Rhonda Abrams At Gannett News Service:
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!
So, the First Rule of Retirement Business is: Don’t make too large and risky of a financial investment — unless you have a lot of money or you’ve run companies before.
I’m always wary of first-time entrepreneurs, of any age, starting businesses requiring large upfront investments — retail stores, restaurants, bed-and-breakfasts. It takes a while to see whether you like, and can handle, the obligations and headaches of running a business.
Unlike young entrepreneurs, you don’t have the time to rebuild your nest egg. But you do have time to work your way up to a larger company, if you later decide business ownership is right for you.
So I suggest — to all first-time business owners — start with businesses requiring little capital.
Read more.
Photo by MSDesigns.
Randy on January 14th, 2008 at 8:13 am
Great Article! Really LOVE it !
http://quality-retirement-resource.blogspot.com/
John on March 29th, 2008 at 3:49 pm
I’d go a step further and suggest not just a business requiring little capital, but to start it earlier rather than waiting to retire.
Start small and figure things out before leaving the day job. Then once retired, you can scale up.
Also, if the biz you choose is going to require capital, you’ll know more about what your doing and have that much more chance of success.