Congratulations! You’ve finally retired and moved to the desert, beach, mountains, city or some other dream retirement location. Fortunately, you’ve saved up enough to buy a great retirement home.
However, you still need – or want – to make money. But you certainly don’t want another job; you’ve had enough bosses for a lifetime.
So start your own business!
The First Rule of Retirement Business: Don’t make too large and risky of a financial investment – unless you have a lot of money or you’ve run companies before. Start with businesses requiring little capital, such as:
Consulting. Especially if you have professional or technical knowledge, consulting is the least expensive and least risky way to begin. All you need is a business card and a place in your home to work.
Service businesses. With lower upfront costs, service businesses ease you into an industry and help build up a customer base. Instead of opening a restaurant, start as a personal chef or caterer. Rather than plunging into real estate speculation, begin with property management services.
Sales. If you’re outgoing, becoming an independent salesperson is an extremely low-cost way to launch a career.
The Second Rule: Before you decide on a retirement business, be clear about your financial needs.
Do you need money to be able to pay your basic bills? If so, as you evaluate options, place the highest priority on the potential for steady, reliable income.
The Third Rule: Lifestyle considerations matter! If your retirement business income primarily supplements your other financial resources (such as a pension and/or investments), make sure your business choice meets your personal needs.
Photo by MSDesigns.