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Canadians closing in on their retirement years are increasingly looking to creating their own businesses, says a new survey for TD Canada Trust. (iStockphoto)
Canadians closing in on their retirement years are increasingly looking to creating their own businesses, says a new survey for TD Canada Trust. (iStockphoto)

More than half of Canadian boomers catching entrepreneurial bug Add to ...

It might be a flash of inspiration, a desire to be your own boss or just the need to bring in some extra cash.

Canadians closing in on their retirement years are increasingly looking to create their own businesses, says a new survey for TD Canada Trust.

More than half of boomers have either started (15 per cent) or are considering launching  (39 per cent) a small business prior to their retirement, according to the results of the online survey of 1,000 Canadians.

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The top reasons for wanting to start a business before retiring: being your own boss, the opportunity to make more money and a sense of personal achievement or pride.

Of would-be senior entrepreneurs who thought about opening their own business, 67 per cent of those surveyed said it would be a new venture unrelated to their current line of work, says the survey.

Boomers surveyed say the greatest challenges in launching a small business would be getting financing (42 per cent), taking on added debt (38 per cent), drumming up business or clients (37 per cent) and balancing business and personal finances (36 per cent).

The survey was conducted by Environics Research Group, between Sept. 26 and Sept. 28. Of the 1,000 adults surveyed, 426 are considered part of the baby boom generation born between 1946 and 1964.

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