The job market is tough for employees of all ages and experience levels right now. According to the Bureau of Labor Statistics, the unemployment rate in August was 4.3%, the highest it's been since late 2021.
However, for older workers who have higher salary and title expectations and who face roadblocks like ageism or being overqualified, the job hunt can be even harder. As a result, a growing number are turning to self-employment, Business Insider reports.
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DJ Perdue is one of them. After losing his job as a Walmart manager, the 50-year-old says he spent a year and a half applying to ten or more jobs a day. Eventually, he decided to take matters into his own hands and opened Teeny Town, an indoor playspace for kids in Union City, California.
"I had to do something," he told Business Insider. "And it was something I had always wanted to do."
Rick J. Sanchez has had a similar experience. The 49-year-old spent years climbing the ladder, starting in hardware and software sales before opening an Allstate practice and then moving on to business development and startup consultation roles.
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When he eventually decided he wanted to return to a more traditional career path, he found it was harder than he'd anticipated to land a job.
"You can’t put founder or president or board chair of anything on your résumé and get a call back,” he told the outlet.
So, after a year and a half of job hunting, he launched his own PR and crisis communication firm called Mentratik.
"We’ve only been in existence for about a year,” he says.”But it sure beats pounding the pavement looking for work every day.”
Sallie Griffiths spent decades working as a C-suite leader, building business development teams and training relators. When she was laid off in 2024, she noticed that many of the opportunities that would have once been open to her no longer were, thanks to her age and experience levels.
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So she took a full-time role at a franchise, which came with a massive pay cut and has forced her to think creatively about how to make ends meet.
“Right now, I’m spinning about five different plates at any given time,” she told Business Insider.
With what little spare time she has, Griffiths has launched a consulting business that helps entrepreneurs like herself, Sanchez, and Perdu get their ideas off the ground.
These three aren't alone in their choice to open their own companies instead of pursuing existing roles at established businesses. According to an analysis of Census Bureau data done by Business Insider, in 2024, 12% of employed people ages 44 to 59 were self-employed. For many, it seems self-employment has become something of a lifeline in a stagnant job market.
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