For a variety of reasons, retirement may not be an attractive option once you’ve entered that world. With medical advances, most people are living longer, healthier lives. As a result, many retirees have too much energy and passion for life to simply do nothing. If you’ve spent most of your life in the workplace, retirement can result in boredom, loss of enthusiasm, or loneliness. You may find yourself losing that job you feared. Other retirees realize right away that their retirement savings won’t be enough, especially in an uncertain global economy. So what’s next?
Have you ever dreamed of having your own business? Believe it or not, there are definite advantages to retirees who want to start a business from home. In fact, home based businesses in general are on the rise and proving to be very successful. If you structure the business correctly and continue to comply with the Internal Revenue Service guidelines, you will qualify for numerous tax benefits.
As you brainstorm home-based business ideas, consider your options and do your research. Unfortunately, there are numerous scams and dishonest people who take advantage of seniors. Be careful, but don’t let fear of a scam stop you from starting your own business.
Start by listing your hobbies, work experience, special skills, talents, and passions. Hobbies can often be easily turned into a profitable home-based business. Some ideas to start your brainstorming: photography, bookkeeping, handyman, crafts, pet care, cake design and decorating, web design, selling products on eBay, online tutoring. Once you start brainstorming and review your list of specific talents and skills, your list of possibilities will expand.
After you’ve selected two or three home-based business ideas, do your research. Research can be done at the public library, online, and discuss your ideas with trusted friends or family members. Make a list of your goals before you start researching. Do you want or need to supplement your income? Are you simply interested in staying active, feeling useful, and keeping in touch with the world outside your home? Will you need help with the business? If you have a partner, this can influence your final selection.
What happens to the initial money? You may already have the necessary equipment to get started. For example, if you select photography, you may own the necessary equipment. A word of caution at this point is necessary. Make sure you have the necessary skills and talents for the business; Having an expensive digital camera and being the family photographer probably isn’t enough. On the other hand, if you are passionate about photography, consider taking a class at your local community college and learn the necessary skills and techniques. Or find a part-time job with a local photographer and learn from a professional. This word of warning applies to any business idea you may choose.
Keep in mind that the Small Business Administration can be very helpful. The SBA funds loans for home-based businesses as well as traditional businesses. As long as you meet the established requirements, you can qualify for a loan.
Another big advantage for retirees starting a home business is their maturity and years of experience. Our current economy has often been compared to the Great Depression; It is interesting to note that many profitable businesses were started during the Great Depression. Brainstorm, complete your research, and get started!