The majority of small business owners are baby boomers, according to a recent Small Business Trends survey from small business financing company Guidant Financial and online credit marketplace LendingClub Corporation.
Here are some survey highlights of current and aspiring Baby Boomer small business owners from the national survey.
Definition of Baby Boomers
Baby boomers are those people born immediately after World War II, between 1946 and 1964 — the time frame most commonly used to define them. The first baby boomers reached the typical retirement age of 65 in 2011.
8 | With ten being the happiest, Baby Boomers rate their small business happiness at 8.
The top three small business categories for Baby Boomers
- Business Services
- Food and Restaurant
- Health, Beauty, and Fitness
Survey highlights of Baby Boomer-owned small businesses
69%| Percentage of Baby Boomer businesses that employ two or more employees.
73% | Percentage who want to grow their current business
19% | Percentage who want to open an additional location
8% | Percentage who want to sell their business
32% | Percentage who indicated their most popular form of small business financing is cash