Starting a Business in Retirement

With the expanded lifespan and limited financial resources, many aging baby boomers are starting a retirement business. While not for everyone, having your own business can provide a nice outlet as you get older. Depending on how much money is invested and how much is needed to supplement existing income, a part time retirement business can be a wonderful way to stay active.

Before you jump into a business, make sure you have the right personality for running a business. Also, identify your reasons for starting a business and what goals you want it to meet.

Even a business based on a passion or hobby requires effort. The first question you want to ask yourself is whether you are a self-starter. A business is in fact a business. If you’re going to make income and therefore pay taxes, you need to know you can keep records of income and expenses. You need to be organized enough to know whether you’re making a profit or have created a money pit.

Most retirement businesses are small solo or family operations. Are you going to be able to shoulder all of the responsibility? In addition, to performing the tasks connected to the business and record keeping, you’ll need to do the marketing, selling, and any grunt work that needs to be done.

Finally, do you have the physical stamina for running a business? Not only does running a business often require physical strength, but most business require a lot of effort and time commitment. If you’re not willing to do what needs to be done, starting a business in retirement may not be for you.

If you do some homework by researching other business like you, talking to your financial team and complete some self-analysis, starting a business in retirement can be fun, energizing and profitable.

 

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