For Canadian boomers, the road to retirement may include a stop as a small business owner, says TD Canada Trust survey. Whether starting freelance consulting work, buying a franchise, or opening a specialty business, it found more than half of boomers (54 per cent) have started or considered starting a small business prior to retirement (15 per cent and 39 per cent respectively). The top reasons boomers consider starting their own business before retiring include being their own boss (58 per cent), having the opportunity to make more money (53 per cent), and having a sense of personal achievement or pride (50 per cent). Of those who thought about opening their own business, two-thirds (67 per cent) 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 per cent), taking on additional debt (38 per cent), finding new business or clients (37 per cent), and balancing business and personal finances (36 per cent).
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