TYPE OF BIZ - BUSINESSES FOR RETIREES

Considerations for Senior Entrepreneurs

When it comes to working in retirement, it’s worth noting that not all businesses are created equal. Some industries require higher startup costs in the form of supplies, staff, and rent on brick-and-mortar shops. If you’re a senior thinking about how to start a business, consider your financial limitations. In particular, retirees should be wary of taking on debt during their golden years or depleting their retirement savings to start a business.

Your health is another thing to consider. In deciding on a business to start, honestly evaluate your physical ability to do the work. For instance, a business that would require you to stand for long periods of time or do a lot of bending or lifting, might not be suitable for you. Additionally, older entrepreneurs should consider how much time will be required for a particular venture. When selecting a business to operate, be cognizant of the number of hours you want to spend working versus spending time with grandchildren, on leisure activities, or traveling the world.

Retirement Business Ideas

In addition to considering your finances and health, before you settle on a business to start consider how big a business you’ll want to start. Although some seniors might be interested in starting a business with employees and office space, if you’re retired or near retirement a lifestyle business may be more to your liking. A lifestyle business is one that provides enough income and free time to let you enjoy a desired type of living.  Is a senior with social security, pension, and savings, that might mean just working part time in a business that evolves around your personal skills or hobbies.

There are tons of Business Ideas in this publication to help you find what interests you the most!