Resources for retirees looking to start a side business

You are retired. You are out of time. You sleep, spend time enjoying your food, and do pretty much whatever you want to do at all times.

Oh, time. You suddenly have plenty. You probably have something like a long to-do list in retirement. These articles will fill that time.

For a certain time.

It’s not uncommon to quickly cross off everything on your retirement to-do list. So what? How will you fill your time?

You will want something exciting. You will want something engaging. You want something fun.

If you’re like one in ten people over the age of 50, you’ll want to start your own business. Why not? Find something you like and know a little about, then take a leisurely stroll down Entrepreneur Avenue.

But, even if you have already started a business, the world has changed and you will no doubt ask yourself questions. Where do you go to get the answers?

It all depends on the type of side business you want to engage in. Of course, the first person to “talk” to may be yourself. After all, you know best what you know and love.

“Most successful entrepreneurs build their business around something they have a strong passion or level of expertise for, so the first place to look is inside,” says Gerald Grant III, financial adviser at Equitable. Consultants in Miami. “This will allow you to turn your hobby or skill into an additional stream of income. For example, photography, cooking, consulting, etc. Once you have identified a service you can provide, you need to research your surrounding market to see if there is a need or customer base for your services.

Beyond yourself or specific businesses, you can search community calendars to see when relevant events are due to happen in your area.

“There are many career fairs and workshops, franchise conferences, etc. available to make finding that extra business easier,” says Lamar Brabham, CEO and Founder of Noel Taylor Agency in North Myrtle Beach, in South Carolina.

If you live in an area that doesn’t draw these types of events, you still have other local resources.

“Another good way to uncover opportunities is to ask what other peers or former colleagues are doing after retirement,” says Grant. “Since many of them have similar skills or interests to yours, their after-work efforts can sometimes match your desires or help point you in the right direction.”

It’s important to do your research and think carefully about what you envision your side business to be. You’ll want to avoid common mistakes that all entrepreneurs make, especially the most critical mistakes for entrepreneurs over 50.

“Retirees can improve their chances of starting their own business in several ways,” says Levon L. Galstyan, CPA at Oak View Law Group in Glendale, Calif. “When it comes to protecting retirees’ nest egg when starting a business, a little caution is all it takes. Older workers have rich experience and networks, but don’t know how to work for themselves. The good news is that several national organizations provide free advice before, during and after starting a new business. (now CoGenerate) helps entrepreneurs who are focused on those who want to give back to their community. »

There are several large national organizations that specifically help seniors who want to start their own business in retirement. “AARP and the U.S. Chamber of Commerce both have great resources for retirees to find more information about entrepreneurial opportunities,” says Amy Greene LoCascio, senior partner and director at Eamon Capital Management in Pittsburgh. .

AARP has a whole series of stories on its website to guide you through the various aspects of starting your own business. The United States Chamber of Commerce has online content on entrepreneurship, but it is more generic.

“One of the best places for people over 50 to go as an entrepreneurial resource is their local SCORE chapter,” says Charles Catania, director of branding at Chuck in Vernon, Connecticut. “I’ve found that these chapters, which provide free business counseling through the SBA, have volunteers who are particularly good at helping retirees start new businesses.”

One of the great things about SCORE is that its small business startup mentors are usually retirees, so you’ll be speaking as equals in a sense.

Finally, if you work irregular hours when it’s hard to connect with other people and organizations, there’s always that old standby: the Internet.

“Some of the best places someone aged 50 and over might learn about entrepreneurial opportunities are various blogs, YouTube, or even Google Search,” says Shawn Manaher, a former financial advisor who founded 5 online businesses and is a coach. , New York-based speaker, podcast host, and author. “If you have a passion for something, you can most likely find a way to make money from it. Start researching online the many ways you can start generating income. I always recommend starting a blog or a YouTube channel about your passions, as this can earn you extra money from ad revenue and promote related affiliate programs.

These are just a few of the many free resources. There are other resources, such as courses, workshops, and professional mentors, that you can pay for, and you may prefer this kind of close advice. But try the free opportunities first. At least it will allow you to focus on the questions you ask any paid professional you engage with.

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