Starting your own business after retirement is an achievable dream. Following these tips can increase your chances of succeeding.
8 min read
Retirement is the life stage when you finally have the freedom to pursue the activities you love. It's a great time to start that business you've been dreaming about for years. Of course, you want to launch it without causing a financial hit to your retirement savings. Here are a few tips to assist you in making your encore entrepreneurship dream a success!
According to the AmericanAssociation of Retired People, over 25% of retirees start new businesses, and that number rises each year. The most successful older entrepreneurs use skills and experience they obtained in their careers to launch a company at a low startup cost. A few ideas are:
• Consulting: Consulting is an excellent choice if you have past management or coaching experience. You may even find your former employer is your first client!
• Tutoring: Retired teachers are in demand as private tutors to help students ace their classwork.Another option is creating online courses.
• Accounting: Doing taxes or bookkeeping is an excellent choice for accountants.
• Communications: If you are skilled at writing or editing, you can help small businesses with blogs, articles, or website content.
• Marketing: Your marketing talent can be put to use helping individuals or businesses with social media or sales materials.
• Information technology:There's always a market for experienced IT professionals in software development, website or app development, and cybersecurity.
• Graphic design: Small businesses need designers to assist in branding their company with a logo and an artful tagline.
To protect your financial health, it's a good idea to start small and let your company grow organically instead of taking large sums out of your retirement account. First, do research to make sure there is a niche for the services or products you will offer and figure out how you can make your company stand out from your competition.
Next, take the time to create a business plan that details the steps needed to start and maintain your company and what business structure you will use. Setting it up as a limited liability company gives you tax advantages, less paperwork and protects your personal finances if your company faces a future legal challenge. Your business plan is a valuable document should you need outside funding to help with startup costs, such as a small business loan.
Once your business is up and running, you'll want to focus on keeping current customers happy and finding new clients. Thankfully, there are apps to help you with the company's day-to-day operations. Use a template to generate a monthly planner that keeps track of all your appointments and gives you a30-day view of your task list in one digital location. You can customize your entries with digital sticky notes, graphics, and videos so essential tasks and deadlines stay on your mind until completed. Unlike a paper planner, you can add as many daily entries as needed because you never run out of space.
A convenient way to achieve your financial goals and track your progress is using a personal finance app, such as Qoins. Once you set up your account and goals, the app automatically makes transfers and payments for you according to the schedule you create.
Starting your own business after retirement is an achievable dream. Following these tips can increase your chances of succeeding.
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