Many retired people, or soon to be retired, are thinking about
Starting A Business In Retirement
They find that use their retirement funds plus Social Security are just not enough to live well.
The options are
- work for someone else for a set number of hours in a fixed location
- or chart your own course with a baby boomer retirement business
Consider (now that you have the time) of starting a home-based enterprise based on your hobby or personal interest. If you do it right, a retirement business can not only give you a worth-while activity to spend your time but also it can help your savings last longer.
Of course, you have to know what you are doing. Too many people who were employees working for someone else all their lives, don’t know what it takes to be your own boss.
It is not difficult, but you must be prepared. You don’t want to spend all your retirement savings, get tied down to something you dread, and waste your time doing something that you don’t enjoy.
PRODUCT OR SERVICE?
There are basically two ways to make money – selling a product or offering services. These can be your products or services – or someone else’s products or services.
YOUR OWN PRODUCT or SERVICE
If you sell a product that you make, you are in complete control and make more money. But you will have to spend time making products which limits your time. And you will have to sell it to customers or other middlemen too. If you offer a service directly, you are essentially selling your time.
SOMEONE ELSE’S PRODUCT or SERVICE
If you sell something made by someone else, perhaps, you will make less money but you will free up your time for more selling and can drop products that don’t sell.
HOW THICK IS YOUR SKIN?
If you offer your own product or service, be prepared for criticism. There will be unhappy customers no matter who is a fault. – and sometimes it will be your fault.
When you offer products or services from someone else, you will not take criticism so personally.
Look around there are many products and services that you could sell for others.
START AT THE BOTTOM
- A retirement business is not a get-rich-quick scheme. Your goal should not be to become the next Bill Gates. You only need enough money to supplement your retirement income. Don’t spend your way to success.
- Select a modest goal and then look into the Best Retirement Business Ideas that you can find that fit your skills, passion, and personality.
- Learn all you can about your retirement business. Leverage your skills and passions.
- Start slowly.
- Avoid employees or, at least, outsource to freelancers and independent contractors.
- Make mistakes. You won’t learn unless you do something wrong.
- Be ready to change your plan if it not working out but don’t give up too soon.
- Love your work, not the money it makes.
- Beware of scams like multilevel marketing, miracle products, overnight success stories, and high returns. The only people who make money with these are the organizers.
A retirement business might not be for everyone.
It takes work (not too much), patience, commitment, a plan, and most of all turning off the TV and doing something every day toward your dream.
Here are some good Retirement Business Ideas for further reading.