Entrepreneurship is alive and well in America -- and not just among the young 'uns. More and more Boomers are striking out on their own for the first time, many after successful careers working for someone else. In fact, the 55 to 64 age group actually has a higher percentage of people starting businesses than the 20 to 34 age group.
A recent article by Benjamin Pimentel of NerdWallet in USA Today offers some good ideas for starting a service business after the age of 50. Consulting is an option that could make sense if you have a special expertise and depth of knowledge in a field that is something people or businesses need. Another option you may not have thought of is taking advantage of an aging population and starting a business that serves the needs of people who are older than you. One example, writes Pimentel: "Patient advocacy services for seniors who need assistance with health care-related issues, such as tackling billing mistakes or sorting out insurance coverage. There’s also a need for home-modification professionals, fitness trainers for seniors and personal finance planners."
Pimentel has other good suggestions; check them out in his article.
I can tell you from personal experience that creating a service business after 50 can be very rewarding. My wife and I started a business together in our 50s, ran it successfully for seven years, and got an unexpected bonus -- we were able to sell it. You can read about how we did it in our book, Let's Make Money, Honey: The Couple's Guide to Starting a Service Business.