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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
New Rise In Retirees Starting Businesses
It’s becoming quite the trend for many of us to be starting businesses once retired from another profession or career. Since this is a trend that’s on the rise let’s take a closer look at what kind of businesses these retired people are starting, why is it they are doing it and how they are doing it?
What Type Of Businesses Are They Starting
What type of business to start in retirement? This is a very good question as your aims and ambitions are quite likely to be different from someone starting a business much earlier in their lives, you might be looking for some extra income, or to pursue a passion project rather than to make a living to support a young family.
What Makes A Retiree A Good Start-Up Owner
As someone who has a whole working lifetime of experience in possibly a wide variety of roles and tasks, many people are working freelance or in consultancy as a way of making a living as a self-employed person post-employment, you may not be inclined to work full-time but your knowledge is a great asset which should be exploited. You generally don’t have the chaos of a family life getting in the way and with extra free time on your hands you will be free to spend more time on a business venture making you in a good place to make a success of it.
How Are They Generally Funded
There are a few ways you can think about funding your business, obviously if you have the funds you can self-fund the business or you could look at a few alternative options. Why not consider looking for investors amongst your friends and family? Alternatively you could consider releasing some equity in your home, this is a good way to realise the value in your asset without having to move house but you should take professional advice from experts such as Key to ensure that this is right for you in your particular situation.
Part-Time Or Full Time?
Do you want to make this a small scale project where you work part-time or work at home meaning you will have a lot more time for the rest of your life in retirement, this is important to consider as running a business, even one that is supposed to be part-time venture can quickly escalate to encompass your whole life. If you are choosing to go full-time then that is a very different beast and you should be sure you want to do this and are comfortable to go down this road.
Reasons For Starting The Businesses
The reasons for starting a business in retirement are various, many people just find they don’t like being retired and miss working but at least running your own business, especially when you are calling the shots, can give you an outlet that suits you and can fill the void of not working anymore. You should make a list of why you want to do this and make sure that the business will fulfill these.
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