According to the latest figures from AARP, 16.4 percent of age 50+ workers are self-employed, compared with 10.2 percent of the overall workforce, and people aged 45 to 54 make up the fastest-growing group of new business owners in the U.S.

But people 50 and over need to be very clear on what they do and don’t want when selecting a post-corporate career as a small business owner.

There are many wonderful entrepreneurial opportunities today for individuals who have honed their business skills through a corporate career of thirty years or more.

And the 50-plus entrepreneur brings an impressive assortment of

skills to the task, including:

1. Extensive technical knowledge of some area of business operations, management or marketing.

2. Good time discipline.

3. Patience to let new ideas develop fully.

4. Accumulated financial resources upon which to draw.

5. Well-developed networking skills and many connections.

But before you jump upon the entrepreneurial path, you may wish to consider how you feel about the three strong motivations that I see most often among prospective 50+ entrepreneurs:

1. They want to do work they love everyday. Unfortunately, in recent years many corporate jobs have become a matter of “doing work I have to do to make a living” not “work I’d love to build my life around.”

2. They want to first set up a desirable lifestyle and then fit the entrepreneurial activity into this desired flow and schedule. Many post-60 entrepreneurs in particular want to run their own businesses on a part-time basis, typically 3 days per week, with some generous time off for travel.

3. They often have little desire to build a million-dollar business, but definitely welcome a new source of post-corporate job income and relish the idea of having no limits on how much they can make in a given year.

If as you read these three points you felt the stirring of a sense of excitement about becoming your own boss at this phase in your life, then read on to see the business idea selection criteria I’ve discovered through working with more than 4,000 new Boomer entrepreneurs:

1. Look for a business whose work will truly engage you. This is especially important for burned out corporate refugees.

2. Understand how well the income potential matches your retirement income needs and know how much you are comfortable investing to launch your business. Later in life is not the time to shoot craps and risk your future financial security.

3. Match the physical demands of your chosen business to your energy level. A business that requires long hours every day or hard physical labor may not suit those 50 and older.

4. If day-to-day variety is important to you, rule out businesses that involve doing the very same thing for each customer.

5. Do you love or hate technology? While most businesses require some computer use, consider the extent to which you’ll need to use other technologies, like wireless gadgets and the World Wide Web.

6. Decide whether you want to learn a whole new set of skills, or build on skills you already have.

Jeff Williams is a nationally known expert in starting a business after 50 and CEO of Bizstarters.com, selected by Kiplinger’s Personal Finance magazine as “The Best Entrepreneurial Guide For People Over 50”.  Jeff is the author of eleven small business guides, workbooks and DVDS, including his latest offering: “The Ultimate Boomer Business Start-Up Guide.” Jeff resides in the Chicago area and can be reached at jeff@bizstarters.com.

Related posts:

1. Why recession is a good time to start a business
2. How to turn a hobby into a fun and profitable 50+ business
3. Launching your own business after age 50
4. Older entrepreneurs and the Great Recession
5. How to turn your contacts into a profitable 50+ consulting business

Tags | entrepreneurs, Jeff Williams, retirement jobs, start-up