Turning Challenges into Opportunities: Joseph Loria’s Entrepreneurial Journey
In the vibrant city of New Orleans, a new wave of entrepreneurship is blooming, and Joseph Loria stands out as a shining example. After being laid off from his job in January 2023, Loria decided he didn’t want to ride the rollercoaster of corporate life any longer. Instead, he took matters into his own hands and launched RetentionCX, a consulting firm focused on customer experience and management.
A New Beginning
Joseph, a 61-year-old veteran with nearly two decades of experience in the customer service industry, realized that his age could be more than just a number—it could be a stepping stone. “It’s about leaning into my age and experience as an asset versus being ‘too old’ for the startup world,” he explains enthusiastically. While many might worry about being older in a field often dominated by youthful energy, Loria sees it differently. He took on the challenge and became a solopreneur, where he gets to call the shots.
This trend isn’t just unique to Loria; it reflects a broader movement in 2023. A recent survey by Gusto, a payroll-services company, found that close to 25% of new businesses started this year are in professional services. Among owners aged 55 and older, about 35% found their niche in this same sector. So, what’s driving this surge? Nich Tremper, a senior economist at Gusto, suggests that older entrepreneurs often bring extensive backgrounds in professional services, making it a natural fit for them.
Building from Experience
Loria has had quite the journey to get where he is today. He graduated from Tulane University with a degree in chemical engineering and spent 13 years as a project manager in the medical-device industry. After that, he transitioned to customer experience and technical management roles at several software companies. However, after years of working for others, he found himself frustrated and unfulfilled. Expectations fell through when two job offers he received post-layoff didn’t pan out.
“I never planned on being an entrepreneur,” Loria admits. “But I wanted to create something meaningful that was not at the mercy of someone else’s decisions.” He went on to say, “I wanted to build something. I wanted to enjoy work in a way that I feel like is sustainable.”
From Idea to Action
Just one month after starting his business, Loria had already landed three clients! Today, he manages three to five clients at a time, successfully balancing this work as a full-time job. “It’s something that I can own and build my own value,” he proudly states. He credits his success to the solid network of trusted colleagues he leaned on for advice during his transition into entrepreneurship.
However, Loria isn’t just keeping his wisdom to himself. Many of his clients are younger founders in their 20s and 30s, primarily involved in tech startups. He finds this dynamic refreshing and believes there’s a natural synergy between younger and older entrepreneurs. “Younger founders may hit a wall due to their lack of experience. I can guide them past the pitfalls I know all too well,” he points out.
Finding Fulfillment
As he reflects on the whirlwind of getting his company off the ground, Loria admits it’s been an exhilarating ride filled with ups and downs. He finds great fulfillment in helping these young visionaries navigate the challenges of starting out. “It could be daunting to go solo, and I love being there to support them,” he adds.
Joseph Loria proves that starting a business can indeed be a viable pathway for older individuals seeking fulfillment and independence. So, if you’re an older American who has decided to take the plunge and venture into the world of entrepreneurship, your experience might also be the spark someone else needs. If you’ve got a story to share, now’s the time to step up!
