Monthly Archives: March 2016

Business in Retirement

The idea of starting a business in retirement may be novel to some, but is gaining more popularity, and the average age of business owners starting a new business has been increasing because of retired people getting into the game.

The main reason to look at starting a business in retirement may be the extra income it can bring, but there are other important factors as well for starting a new business such as keeping up with your contacts, keeping up to date with computers and new technology, and having a meaningful and valuable activity to do during retirement.  Many of my clients feel the exhilaration of being on permanent vacation during the first year or so of  their retirement, but can become restless later on.

Types of Businesses to Start

A good business to start is one that uses the expertise you have already have from work, interests or hobbies.  This could include many areas such as contract and consulting work, photography or videography, creative writing, affiliate marketing, landscaping, maintenance and repair, bookkeeping, or whatever you are good at and think there is a market for.  Many of these business do not require a large investment in equipment, or you may already have the equipment you need from your work or hobbies.

How to Manage your Time

The greatest benefit of retirement for many people is time freedom.  Once you have won this freedom for yourself it is not something you are likely to give up.  It is therefore important to not let your new business overtake your free time, unless if it your choice.  Of course there will be times when your business will demand more of your time, like during the start-up.  You can help protect your time freedom by taking shorter term contracts, or configuring your work so you only do it during certain months of the year.

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