Why is this?
I was watching Saturday Nights NBC Nightly News and they were mentioning this fact and showed a lady who took her dog and took funny poses of the dog dressed up with funny sayings. This became a greeting card business that is very successful now.
Why do people start businesses between 55 and 64? Their kids likely have grown up (if they had them). They know a whole lot more than they did in their 20s and 30s when they likely had their kids and raised them somewhere between their ages 20 and 50 or more. So, now they are over 55 and want both enough income, but also something interesting to do with their lives. Not everyone is either rich enough or healthy enough to travel the world. And many people don't want to do that because flying or whatever is too scary for them to contemplate.
For example, I prefer not to travel outside of the U.S. alone, even though I did just this last October.
Also, many older people start businesses as a tax write off. Something they love but may or may not be successful at they might invest 20,000 or more dollars into because in a business you have 5 years to earn a profit. But, after 5 years you are legally forced to give up if you haven't shown a profit in at least one of those 5 years (unless you are a non-profit organization).
However, this is mostly for smaller business single owner proprietorships or a small business in a garage or working from home with a DBA (Doing Business AS) fictitious business name). Other legal circumstances rule larger businesses and corporations.
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