The Financial Times recently wrote about what it dubbed the “silver economy” boom—referring to the high number of advanced-age adults who are becoming sole ownership entrepreneurs.
The phenomenon is driven by two primary factors, both informed by the pandemic:
- Shifting the conversation about what it means to “work” (with remote and contractor options being seen as more established roots, pushing workers to consider options outside the 9-to-5 onsite framework)
- Driving people to consider what fulfills them and embracing the idea of staying active in the fields they’ve devoted their lives to, rather than winding down after 65
But the main takeaway is that it’s never too late to start your dream business (that little inkling you’ve had in the back of your head for decades). The key thing is knowing how to make that business succeed before throwing all of your time, energy, and savings at it.
As marketing experts who work with a large number of small businesses, we can share some insights about what can make a new company stand out and how to help it fulfill its potential:
1. Build on Your Expertise
You may have decades of experience in your field, but launching a business requires viewing your knowledge through a different lens. Whether you’re consulting, creating a product, or offering a service, you’ll need to define your target audience and understand their current needs—not just what you used to see in the industry. Markets evolve, and staying tuned in will help ensure you stay relevant.
2. Invest in a Digital Presence
Don’t let technology intimidate you—embrace it as the cost of entry. A clear, modern website and basic SEO are non-negotiable for most businesses today, no matter the industry. You don’t need to go viral on TikTok, but you do need to show up on Google. Mad 4 Marketing can help you get started while informing the look, tone, and appeal of your brand.
3. Leverage Your Network
One of the biggest advantages older entrepreneurs bring is a deep well of professional and personal contacts. Tap into that—but don’t stop there. Attend local small business events, join industry-specific forums, and explore online communities where your ideal clients or customers spend time. Marketing today is as much about building relationships as it is about visibility.
4. Tell Your Story
Authenticity is a major asset. One advantage older entrepreneurs have is a rich, lived experience—and audiences respond to that. People want to know why you started this business (especially why now) and what you bring to the table. Incorporate that into your messaging.
Starting a business later in life doesn’t mean playing catch-up—it can actually be a strategic advantage. Because the silver economy isn’t just a trend—it’s a powerful shift redefining what entrepreneurship looks like. And if you’re ready to take the leap, Mad 4 Marketing is here to help make your dream a reality.