Jul 132015

retirement-savingsWhen you are thinking of starting a new business you need to take these steps for Steps for selecting a retirement business.

Know the business

Learn all that you can about the business if you don’t already know. Take courses online or at school like a community college. Buy books on how to start and run your business.

Check your skills and experience

You will probably do best putting what you already know and in a field where you already have experience. If you lack some skill or experience, can you outsource it or subcontract it?

What are you interested in?

When  selecting a retirement business, choose one that you will enjoy doing. Too many of us worked all our lives just to bring home a paycheck. Now is the time to follow your dream. It’s hard to run a business that you hate just for the money.

Learn all that you can

You are never too old to know more. Take courses online, read books, attend classes, and talk to other already doing the kind of retirement business that you would like to do.

Start off small

Remember that you will be selecting a retirement business to supplement your income and not starting a full -time business. Now that you have more time on your hands, look for something that requires little capital and more of your time. Don’t try to get rich quick or start a global enterprise.

Talk to others

Find out who your competition is. Buy their product or service. Learn what they did right or wrong. Ask yourself how you could do it better, quicker, cheaper, or more conveniently.

Estimate your risk

Know what is the worst that can happen to you if you fail. If you keep your initial investment low and rely mostly on doing-it-yourself at first, you won’t lose much.

Just Do It

There comes a time when you need to stop dreaming and planning and just start doing it. Nothing is perfect and you probably won’t get it right the first time. Be prepared to learn from mistakes and change directions.

Read more advice on choosing a retirement business

More tips here about best retirement businesses to start


Check out this link for more ideas.  Hundreds of Retirement Business Ideas.

For more information check out my books

How to Earn More Retirement Income: without having to get a job

Where to Find Products to Sell for Your Retirement Business

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