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!
How to Choose Your Business
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.