1. Your income – The first step before you start a retirement business is to admit to yourself that the money that you have saved, your investments, your house equity, and paid-for car together with your government pension is all the funds that you have. At your age you will NOT be getting another job that pays anywhere near what you used to make. There still exists lots of age discrimination against seniors in spite of the law.
2. Economize – If you have a mortgage, family, debts, and other obligations you need to get them in order so that you can live just on your pension. It helps if your spouse is still working too. Sell what you don’t need. Move. Cancel subscriptions. Live cheaper so that you can afford to launch your retirement business successfully.
3. Failure – A lot of small businesses fail in the first two years. However, most of these businesses were full-time and the sole support of the owner. You are retired and your retirement business does not need to support you. It only needs to supplement your income.
4. Not easy – Working from home is not always easy. It can be stressful. You can waste a lot of working time talking to your relatives, watching TV, reviewing your Facebook, or just loafing. After all isn’t that what retirement is for? When you had a boss, he / she kept your nose to the grindstone. When you are the boss, you need to set aside “working” time and not allow for any interruptions.
5. Slow going – There is no overnight success or get-rich-quick formula. Anyone promising that is just taking your money to sell you the “secret”. There are lots of scams targeting retirees.
6. Risk – There is no safety net. If you invest a lot of money, you can lose a lot of money.
7. Start up money – It also takes some money to start a retirement business. You might need a web site, learning courses, how to books, marketing funds, money to purchase initial products, etc. This site does NOT recommend hiring employees, opening a store front, buying a franchise, or trying to be the next Microsoft.
8. Work – You have to go back to work again. Thankfully, you can put in the hours that you want. You are the boss. It can be stressful as you have to learn how to do everything from preforming the service, buying or making your product, marketing, and accounting. Fortunately, much of this can be farmed out to freelancers. But you will have to learn how to manage your business and think like an owner and not an employee.
Enough of the negatives. Here are some positive
Benefits from operating your retirement business from home
9. Hours – You set your own hours. You work when you want for as long (or short) as you want if you follow the advice on this website and avoid starting any business that ties you down to a fixed time schedule such as a bed and breakfast, restaurant, or store front. Also don’t hire employees that need you need to manage. Outsource anything that you don’t know how to do or that you don’t want to do yourself.
10. Flexible – You stop work to see a movie, go to the beach, or play golf and then work longer in the evening of the next day. It doesn’t matter when you work.
11. Location – Many of the Best Retirement Business Ideas on this website do not require you to be in a fixed location. You can work from your existing house, while on vacation, or anywhere in the world.
12. Ownership – It’s your business. The credit and blame for its success is all yours. If you don’t like what you are doing, you can decide to go in another direction. The work you do benefits mainly you and yours.
13. Politics – You don’t have to play office politics to get ahead. You get “promoted” on your own merit. You also might be surprised how much you can accomplish in a day when you don’t have co-workers to waste time with around a water cooler.
14. Money – People in business for themselves generally make more money than employees make. If you want a raise just work harder or smarter or longer.
15. Experience – It helps if you already have a skill or knowledge that you can convert into a Home Retirement Business. But it is not necessary. Just check out some of these ideas for a home retirement business.
Some Tips for Starting a Work from Home Retirement Business
16. Decide – What you really want to do? Check out our list of Best Retirement Business Ideas.
17. Research the market – Are there others doing the same thing? If so, analyze what they are doing right or wrong. If no one is doing what you are proposing to do, why not? Maybe it’s a good idea whose time has come or a good idea that takes too long to educate buyers.
18. Education – Learn all you can about the business. Read books. Take courses. Be a buyer of the competition. Look for ideas on starting a business in retirement.
19. Goal – Make an attainable small goal in terms of money, clients, or accomplishments to do by a certain date.
20. NOW JUST DO IT – Don’t procrastinate any more. You will never get it right. You will never learn enough. You will never be completely ready. You don’t need perfection – just be good enough. Your first attempt will probably fail anyway. You will have to change as you learn by doing. Just stick your foot in the water without investing all your savings and drowning.
Check out this link for more ideas. Hundreds of Retirement Business Ideas.
For more information check out my books