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TD Offers Advice As Canadian Boomers Catch Entrepreneurial Bug

TD Financial Group [1]For Canadian boomers, the road to retirement may include a stop as a small business owner. Whether starting freelance consulting work, buying a franchise or opening a specialty business, a recentĀ TD Canada Trust [1] survey found more than half of boomers (54%) have started or considered starting a small business prior to retirement (15% and 39% respectively).

“There are many benefits to being a small business owner, and this is clearly on the minds of boomers across the country,” says Dan Demers, Vice President, TD Canada Trust. “While thorough planning, access to finances, hard work and passion are a must for all business owners, there are specific considerations boomers should think about before starting a small business at this stage in their life.”

According to the research, the top reasons boomers consider starting their own business before retiring include being their own boss (58%), having the opportunity to make more money (53%) and having a sense of personal achievement or pride (50%). Of those who thought about opening their own business, two-thirds (67%) said it would be a new venture outside of their current field of work. The survey also found that boomers believe the greatest challenges to starting a small business would be securing finances (42%), taking on additional debt (38%), finding new business or clients (37%) and balancing business and personal finances (36%).

To help navigate challenges and find success, Demers offers advice to boomers considering opening their own small business:

Demers adds that access to financial knowledge and resources can help make the most of your small business.

“Whether you are just starting out, need to overcome a specific challenge or want to create a succession plan, take advantage of the advice and services that small business advisors from your local bank have to offer. TD Canada Trust has advisors at hundreds of bank branches across Canada, many of which are open evenings and weekends, to help small business owners make the most of their time.”

Small business owners can also look to online resources for additional support. For example, TD Canada Trust’s Canadian Business Community [2] on LinkedIn provides a network of small and mid-sized business owners and industry experts. Additional resources, including an online business planner, can also be found online at TD’s Small Business Resource Centre [3].

TD Bank Group commissioned Environics Research Group to conduct an online omnibus survey of 1,000 Canadians 18 years of age or older, with 426 who are considered part of the baby boomer generation (born 1946 and 1964). Results were collected between September 26 and 28, 2012.

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1 Comment To "TD Offers Advice As Canadian Boomers Catch Entrepreneurial Bug"

#1 Comment By Tami Quiring (@VillageGamer) On Tuesday October 9, 2012 @ 1:32 am

.@TD_Canada Offers Advice As Canadian Boomers Catch #Entrepreneurial Bug [8]