Once upon a time, retiring meant never thinking about work again. These days, however, more seniors than ever are getting back into the workforce by starting their own businesses. In fact, according to recent data, over 25% of new businesses in 2019 were started by people aged 55 or older. If you're thinking of joining this trend, Encore Life Health invites you to learn what to do and not to do.
Don't Let Age Hold You Back
When people think about startups and entrepreneurs, they often tend to picture someone in his or her early 20s. Despite this stereotype, youth is not a requirement for business success. On the contrary: Your experience and life stage are valuable assets that can give you a competitive edge. After all, you have a whole career’s worth of skills, knowledge, and professional contacts to draw upon.
Furthermore, you’re likely to be more financially stable now than when you were in your 20s. You’ve probably acquired a few assets, paid down some of your student debt, and are in a much better position to secure financing for your new business.
Do Find a Way To Use What You Know
You’ve learned a lot throughout your life so far. Use that to your advantage and look for a business niche that incorporates your knowledge, skills, or passions. For example, if you had a 30-year career in human resources, consider sharing your wealth of knowledge through a consulting business. If retirement has given you a chance to embrace your passion for watercolor painting, consider selling your art online.
Don't Ignore the Legal Side
The last thing you want to do when starting a business is run afoul of the government, so be sure you check all the necessary legal boxes. In most cases, you’ll need to apply for a business license, and possibly procure additional permits or licenses. You also must comply with any applicable zoning requirements.
The way your business is formally set up can have a big impact on taxes and other important issues. For many home-based businesses, forming a limited liability company is often a wise choice. This corporate structure allows you to protect your personal assets and utilize many tax benefits while maintaining a great degree of management and ownership flexibility. To avoid steep attorney fees, look into filing the LLC paperwork yourself, or consider using a cost-effective formation service.
Do Utilize Technology
In today’s market, web presence is everything, especially for a home-based business. At a minimum, you’ll want to ensure that your business has:
- An inviting, functional, easy-to-use website
- A solid social media presence
- A strong digital marketing strategy
- Brand recognition and customer interaction across multiple platforms
If those aren’t areas you’re comfortable with, hiring a web designer or social media advisor is likely well worth the investment.
Starting a home-based business after retirement can be a great way to apply your skills and experience and earn some extra money. Retirement doesn’t have to be the end of your working days — it could be the beginning of your most rewarding work yet!
If you’re still frustrated with figuring out your life insurance and final expense needs, turn to Encore Life Health. They offer personalized solutions for final expense decisions and mortgage protection insurance. Contact them today to get started. 253-221-3592.