Many people who are
heading towards retirement today are thinking about work instead of looking
forward to relaxing in their golden years. Some of the focus on punching the
clock is necessity and some of it is a desire, but many also enjoy work and
want to continue to use their skills.
Here are 11 tips for
starting your own business in or near retirement:
- Determine whether your idea is really a good
business plan. What problem does it solve?
Make sure you are completely honest with yourself about the business idea that you come up with. If your passion doesn’t seem to translate into a proper business, maybe it’s better to leave it as a hobby.
Make sure you are completely honest with yourself about the business idea that you come up with. If your passion doesn’t seem to translate into a proper business, maybe it’s better to leave it as a hobby.
- Evaluate your skills.
Do you have the ability to do all the tasks necessary to make your business a complete success? It’s vital for you to be good at what you’re doing; you have to have the passion and the skills.
Do you have the ability to do all the tasks necessary to make your business a complete success? It’s vital for you to be good at what you’re doing; you have to have the passion and the skills.
- Consider the time involved.
Most people don't want to work 80 hours a week, or even 40 hours a week, once they've reached retirement. You need to figure out a way to do it in a way that’s not time consuming.
Most people don't want to work 80 hours a week, or even 40 hours a week, once they've reached retirement. You need to figure out a way to do it in a way that’s not time consuming.
- Get good advice.
Most cities have low-cost resources to help beginning entrepreneurs. You should also look for conferences and trade associations in your field.
Most cities have low-cost resources to help beginning entrepreneurs. You should also look for conferences and trade associations in your field.
- Figure out how to finance your startup.
If you need six figures to get your dream business off the ground, you may need funding or investors, which create additional layers of complication. Don't invest money you can't afford to lose.
If you need six figures to get your dream business off the ground, you may need funding or investors, which create additional layers of complication. Don't invest money you can't afford to lose.
- Know if you want to manage others or can
handle the isolation of working alone.
Many people who start businesses in retirement don't want the burden of managing employees. On the other hand, if you're running a one-person business, you'll end up spending a lot of time by yourself, and not everyone likes that either.
Many people who start businesses in retirement don't want the burden of managing employees. On the other hand, if you're running a one-person business, you'll end up spending a lot of time by yourself, and not everyone likes that either.
- Have an exit strategy.
If you start a business when you're 65, you may be ready to stop running it when you're 75. Have a plan, whether it is to leave the business to your children, sell it or just shut it down.
If you start a business when you're 65, you may be ready to stop running it when you're 75. Have a plan, whether it is to leave the business to your children, sell it or just shut it down.
- Use your professional connections.
People who have been in the workforce for a long time know a lot of people. That gives you immediate access to potential customers as well as consultants who can help you get your business off the ground.
People who have been in the workforce for a long time know a lot of people. That gives you immediate access to potential customers as well as consultants who can help you get your business off the ground.
- Embrace technology.
If you're going to run a business, you may need to learn social media, online commerce, website management and other technical skills.
If you're going to run a business, you may need to learn social media, online commerce, website management and other technical skills.
- Protect your assets.
Make sure your business structure protects your assets. The best way to do that will vary by state and by the size of the business. If your business goes down the tubes, you don't want to lose your savings as well.
Make sure your business structure protects your assets. The best way to do that will vary by state and by the size of the business. If your business goes down the tubes, you don't want to lose your savings as well.
- Don’t expect overnight success.
You may need to try several things and radically change your initial business plan before you find a formula that works. Let yourself experience new stuff and try new things.
You may need to try several things and radically change your initial business plan before you find a formula that works. Let yourself experience new stuff and try new things.
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