Guest Post by Tina Martin |
Some pre-retirees and seniors are ready to leave work behind and spend their golden years traveling the world, taking up a new hobby or simply enjoying their new free time. Others find that continuing to work gives their life a sense of purpose or that they need a continuing source of income to supplement their retirement savings. If you’re one of the second group, these are five reasons you should consider starting a home-based business.
1. You Don’t Have To Leave Home
Not all people who are 55+ have mobility issues or difficulty driving, but many do. If you’re one of them, a business you can run out of your home means no commute to work. There are many types of businesses that can be conducted completely online or by mail. For example, if you’re a whizz with the sewing machine and you want to start a business selling your hand-sewn items on the internet, you could open a shop on Etsy, order your supplies online, make your items at home, and then package and ship them all without leaving your house.
2. The Start-Up Process Is Relatively Simple
Most home-based businesses can be run as simple sole proprietorships. However, it may be beneficial to form your business as a limited liability corporation instead. LLCs provide some separation between the business owner’s personal assets and the assets of the business, which protects against personal liability that results from operations of the business. Additionally, LLCs have some tax benefits compared to other types of corporations. An LLC application is not difficult to file, but you may need the assistance of an attorney or an online formation service to navigate the rules.
3. There Are Lots of Good Options
Pre-retirees and seniors have a lifetime of knowledge and experience to draw on when choosing an idea for a business. You could pick something related to your former career, build a business around a new or existing hobby or start a business that caters to the specific needs of other seniors. Popular choices include coaching or consulting, service-based businesses, e-commerce and writing.
4. You Have Money
It can be difficult to save up the funds needed to start a new business when you are trying to raise a family, pay for college or build a career. However, many people who are 55+ are financially stable and have established savings to draw from. Additionally, most seniors have relatively low living expenses. While you don’t want to risk too much of your retirement fund, you can leverage your financial stability to invest in yourself by starting a business.
5. You Have Time Now
Retirement can be an ideal time to do all the things you didn’t have time for while you were working. If you’ve always wanted to run a business, now is the time to do it.
A home-based business can be a great way for pre-retirees and seniors to utilize their lifetime of accumulated knowledge and skills to stay busy or earn some extra income in retirement. These are just a few of the many reasons for the 55+ crowd to consider starting a home-based business.