Starting a business is not just for young entrepreneurs. Studies have shown that seniors are twice as likely to launch high growth start-ups. Life experience, a large and diverse network, financial security, and confidence that comes with age play a major role in improving the chances of entrepreneurial success among seniors.
If filling your days with gardening, golf or playing cards is not an appealing prospect during retirement, you may want to consider entrepreneurship. Launching a business allows you to stay motivated, connected, and active to combat health declines that come with aging. It also allows you to use your knowledge and experience to supplement your retirement income. Refer to the following guide for starting a home-based business in your senior years.
Making a Case for Home-Based Business
Running a full-time business, especially after retiring from a long career, is not ideal. You should be spending as much of your golden years as you can, cherishing your friends, family, and passions. A home-based business can give you the freedom and flexibility to live a fulfilling social life even as you work. It allows you to create your own schedule and work on your own terms.
Setting up a home-based business requires less capital than a brick-and-mortar business. Instead of paying rent, you can utilize the extra space in your home for your venture. You also won’t have to buy a ton of office furniture, office equipment or install a commercial phone system. If you qualify, you can also take advantage of home office tax deductions.
Working from home also means that you can finally say goodbye to the dreadful daily commute to and from work. While saving on commuting-related expenses is a significant win, for seniors with mobility issues, not having to travel to work is the real prize.
Getting Ready for Entrepreneurship
The opportunity to do what you love and be your own boss is exciting. However, if you're not well-prepared, it could be a terrible move since there are fewer chances to recover from failure when you are a senior. To operate a successful home-based business in your golden years, you have to use all the resources you have at your disposal, from your networks to your experience.
Before you launch your business, you need to develop your expertise. This can be in the form of mentorship from veteran entrepreneurs. You can learn a lot from a seasoned business person, especially if you have been a career employee. In addition, younger entrepreneurs can give sound advice on technology pertaining to businesses.
The internet is also an excellent source of resources that can help you expand your skill set. Today, enrolling in an online MBA program is easy and painless since you can complete it from the comfort of your own home. An MBA can help you sharpen your business skills and help you turn your venture into a success. MBA coursework teaches business, management, and strategy, as well as leadership, self-assessment and self-awareness.
In addition to the cost of an MBA, you should consider other start-up costs. Running your business from home reduces the start-up costs significantly but does not eliminate them entirely. Outline your costs before launch and figure out if you can afford the investment. You should not tie all your retirement finances into a business that might fail.
It is never too late to get into business. There are numerous benefits of entrepreneurship, especially when operating a home-based business. Seniors can leverage their high levels of social, human, and financial capital to make their business a success. However, caution is highly recommended to avoid plunging into poverty in old age. Following the advice highlighted above can help mitigate the risks.
Lifestage is uniquely qualified to be able to help seniors navigate their individual experience of aging and create a meaningful legacy. Call 509.473.9956 to speak with their Care Navigator.
Guest Author Millie Jones www.seniorwellness.info/
Ty Strahl is the areas leading senior adviser. Her job is to help you navigate the many aspects of aging and to help seniors who are in transition to find the right solutions for their individual needs.