retool and learn a new trade, or just try something different.”

Entrepreneurship offers not just financial stability, but also a way to stay active, engaged, and fulfilled. The freedom and flexibility that come with running your own business can be particularly appealing to older adults, allowing them to balance work with personal interests and family time.

Join the Conversation

Are you considering starting your own business later in life? What challenges and opportunities do you see in entrepreneurship as you age? Share your thoughts and experiences in our Age Brilliantly Forum.