For a variety of reasons, retiring may not be an attractive option once you enter this world. With medical advancement, most people live longer and healthier lives. As a result, many retirees have so much energy and passion for life that they can’t do anything. If you have spent most of your life at work, retirement can result in boredom, excitement or loneliness. You may feel deprived of this job. Other retirees quickly realize that their retirement savings alone will not be enough, especially with an uncertain economic situation. So, what next?
Have you ever dreamed of starting your own business? Believe it or not, there are definite benefits to retirees who want to start a home-based business. In fact, home-based businesses in general are growing and proving to be very successful. If you organize your business properly and adhere to the Internal Revenue Service guidelines, you will be entitled to numerous tax benefits.
As you think about home business ideas, consider your options and do your research. Unfortunately, there are many scams and dishonest people who are victims of senior citizens. Be careful but don’t let the fear of a scam stop you from starting your own business.
Start by listing your hobbies, your work experience, special skills, abilities and emotions. Most occupations can easily turn into a profitable home business. Some ideas to get you started: photography, accounting, handicrafts, crafts, pet grooming, cake design and decoration, web design, selling products on eBay, online tutoring. Once you start brainstorming and as you review your list of specific abilities and skills, your list of possibilities will expand.
After selecting two or three home-based business ideas, do your research. In the public library, research can be done online and share your ideas with trusted friends or family. Make a list of your goals before you start researching. Do you want or need to increase your income? Are you just interested in staying active, feeling useful and keeping in touch with the world outside your home? Do you need help with business? If you have a partner, it can affect your last choice.
What about the starting money? You may already have the equipment you need to get started. For example, if you choose photography, you may own the necessary equipment. A word of caution is necessary at this point. Make sure you have the skills and competencies required for the business. Having an expensive digital camera and becoming a family photographer may not be enough. On the other hand, if you have a passion for photography, consider taking a class at a 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 caution applies to any business idea you choose.
Remember that small business administration can be very helpful. The SBA provides funding for home-based businesses as well as brick and mortar businesses. As long as you meet the established requirements, you may be eligible for a loan.
Another great benefit for retirees starting a home-based business is your maturity and years of experience. Our current economy is often compared to the Great Depression. Interestingly, many lucrative businesses were started during the Great Depression. Make up your mind, complete your research and get started!