5 Tips For Starting A Business In Your Golden Years
Are you retired or contemplating retirement? Have you been considering starting your own business to keep you busy in your golden years? Could you use some extra cash, in case you did not prepare for retirement like you should have?
Well, the best way I know of to earn a nice retirement income, besides being prepared with investments and savings, is to start a simple business you can operate from your home.
If you are retired, or will be retiring soon, and want extra income so you can live more comfortably…
Here are 5 Tips to consider before getting started:
Retirement Business Tip #1: Cover your basics.
Figure out how to pay for all of your living expenses during the startup phase. Be sure you have sufficient income or savings you can live on until you’re earning money. To help you get started, you can even pick up some part-time work until your business brings you the extra income you want.
Retirement Business Tip #2: Test your idea.
Just because you think starting a particular type of business would be a good choice for you, does not necessarily mean it is a good choice. Talk to your family and friends about your ideas. Start with a small group of people as a test first, so you can gather feedback, adjust your plan and build from there. You will want to start a business that is a good fit for you.
Retirement Business Tip #3: Leverage your experience.
Have you been working for a while and have developed valuable skill sets? Before considering a business which you don’t have experience with, think about leveraging your existing skills and use them to your advantage.
Retirement Business Tip #4: Bootstrap your business.
Try not to use much or any of your retirement and rainy day funds to start your business. Instead use as little money as possible. Bootstrapping has helped countless entrepreneurs launch successful businesses. This is where you start with a small amount of cash and do what you can with it to generate some kind of money. Then with the money you earn, repeat this process to create more capital, as you see your business methodically grow step by step.
Retirement Business Tip #5: Take care of your health.
You’ve worked practically your entire life either for yourself or at a job. Your retirement years are not the time to push yourself to the limit with your work hours. In the startup world pulling all-nighters and working 24/7 is the norm. Make your plans and ideas such that you won’t be required to work more than a few hours each day.
With these simple yet important tips, it is very possible for you to create a small, enjoyable and profitable business that’s based out of your home, which could provide all the money you’d need to live comfortably, without touching your savings, emergency fund or investments.
After all, you’re not getting older, you’re getting better!