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Written by Andrea Needham
Ready to Un-Retire? Tips for Starting a Small Business Past Your Working Years
If you’ve recently retired and found that a life of leisure is not for you, rejoice! There are many reasons to rejoin the workforce on your own terms as a small business owner. From keeping you mentally alert to helping you maintain a social life, working at 65 and beyond may actually be more pleasurable than giving up the timeclock altogether. Keep reading for a few quick tips on how to start your own business without jeopardizing your nest egg.
Choose a structure.
First, you’ll need a business structure if you want to make things official. If you’re not sure which structure to go with, start by thinking about whether you want to protect your personal assets. A Limited Liability Company, or LLC, offers this advantage, as well as exemption from extra taxes. If an LLC sounds like the best option for you, you may be asking yourself, “How do I start an LLC in Minnesota?” It’s actually simpler than you think, as just a few steps are required (as detailed by ZenBusiness), and you can make the process even easier by hiring an online formation service.
Define your niche.
As an entrepreneur, you have to cater to your clientele. This means you’ll need to take a close look at your business idea before you get started and then continually evaluate as you go on. This might mean that you test your initial idea and run it by a group of potential clients for input. It might take you a bit longer to get started, but knowing exactly what your customers want will ensure that you do not overspend on products or services they do not.
Craft your online presence.
The internet is where the vast majority of business takes place these days. For this reason, much of your early initiative should be devoted to creating an engaging website and social media presence. Use a reputable online job board to find the right web designer or social media manager, but do take a look at their portfolio before you sign a contract or hire a freelancer for the job.
Business Ideas for Seniors
The above tips apply to virtually any business. But what if you do not know what you want to do? A few of the best businesses for seniors to start include:
- Owning rental properties. Rental properties are an excellent source of passive income, particularly for seniors who consider themselves handy. When you own a rental property, your tenants pay you a monthly fee that is, ideally, much more than your mortgage. And if you can do property maintenance and upkeep on your own, you’ll save a bundle. All it takes is a few properties to generate a respectable income.
- Teaching. Education is a great part-time job or business for seniors who wish to freelance instead of operating a brick-and-mortar location. You can even teach online if you are tech-savvy.
- Franchisee. Seniors make excellent franchise owners because they have more time to devote to running their business. According to Statista, there were over 770,000 franchise establishments in 2019. Franchises run the gamut from fast food to dance studios, and the investment required ranges, as well. Do your research, but know that there is a franchise available for virtually all interests.
Retirement isn’t for everyone. Whether you just need something to fill your hours or want to bridge the gap between a fixed income and financial freedom, the above tips can help you get started. Remember: Start by understanding some of the nuances, such as where to find financing and how to master your online real estate. Then, choose a business that makes sense for you. Most of all, enjoy your post-retirement business adventures.
If you’re looking for some fun things to do in your spare time, check out the Bemidji Senior Center. We also offer classes and programs that educate on a variety of topics like fall prevention and driver safety.