Tips for Starting a Post-Retirement Home-Based Business

From our friends at Boomerbiz.org…

Image courtesy of Pexels

If you’re thinking of breaking out of retirement as an entrepreneur, you aren’t alone. As a matter of fact, some research indicates a significant surge in new businesses started by older adults. Read on to learn how you can not only follow suit but be a smashing success.

Build Your Brand

No matter what your specialty is, as Forbes explains, building your personal brand is a must in today’s business world. Do a quick search for yourself on the internet to see what pops up, and think about how that might influence colleagues and customers. The more recognizable you are and the more positive your impression, the more likely you are to attract clientele.  

One key toward building your brand is a top-notch website. While many people try building their own using website builder apps, there are certain drawbacks in doing so. The results tend to be clunky, inflexible, and can look off-kilter on certain devices. They also tend to be pretty limited, leaving you with a product that’s uninspiring, dull, and run-of-the-mill.  

Your best bet is to hire a freelancer to create your website. This can be intimidating if computer coding and web design are beyond your comfort zone, but fear not. Thankfully, you can hire a freelancer for nearly any and all service you require these days. To find professional, well-qualified candidates, make sure you search through job boards offered by staffing companies such as Upwork, where they vet candidates in advance so you can feel comfortable that people are actually who they say they are.      

Embrace the Advantages

A website gets you off to a good start. On top of that, you will also need an appropriate workspace, and you should plan on setting up a home office that allows you to be productive and enjoy your work. Choose ergonomic furniture, set up where you have ample natural light, and ensure the space is aesthetically pleasing. And make sure you track whatever you purchase so you can take full advantage of the tax breaks you’re entitled to receive.   

Click Time explains that home-based businesses offer perks aplenty to entrepreneurs, and you should take advantage of them whenever possible. You have every opportunity to customize your environment, which can be especially helpful if you happen to have any mobility concerns. Similarly, you can flex your schedule, allowing you to keep up with your yoga class, the grandkids, or your coffee buddies to your heart’s content. Consider it an opportunity to savor retirement while still reaching your goals with your new venture.  

About Those Goals

There are several personal reasons that might be driving your decision to break out of retirement. Maybe you miss the daily grind, you want to pad your savings, or you feel you have skills going to waste. Beyond those driving forces, it’s important to sort through your aspirations relating to the business itself. Start piecing together a business plan to help you define not only those goals, but steps involved in achieving them. It’s a lot like mapping the route to a destination when you’re planning a trip — and just as important.  

Not only can a business plan help you chart your course, but it can also help you with things like getting loans, finding investors, and applying for grants. 

One word of caution regarding finances: In certain circumstances, there are limitations on how much you can earn while receiving Social Security benefits. Many people find it advantageous to talk through their details with a tax professional.  

Many seniors are starting their own home-based businesses these days. If you’re ready to jump on the bandwagon, it’s time to develop a business plan, set up a great workspace, and begin building your brand. Soon, you’ll be savoring your success!