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3 Considerations For Retirees Starting A Home-Based Business Thumbnail

3 Considerations For Retirees Starting A Home-Based Business

Guest Insight written by Tina Martin of Ideaspired

Your golden years no longer have to mean that you are out of a job or a profitable gig that occupies your time. If you’ve always wanted to own a small business but didn't have time for entrepreneurship during your career years, now may be the perfect time to begin channeling your energy into a home-based enterprise. It may surprise you to know that many retirees are now becoming entrepreneurs.

Even if you have spent years working in the business world or a related field, there are several things you should keep in mind as you go into business for yourself. Here are three important considerations courtesy of Thrive Retirement Specialists.

1. Form Your Business Legally

Naming your business, printing business cards, and even starting a website are great first steps to getting your business’s name out into the real world, but it’s best to legally form your business before attracting clients or opening your online store. Registering businesses as a limited liability company can help retirees as they become entrepreneurs.

There are major benefits of limited liability corporations even for sole proprietors: You are better able to protect your personal finances, and you can sidestep large lawyer fees by using a formation service like ZenBusiness to register LLC Michigan paperwork. 

2. Turn a Hobby Into a Business

If you’ve been a master quilter, woodworker, or soap-maker on the side for a few decades, you may be famous among your friends for your talents. Did you know that there are now several legitimate online venues like Etsy and Amazon on which you can sell your homemade goods? If you’ve always suspected that you could make money from your hobby, now's the time to find out.

3. Use Your Career-Related Skills Differently

Maybe you loved your career but you wanted to move on for any number of reasons. Maybe you toiled in the legal field for most of your work life, or perhaps you decided to retire from nursing because the shifts were too much for your feet and you disliked the idea of switching fields to an administrative role. Consider using the skills you’ve learned over your career to help others in a less demanding line of work.

For example, you could get work as a legal or medical writer, or act as a consultant. If you have a master’s degree, you could even teach a class virtually online. Whether you work part-time or full-time is up to you. Use your previous job title, skill set, and education to help you gain clients in your home-based business by giving you legitimacy.

Home-based businesses typically require little capital to start, but they can require a lot of your time and effort — which, for a retiree who wants to stay busy, may be perfect. Keep the above tips in mind when starting your home-based business and live out your retirement doing exactly what you want. 

To keep your financial future on stable ground, and to help manage growing income from your venture, work with Thrive Retirement Specialists. We are here to help you make the most of your retirement. Connect with us today!