When Joseph Loria was laid off in January 2023, he asked for a job where he wasn’t subject to the whims of his employer.
“In the startup world, it’s not about being ‘too old,’ but about using your age and experience as an asset,” said Loria, 61.
According to data from Gusto, a payroll service company for small businesses, nearly a quarter of new businesses founded in 2023 were in the professional services industry. Additionally, about 35% of businesses founded by people aged 55 or older in 2023 were in the professional services industry. To collect the data, Gusto surveyed 1,345 new business owners of all ages using its payroll platform from late January to early March.
“Older entrepreneurs have built their careers in professional services and may just want to continue doing what they know,” Nick Tremper, senior economist at Gust, said of why older entrepreneurs are starting professional services startups.
Loria said RetentionCX is an extension of the customer experience work he’s done throughout his career. Now, he’s his own boss and a solopreneur who can make all the decisions. Loria declined to share specific revenue or sales figures with Business Insider.
Leverage your career experience to build your business
Loria earned a degree in Chemical Engineering from Tulane University and worked as a project manager for a medical device company for 13 years before moving into a leadership role in customer experience and technology management at a software company.
But in recent years, Loria had become increasingly dissatisfied and, after being fired, had two job offers that fell through.
He never imagined he’d become an entrepreneur, but he wanted to do something more creative and meaningful than his previous job.
“I wanted to create something,” Loria says, “and have fun working in a way that was sustainable and not subject to the whims of others.”
A month after starting up, he had three clients, and now he runs the business as a full-time job, balancing three to five clients at a time.
“This is something I can own and build my own value on,” he said.
Leveraging age as a business value
Loria knew starting a business would be risky, so he tapped into a network of trusted colleagues for advice and assurance before striking out on his own. He said his age and years of experience were strengths, not obstacles.
“A lot of young founders end up hitting a wall because of a lack of experience. They don’t know what they don’t know,” Loria said. “I can tell you how it goes and I want to help you avoid pitfalls A, B, and C.”
RetentionCX’s Loria said the majority of his clients are young founders in their 20s and 30s who are building technology companies. He said there’s a “natural chemistry” between younger founders and older founders. He appreciates the boldness and drive of younger founders and believes he can offer the wisdom he’s gained over the years.
He also said that being an entrepreneur is hard work and that he finds it fulfilling to support young founders.
Loria said the past year has been a hectic one getting the company up and running, but that she’s enjoying the adrenaline rush of building her own creative brand.
Are you an older American who has decided to start a business? Our reporters want to hear your story. Contact us at jtowfighi@businessinsider.com.
