Starting A Business In Retirement

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Tips For Starting A Business In Retirement:

STARTING a BUSINESS | RETIREMENT Plan
  • Assess your skills: This is very important. You may have to do all the jobs in your office until you build up your staff. Can you handle it?
  • Assess your time: Starting a business is very time-consuming. Make sure youre ready to invest your time, energy, and resources into this venture.
  • Assess your finances: Do you need capital? How are you going to finance this venture? Maybe using your savings is not a good idea. Can you afford to take on any debt? These are all important questions to consider.
  • Know your technology: Technology drives the business world. Learn the ins and outs of technology, and use it to your advantage.
  • Protect your assets: Incorporate and do what you need to do to avoid affecting your personal assets through this venture.
  • Know when to quit: Even if your business is successful, know when to let your employees run the business. You may get to a point where you feel youve worked hard enough. Have an exit strategy in your overall plan.

Its an exciting thought to be able to do what youve always dreamed. Retiring doesn’t mean your life is over consider following your heart and bringing your ideas to fruition.

House Painting Home Repairs And Gardening

Theres just something serene and fulfilling about painting the interiors of houses. Maybe its the calming strokes of the brush, or perhaps its the sense of accomplishment and pride that you get once the jobs done. Whatever it is, its oddly fun to doAND you can make some pretty good money at it too!

Maybe you like the idea of working with your handsbut youd really rather be outside soaking up the sun consider landscaping and gardening and a retirement business idea.

Entry into this market is pretty much as easy as it gets. All you need is a mower and a means to get it from place to place. Call up some neighbors, leave a few flyers on peoples front doors with your steal-of-a-deal introductory price, and wait for a few gigs to come in.

Do a good job and youll not only keep those lawns, but youll probably start getting referrals as your clients talk to their friends about your great work .

Ive known plenty of people that took up handy man type careers. They loved talking about the work they did and it allowed them to pseudo-retire without ever touching their retirement nest-egg.

How to Get Started:

Beating The Income Squeeze

According to the 2019 Australian Seniors 100 Year Lifespan Report, the vast majority of Australians feel it is important to be able to fund their own retirement. More than half say they want more control over this last life chapter and 52% want to be able to support a higher standard of living.

More than three quarters of the 5,000 over 50s surveyed believe society is underprepared for a life expectancy of 100. With interest rates at historic lows, superannuation accounts getting hammered by market volatility and the Age Pension falling short of the cost of living, many retirees are finding themselves in an income squeeze.

Trish and David are both in their late 60s. Trish works part time in a gift shop in Sydney and David runs a publishing business from home. They say funding their own retirement is vital to their quality of life.

If we stopped working now and relied on our super, we wouldnt be able to afford the lifestyle we want, says David. At 67, I dont feel the need to slow down. I have been upskilling as I go along and have a good handle on social media. Life is all about learning no matter what your age.

Airbnb claims their fastest-growing host demographic in Australia is people over 60 who are flocking to list their properties on the site. In 2017, Australian Airbnb hosts aged 60 and older received 802,000 guests and earned $158 million.

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Become A Senior Concierge

Senior concierges might help with scheduling appointments, grocery shopping, planning an event, going to the post office, mowing the lawn, walking a dog, waiting at someone’s home for a scheduled service appointment, or really any everyday task. Some senior concierges also complete home wellness checks.

  • Potential income: $2,925 per month
  • Time commitment: 40 hours per week
  • Startup costs: Website marketing

Dont Risk Your Retirement Money

Starting a Business in Retirement? Important Factors to ...

One challenge particular to encore entrepreneurs is they have less of a cushion for failure. Whereas younger entrepreneurs have the time to start all over, older business owners may find it harder to bounce right back up.

Keep in mind only half of small businesses make it five years, according to the Small Business Association. That means you should avoid risking your most important financial assets, such as your retirement savings. Christopher Giambrone, certified financial planner and co-founder of CG Capital, advises aspiring encore entrepreneurs to remember retirement savings should be used for that purpose: retirement.

Read Also: Retirement Plans For Church Employees

Retirement Business Ideas: 12 Ideas For Getting Started After 50

Some individuals dream of the day when they can do absolutely nothing. To them, retirement is a euphoric future of sleeping in, lounging in the sun, and thinking as little as possible for the next 30 years of their lives.

In fact, for most of us, a life of zero activity and thought would drive us absolutely nuts! Sure, a few days of relaxation is great, but after that, its time to tackle something, learn and grow from it, and then conquer the heck out of it!

Acting on our passions and setting future goals can really do great things for a person for their mind, body, and soul. If you find yourself nodding to this statement, then the next question is, Have you considered starting a business after retirement?

Retirement business ideas for the over 50s dont have to be blockbusters. It doesnt have to be big. It doesnt need to be impressive. It just needs to fulfill that void thats probably been inside of you for many years yes, even while you were working that supposedly fabulous full-time job.

Starting a business after retirement is probably right for you if youve always longed to.

  • Be your own boss
  • Build a massive business from absolutely nothing

Passing On Your Skills

Drew Parker, a 58-year-old former merchandise financial manager living near Seattle, always had a knack for managing money.

When I retired a few years ago, I created ‘The Complete Retirement Planner,’ an e-commerce system that allows anyone to easily develop a financial plan for pre- and post-retirement, says Parker. I created this business as a way to help others to get a better grasp on their finances.

Parker offers the planner for $69.99. This is a labor of love, driven by a mission to help others, he says.

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Your Plan Should Be Aspirational

In order to create a plan that youll actually use one that pushes your boundaries but is also feasible you need to start with your vision. So, before you think about what you need to do to get closer to your goal, daily, weekly and monthly, think about the goal itself.

Create a vision board that shows what your life will be like at the end of these amazing 12 months. Start journaling about the transformations you want to make and describe them in detail. Or write a news story about who youll be one year from today. Pick a publication or newsfeed you read daily and create a headline that starts with your name and includes details about what you accomplished, what you started, what you invented. Then write a mock news story explaining your road to success!

As you dive into the planning process itself, think big . . . but also keep the plan simple, streamlined, and practical. Overcomplicated plans never work out.

You dont have to have a plan so simple that it can be boiled down to four steps, but you do need something that can be explained in a few sentences. Consider how youll build in flexibility and milestones so you can have a few bursts of motivation along the way.

More Than Just Money: Flexibility Purpose Engagement And Health

Why You Need to Start a Business after Retirement

A decade spent in the finance industry living a road warrior lifestyle, often traveling 150 days a year, took its toll on Andy LaPointe. But it was a single, fateful morning that finally changed everything. On 9/11, he found himself stranded in Kentucky on a business trip. With flights grounded indefinitely, he had to take a rental car back home to northern Michigan. Over the course of the eight-hour journey, he tried to make sense of not only the tragedy of 9/11, but also of his own life. He decided then to start building a new lifestyle on his own terms.

Soon after, Andy and his wife launched Traverse Bay Farms, a gourmet food company based in Bellaire, Michigan, that primarily uses locally sourced produce. Now age 50, he is joining the encore entrepreneur crowd, and says entrepreneurship gives him the life he wanted.

The most rewarding part is the ability to design the lifestyle I want and then work to earn an income to support that lifestyle, he says.

LaPointe is not alone. People of all ages want to live life on their terms, to do something meaningful while being able to spend time with loved ones and pursue other interests. That takes a certain level of flexibility not often granted in a typical 9-to-5 job and a level of engagement, perhaps, not often found in a typical retirement.

Moira Gehring and her BoodleBody line.

Courtesy of Moira Gering

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What Is A Good Job For A Retired Person

Generally, good retirement jobs are enjoyable and a bit flexible. They may allow you to work from home sometimes or make your own schedule. For example, jobs as administrative assistants and office managers often give retired people the ability to keep working part-time. Others may prefer to specialize in a particular area, like bookkeeping or marketing.

However, starting a business can be a very attractive opportunity for retirees with years of experience. A good retirement business can let individuals turn an enjoyable hobby, like crafting accessories or caring for dogs, into an income and business opportunity. If youre interested in starting a small business after you retire, think about the things you enjoy doing before you get started. Then consider how much time youre willing to set aside. If you enjoy working, consider opportunities like property management or bookkeeping. If youd prefer to create your own schedule and stick close to home, consider business ideas like selling handmade goods or tutoring.

Alternatively, some people prefer to purchase franchise businesses. This gives them access to a proven business for retirement. You just need enough savings to cover the franchise fee and startup costs. There are many different franchise types, from fast-food restaurants to moving companies. Think about the industry that most interests you before you get started. Then research the opportunities, costs, and requirements for each option under that category.

Instead Of Enjoying A Leisurely Retirement Many Want To Stay Active And Start A Business

  • Nearly two-thirds of Americans want to open small businesses when they retire.
  • Most of those retirees are motivated by building a business and implementing a successful strategy.
  • Retirees often have significant experience, capital and time to invest in a new small business.
  • This article is for retirees who want to start a small business.

Regardless of how much we enjoy our careers, retirement is the golden ring that nearly all workers hope to attain one day. We prepare for retirement accordingly, setting up retirement plans and daydreaming about how we’ll cruise the world and spend leisurely days on the golf course during our golden years. But is this what we really want?

Luke Pittaway, professor of entrepreneurship at Ohio University, said as people live longer, they increasingly look for ways to keep working in retirement including maintaining a professional or entrepreneurial life.

“People are living longer … and many are choosing to start a small business as a way to stay active,” he said. “In fact, the proportion of people starting businesses in the age range of 55 to 65 has increased in recent years and, at one point, even surpassed the typical entrepreneur age group of 25- to 35-year-olds.”

Key takeaway: Nearly two-thirds of Americans plan to open a small business in their retirement. This trend has increased as people live longer.

Recommended Reading: How To Apply For Retirement Pension

How Do I Set Up A Franchise

There are lots of different types of business franchises available. The advantage of a franchise is that the product or service has already proved itself and may be well known to people. Famous franchises include The Body Shop and fast food chains McDonalds and Subway.

You can find franchises for all kinds of businesses, including education, care, health and fitness, as well as food and drink.

There may be disadvantages in the constraints of the legal agreement you make, and you will need to take independent legal advice if youre considering a franchise.

Retiring From A C Corporation

Starting a Business in Retirement

What happens to a corporation when the owner retires? The C Corporation is an official legal entity separate from its owners and regulated by the state in which it resides. Ownership is through holding stock, and the owners are employees of the corporation, giving them a significant degree of personal liability protection.

As employees, owners can retire, and the company can continue in perpetuity. The retiring member should submit their resignation from the company and its board of directors, and then new board members are voted in . All changes to management and board personnel should be indicated in the corporations meeting minutes. Like in the LLC, the corporation must file new Articles of Incorporation and Corporate Bylaws with the state.

It is not necessary for the retiring business owner to thoroughly wash their hands of the business. In many cases, the business owner holds onto their stock and can take a role on the board of directors to stay connected to the company.

Read Also: How To Save For Retirement

Can You Play To Your Strengths

Bernies 30 years as a teacher has made him quite the wordsmith. He writes all of the sites copy, product descriptions, and blog posts. With a little help from his son, he learned the mechanics of building and maintaining a website.

Its never too late to learn something new. In many cities, public libraries, government-run facilities, and community groups offer free courses for seniors like basic computer skills and web design. Check listings in your area for programs catering to retirees or older folks.

Starting A New Business In Retirement

June 12, 2020 by Joanna Webber

Reading time: 4 minutes

Bambi Price is busy. Since starting The SeniorPreneurs Foundation with her husband Frederick in 2014, people from all over Australia have been calling. Some have a dream or a business idea, others are floundering with no idea at all, but theyre all in their 50s, 60s and beyond and looking for clever ways to supplement their retirement income.

Bambi, 63, is a strong believer in nurturing the talent and experience of senior citizens. She is also CEO of TellUs2Day a company dedicated to providing technology services to people over 55 and founder of WarOnWastedTalent.com.au, a movement that helps people maintain employment as they age.

Instead of retiring and collecting a pension like their parents did, many older Australians are learning about new technologies and entering the world of entrepreneurship, she says. Baby boomers are taking control of their own destinies by starting new businesses at an age where others might be looking to retire.

The over 50s is now the fastest growing entrepreneurial group in Australia and 34% of young Australian firms are led by senior entrepreneurs. Older people are bringing a wealth of knowledge to small businesses. Experience and the right mindset are so important.

Compare super funds

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Professional History As A Foundation For An Online Business

If you’ve been working steadily, chances are you have enough professional background to help you get started can apply what you know about computers, marketing, accounting and customer service to make yourself valuable as an online business owner. The truth is that is that retirees in many ways have experiential advantage over those just starting off in the entrepreneurship space. Whether you’ve been running a brick-and-mortar business, worked a straightforward 9-to-5 job or served in a position of leadership at your own company, you’ve seen the ins and outs of business and understand workforce challenges. So, use this to your advantage and apply it, tailoring your knowledge and expertise to the needs of the current market.

Related: 5 Essential Questions to Ask Yourself Before Buying an Online Business

Test Your Business Idea

Thinking of Starting A Business In Retirement? Watch This Before!

Moira highly recommends that you test your idea before committing too much time and capital.

How?

Start by speaking with people you know, says SCORE mentor Norman. What product or service are they currently using in your competitive frame? Are they satisfied with it? What do they like or dislike? Then share your idea. Do people like or dislike it? Why? What would make it better? From there, he suggests conducting some market research with programs like SurveyMonkey, which allows you to survey people for little or no cost.

Also Check: Can I Retire At 62 And Still Work Full Time

The Top 5 Reasons To Start Or Change Your Business Retirement Plan

There is no one reason why business owners decide to start a retirement plan or alter an established one. Maybe your tax bill is high and youd like a way to reduce it. Maybe you want to be more competitive in attracting and retaining the best employees. Perhaps you and your employees arent saving enough for retirement and you need to put more substantial money away. It could be the cost of your current plan is too high or youre unhappy with how its being managed.

Lets first look at why you might want a plan or to change your current one. Then well approach the how.

Popular reasons to create a new plan:

If you already have a company retirement plan, your concerns and issues are much different. Heres why you might want to change plan managers:

Curious about adding a plan or making a change? Here is the how: Talk with us and we will ensure you have the knowledge you need to make an informed decision.

You will get personal attention from local people who have decades of experience serving sole proprietors as well as companies with thousands of employees. You will be working with investment professionals who can manage every aspect of your plan under one roof. That means well help you to design the best plan to meet your companys needs, educate you and your employees on the plan, set up the enrollment, take care of the investments, and manage all the record keeping in one place.

Our first step is always to ask questions to get to know you and your business better.

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