Courtesy of Joseph Loria
When Joseph Loria was laid off from his job in January 2023, he sought a job where he wouldn't be at the whims of an employer.
Four months later, he started his own business. RetentionCX is a consulting firm specializing in customer experience and management, and taps Loria's nearly two-decade background in the industry.
"It's about leaning into my age and experience as an asset versus being 'too old' for the startup world," Loria, 61, said.
Nearly one in four new businesses started in 2023 were in the professional services industry, according to data from Gusto, a payroll services company for small businesses. Additionally, among the businesses started by people 55 and older in 2023, about 35% were in the professional services industry. To collect its data, Gusto surveyed 1,345 new business owners of all ages between late January and early March using its payroll platform.
"It could just be that older entrepreneurs spent their careers in professional services and are looking to do something that they know," said Nich Tremper, senior economist at Gusto, speaking about why older entrepreneurs started professional services industry startups.
Loria said RetentionCX is an extension of the customer experience work he has done his whole career. Now, he's his own boss and a solopreneur who can call all the shots. Loria declined to share specific revenue or sales figures with Business Insider.
Loria graduated from Tulane with a degree in chemical engineering. He worked as a project manager for a medical device company for 13 years before pivoting to executive roles in customer experience and technical management at software companies.
In recent years, however, Loria became frustrated: After he was laid off, he got two job offers, but neither materialized, he said.
He never imagined himself as an entrepreneur but he wanted to do something more creative that felt more purposeful than his previous jobs.
"I wanted to build something," Loria said. "I wanted to enjoy work in a way that I feel like is sustainable and isn't subject to the whims of other people."
One month after launching, he had three clients. Today, he balances three to five clients at a time and runs the business part-time.
"It's something that I can own, and I can build my own value," he said.
Loria knew that launching a business was risky, so he tapped his network of trusted colleagues to get advice and assurance before venturing out on his own. He said his age and years of experience were an asset rather than a hindrance.
"A lot of younger founders eventually hit a wall based on their lack of experience; they don't know what they don't know," Loria said. "I can tell you how it's going to go, and I want to help you avoid pitfalls A, B, and C."
At RetentionCX, Loria said most of his clients are young founders in their 20s and 30s building tech companies. He said there's a "natural match" between younger and older founders: He appreciates the boldness and drive of younger founders and thinks he can provide the wisdom that he's developed over the years.
He also said being an entrepreneur can be daunting, and he feels fulfilled by helping young founders.
Loria said it's been a whirlwind getting the company up and running over the past year, but he's enjoying the adrenaline rush of building his own creative brand.
Are you an older American who decided to start a business? This reporter wants to hear your story. Please reach out at jtowfighi@businessinsider.com.
