If you’ve recently entered retirement, you might be wondering how you can create a little more flexibility in your budget. But if you know that you’re not going to go back to the office full-time, what can you do? Starting a home-based business might be the perfect solution! This won’t require much startup funding, and it’s a convenient choice for seniors with mobility issues. From learning about leveraging technology for entrepreneurship through the Yegii Insights blog to establishing a healthy work-life balance, you can follow these seven steps to get your home-based business up and running.
Come Up With an Idea
Naturally, you’ll need to decide on a business idea before you move forward. Spend a little time thinking about which skills you learned in your previous industry, what kind of projects you really enjoyed working on, and where your talents lie. You should also consider how much money you hope to make through your business. Your options are practically limitless — you could start an ecommerce business, become a freelance consultant, or work as a virtual assistant.
Form an LLC
No matter which business idea you commit to, you’ll want to think about registering your new company in your state. Many new business owners put off this task, but being proactive will help you secure the benefits of your business structure early on in your entrepreneurial journey. For instance, if you file for an LLC, you’ll gain personal asset protection, tax breaks, and flexibility! You won’t have to deal with much paperwork, either.
Every state establishes its own process for business owners who want to form an LLC, so check out the rules in your area before you start filling out paperwork. While you could hire a lawyer for help, this option can get expensive, so if you’d prefer not to file all by yourself, consider using a budget-friendly service like Zenbusiness, Inc instead.
Design Your Home Office
When you work from home, you need a home office! With your own office, you’ll have an easier time staying productive and organized. Closet Decor and More recommends coming up with a tidy organization system for your desk, buying some houseplants to brighten up the space, and putting up decor with inspirational quotes to stay motivated!
Today, plenty of seniors consider themselves tech-savvy, but if you want to run a thriving home-based business, you need to make sure that your tech skills are top-notch. You might want to consider taking a class on computer skills and digital marketing at a local community college. You could also ask one of your loved ones to show you the ropes when it comes to selecting a web browser and setting up a website for your business.
If you’re ready to find your first clients, you’ll need to focus on networking! You can network with people in your community, as well as people you connect with online. To grow your social network, TinyBuddha recommends patronizing local businesses, joining organizations in your community, and offering free services to people in need — this can be done on a limited basis, but it can definitely help boost your reputation!
Work With a Financial Advisor
When you’re running a business in retirement, handling your finances and paying your taxes can become a little more complicated. That’s why working with a financial advisor is a smart choice for senior business owners. Your advisor can help you with everything from budgeting to filing your taxes to saving more money. When looking for a financial advisor, it’s important to make appointments with several before settling on one person to work with — you want to make sure that they understand your needs as a business owner and retiree.
Establish Work-Life Balance
As your business grows, you might find yourself working a little more than you anticipated! Remember, you have the right to set limits on your availability. You can set strict “office hours” for yourself, set up “out of office” messages when you want to take time off, and carefully manage your schedule so that you’re not taking on more clients than you can handle.
Starting a home-based business is a great choice for seniors who want to enjoy their freedom and downtime in retirement while padding their savings with some extra income. For lots of seniors, working part-time from home is the best way to achieve true financial security after leaving the workforce. With these tips, you’ll be able to succeed as a senior entrepreneur!
About the author
Carla Lopez kept her entrepreneurial spirit even after retiring a couple of years ago. She created Boomerbig.org for retirees who still desire to work and achieve – a site that offers business resources for people in their golden years.
Opinions expressed by contributors are their own.