Considerations to a Home Based Business

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Just because you’re one of the retiring baby boomers, does not necessarily mean you have to give up working altogether.  Statistics reveal that more than 20 percent of American individuals who are over 50 are self-employed.  Retirement and starting a business is not new, but is taking on a bigger dimension.  Many of the boomers decide to start a home based business.  Not only to extend retirement pay, but to them fill time, fulfill a renewed sense of purpose.  We’re going to discuss some of the points to consider if you’re planning on starting a business.  Think of this as Retirement Inc.

Flexible Schedule

If you run your own small business, you can set your own hours.  You choose exactly how many hours per day or week you wish to work.  This is even more important as you grow older; you may not have the physical stamina to work very long hours, and you may wish to spend more time relaxing with friends and family.  Flexibility is key to the senior new to retirement.

Financial Risk

Many retirees have less disposable income.  Therefore, starting a home business may not be the best idea.  Clearly evaluate the financial risk involved.  You do not want to put yourself into financial risk at this point in your life.  A home based business can be better than other jobs in retirement.

Personal Interests & Talents

If you decide to start a home business after you retire, you should reflect on your personal talents, as well as your interests.  What genuinely motivates you?  Do you have a passion for a particular industry, hobby or sport?  Answering questions such as these will help you find the right business to start.  As a crafty adult, homemade items may be fun to sell.  In retirement, teachers may want to start a business as a tutor.  Be creative as you look at your talents.

Time Commitment

Running any type of home business will require a lot of your time and energy.  You need to evaluate the retirement costs.  Therefore, you need to reflect upon what you want to do after retiring.  You may prefer to relax and take life a little easier during your golden years.  If this isn’t the case, you can always choose a home business that requires less of a time commitment.  This enables you to enjoy the best of both worlds!

About Stan Spector

Stan Spector is the author of Boomers Official Guide Retirement to Income and an expert on RetireWOW.com

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