LAS VEGAS (KTNV) — With people living longer, many are putting off their retirement.
Baby Boomer businesses in the Las Vegas valley are booming, but local entrepreneurs say they have their challenges. Many came together to get resources at the LVBNM Baby Boomers Expo at the Suncoast Hotel & Casino on Tuesday.
According to a May 2019 survey by Guidant Financial, more than half of small business owners nationwide are over the age of 50.
A growing number of them are Baby Boomers like Greg Gordillo.
"The opportunities of being a boomer is having a lot of years of experience," Gordillo said.
Gordillo started his own law firm, New Vision Law, and he says that he's able to use his experience to help a new base of clients. Many of his clients are younger than him, and he says one of the biggest challenges is connecting with those clients.
"Knowing Instagram, Facebook and all the different social media platforms is an issue seniors have," said Lydia High of Precise Business Management Accounting & Tax Firm. She says she helps many of these Baby Boomer businesses get off the ground.
High says along with navigating the digital world, funding can also be an issue for baby boomer business owners. However, if they can get a little guidance, they can create a nice nest egg for when they do retire.
"Because people are living longer, it gives you an opportunity to go into business again and to be able to generate additional income with retirement or social security," High said.
According to the survey, on average Baby Boomers rated their happiness as a small business owner to be an 8 out of 10.
73% also said they plan to grow their businesses.