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How Retirees Can Start A Business Without Sacrificing Financial Security

Apr 24 2018

By Jim McKinley

Photo via Pixabay

For many retirees, there’s a question of what to do with the next chapter. Retirement can mean freedom to travel and spend time with family, but it can also be the time to try something you’ve always wanted to do. With no 9:00 to 5:00 job to report to, the sky’s the limit. You might practice your favorite hobby full-time or buy an RV and take a road trip across the country with your loved one. Or, if you’re like many older Americans, you might be thinking of ways to make some extra income.

Starting a business can be a big undertaking, but for someone with expertise in a particular field, it can seem like the next logical step. You’ve done things someone else’s way for years; now it’s your turn. How do you get started without risking your financial security, though? There are actually a few ways. With some good planning and a willingness to take a risk, or two, you can start your own business and do what you’ve always wanted to do.

Here are a few tips on how to get started.

Think about your company’s needs

Thinking about what your company needs to succeed is the first step. If your business idea is sustainable without much startup cash—for instance, if you won’t need to worry about paying employees, buying lots of expensive computer equipment or funding the manufacture of a product—it’s possible to run on a very small budget and still make your business a success. Do some research and leave no stone unturned; if you’re serious about making this work, you’ll need a business license, supplies and marketing tools to get started. There are several ways you can save money, however, including using free online tools such as a logo creator and invoicing app, which will save you from having to pay for these services.

Think small

In the beginning, it’s possible to think small and keep your monetary needs low. Every business is different when it comes to the amount of funding necessary to make it a success, but if you’ll be doing freelance work or working out of your home, this will reduce your overhead and cut spending.

Get some help

There are many ways you can find funding for your business that doesn’t come from your own savings account. Some people use crowdsourcing—on a platform such as Kickstarter, where incentives are used to get people around the world to help fund an idea—or government grants and loans to get their business off the ground. You can also turn to friends and family as investors, as long as it won’t create a problem down the road.

Use social media to your advantage

Most social media platforms are free to use and can be invaluable in getting a small business off the ground. Word of mouth just isn’t enough anymore; nowadays, with so many startup companies out there, it’s imperative to have an online presence for marketing. Set up accounts on Facebook, Twitter, Instagram and anywhere else you feel your business could garner attention and keep up with them daily. Establish a following by posting engaging photos and talking up your business, and make sure you are responsive to messages and comments.

Starting a new business is no small feat; no matter how well you plan, there are bound to be setbacks every now and then, and you may feel you have to sacrifice a few things in order to make it work. Get some help from friends and family when you can and do some research so you’re well prepared from the very beginning. With a solid business plan, you can launch your own company and do what you’ve always dreamed of doing.