Some tips for starting your own business in or near retirement:
posted in SCORE 87 Post by Tom Hellman
Determine whether your idea is really a good business plan.
What problem does it solve? “Be very honest with yourself in the business idea you come up with,” Williams says. If your passion doesn’t translate into a viable business, maybe you’re better off pursuing it as a hobby or volunteer.
“Don’t worry about finding the next hot business idea,” Collamer says. “Just take a look around you and see where’s the need.”
Evaluate your skills.
Do you have an ability to do all the tasks necessary to make your business a success?.
“Make sure you’re really good at it,” Williams says. “You have to have the passion, but you have to have the capability, too.”Consider the time involved.
Most people don’t want to work 80 hours a week, or even 40 hours a week, once they’ve reached retirement. “It’s important to figure out a way to do it in a way that’s not all-consuming,” Collamer says. She advises people to stay away from starting brick-and-mortar businesses that require your constant presence, such as restaurants and stores.
Get good advice
Most cities have lots of free and low-cost resources to help beginning entrepreneurs. Some also provide good networking opportunities. You should also look for conferences and trade associations in your field.
Figure out how to finance your startup.
Many businesses, especially those with no physical location, can be started for a minimal investment. If you need six figures to get your dream business off the ground, you may need funding or investors, which create additional layers of complication. Don’t invest money you can’t afford to lose.
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