If you are a baby boomer, chances are your Facebook feed and web ads are constantly asking if you are ready for retirement. But what if you aren’t ready to slow down? According to the Harvard Business Review, the average age of entrepreneurs in 2018 is 45. Even more surprising, almost 25% of those starting a new venture are ages 55-64. With that data, the chances of your mom finally opening that shop she talks about at Thanksgiving dinner every year is becoming very likely.
For most, they probably picture a twenty-something working out of their parents’ garage with the term entrepreneur. The millennial entrepreneur may lack the years of business experience, people managing and relationship building skills that a Baby Boomer has gained by their mid-fifties, however the millennial has grown up in a world of data. Traditional marketing that Baby Boomers have come to know after years in business does not have the same advantages or prioritization as it does today. Marketing is more targeted and efficient than ever, and unlike traditional print, marketing experts can analyze the effectiveness of campaigns in whole new ways. McKinsey predicts global spending in digital marketing will rise to $2.1 trillion by 2020, surpassing television ads and doubling newspaper ad spend.
Every dollar counts when getting your startup off the ground. With tools such as search engine optimization (SEO) and pay-per-click advertising, entrepreneurs with years of experience and business savvy can now accurately optimize their monthly spend and streamline the messaging used to promote their products. The target customer needs a targeted message. By using modern tools and techniques, the baby boomer has a lot to gain as an entrepreneur.