Senior hispanic businesswoman on the phone
Many small businesses are run by entrepreneurs over age 55. Discover these tips and resources for older entrepreneurs who are starting and growing businesses later in life. — Getty Images/ adamkaz

According to SCORE, nearly 51% of small businesses are run by entrepreneurs older than 55. There are some key advantages to starting a business later in life, including a larger network of connections, decades of professional experience, and oftentimes more savings and assets to help support your entrepreneurial goals.

If you’re considering launching a business as an older entrepreneur, or simply want to grow your existing company, here are some of the best resources and tips for business owners in their 50s, 60s and beyond.

Resources for older entrepreneurs

Small Business Resource Center for the 50+

For business owners 50 years or older who are first-time entrepreneurs, the Small Business Resource Center for the 50+ can walk you through a step-by-step process to start your business. It offers information on starting, managing and growing your business, along with a variety of resources to aid in various tasks, such as creating a business plan.

Small Business Administration

The Small Business Administration offers free business counseling, help with finding business loans and resources to assist in calculating business costs, registering your business, applying for licenses and more. This site offers resources for older entrepreneurs in every stage: planning, launching, managing and growing a business.

[Read more: Starting a Business Later in Life? Here's What You Need to Know]

SCORE

SCORE’s mentorship program provides older entrepreneurs with personalized support through every step of starting and managing their business. There is a Mentor LiveChat that allows entrepreneurs to ask questions, and business mentors provide real-time answers. In addition to LiveChat, the Resilience Hub offers training, resources and remote mentoring for entrepreneurs at every stage of life.

Veterans and Military Business Owners Association (VMBOA)

Many former service members choose to apply the skills built during their decades-long military career to the world of entrepreneurship. The Veterans and Military Business Owners Association (VMBOA) offers programs, support and mentorship designed specifically for these veterans-turned-entrepreneurs. By joining the VMBOA, you’ll gain access to networking, collaboration, mentoring, education, certification and advocacy from an organization with strong connections in the private sector and government.

The Small Business Administration offers free business counseling, help with finding business loans and resources to assist in calculating business costs, registering your business, applying for licenses and more.

To stay on top of all the news impacting your small business, go here for all of our latest small business news and updates.

CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.

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Published December 03, 2021