Want to Be Your Own Boss?

By October 28, 2013February 28th, 2014No Comments

A 2013 study of entrepreneurship found that more than a quarter of workers aged 65 and older plan to start their own businesses in the next three years.1

Developing a business after you retire from your regular job could be rewarding personally and financially, but like most potential rewards it comes with risks and challenges. If you have an entrepreneurial vision, here are some tips that may help you maintain a realistic perspective.

Don’t invest more than you can afford to lose

Current failure rates suggest that 50% to 75% of entrepreneurs may not succeed and could lose their savings.2 It’s unlikely that you would invest all your assets in the stock market at age 65, and a similar logic applies to a new business. You don’t have as much time to recover from potential losses as you might have had earlier in your life.

Do your research

Perform due diligence by researching all aspects of your business idea, including (but not limited to) competition, potential customers, marketing and sales opportunities, facilities and shipping needs, office and payroll costs, and supplies and raw materials. Put together a business plan with realistic projections of expenses and potential revenues for the first five years.


Consider consulting

If you developed expertise in your regular job or previous experience that might be used for consulting, this option could be a smoother transition to post-retirement employment than a brand-new business. Consultants often earn more for their time than regular employees and have more freedom to choose their own hours.

Be realistic about your time and energy

Starting your own business is a big project at any age, so consider how much time and energy you want to expend. If you’re ready for retirement, you probably don’t want to work 60 hours a week on your new business, yet many entrepreneurs may work longer hours than salaried employees.

If you do start a new business, keep in mind that you may have to file a variety of tax forms and other legal documents. Be sure to obtain appropriate professional guidance.

1–2) The Wall Street Journal, April 7 and May 8, 2013

The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2014 Emerald Connect, LLC
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