If you have decided that either you need to supplement your retirement income or that you simply want to keep busy in your retirement, please consider these tips before even selecting from our Big List of Retirement Ideas.
How much effort do you want to put into your retirement business?
There are a lot of options available. Start with the biggest question which is how much work do you want to do? How many hours of your retirement do you want to spend working on your retirement business?
Types of retirement business structure.
- Part-time: You run the business when you want, where you want. This has the maximum flexibility and it is one of the criteria on this web site that I suggest.
- Franchise: The benefits of a franchise are you get training, support of a big brand name, and a success formula. In this same category, I am including being a sales representative selling such products as cosmetics, health supplements, cookware, and clothes by hosting a party in your house or calling on them in person. Be careful as some franchises demand a certain level of performance (sales) to remain in the program. You might not want to put in the time that they expect. Also stay away from those that want you to make a heavy monetary investment, meet quotas; attend pep-rallies, and put a lot of pressure on results.
- Buy an existing business: This can seem more expensive but hopefully you get existing profitable customers, equipment, mailing lists, and help from the previous owner. Sometimes there is no need to re-invent the wheel from scratch.
- Open at store: Unless you really need a lot of money, don’t spend your retirement days tending a store where you lose your freedom to work when you want. You will also probably need employees so that you can, at least, take a vacation.
From where will you run your retirement business?
- Home-based: With today’s technology – internet, Skype, email, and other services you can work your business from your home. Most of the retirement businesses on this website can be home based.
- Store front: This is not recommended unless you want to work yourself to death instead of enjoying your retirement.
- Office or building: Moving out of the house can be convenient – especially if you need to meet customers on a regular basis or don’t have the space to store products that you make or sell. However, the longer you can avoid this additional expense the better. With most of the suggest retirement businesses here you can meet the customer at their place. If don’t have space to make things, consider renting month-to-month the garage space of a neighbor.
How much money to you want to spend?
My advice is to start small. Sell on a cash basis only. Ask for large down payments with the rest due on completion. Don’t make a big dent into your retirement savings.
More basic retirement start up business tips
Start a business that
- Can turn a profit
- Where you can find customers
- With a unique niche proposition
- And most importantly, start a retirement business that you will enjoy doing.
Remember that it is probably too late to become a millionaire or start a huge enterprise. Just to find something to do that will improve your retirement income and doesn’t require you to “go to work” all over again.