You will need to ask yourself these big questions of why you want to start a business, what type of business, and how much to invest. And the best questions for seniors contemplating entrepreneurship are:
1) Is this a full-time endeavor?
Is this a side hustle? Are you counting on this being a financial replacement for your (employment) income?”
Some seniors want to extend the skills they used as an employee or employer into a private consultancy practice or a lifelong hobby and some start an organization that gives back to the community.
2) Keep your financial and Time Expectations Reasonable
Starting a business in your field can be quicker to establish than a new enterprise, but experts say any new business takes time and money.
Some seniors may think that buying a successful business franchise like KFC or a hamburger outlet offers a great opportunity. However, it takes considerable time to learn the ropes and understand the market.
We recommend you start something that’s not as capital intensive or can be started from your own savings.
Keep in mind that most new business ventures won’t make a profit in the first year or so. It’s not going to happen overnight!
3) Watch your money
Everything needs to be considered, like the impact on your savings, do you need an accountant or a lawyer?
“If there’s one thing entrepreneurs can count on, it’s that nothing will ever go exactly as planned when launching a business.”
4) Senior business ideas:
- Taxes and Bookkeeping
- Tutoring
- Writing and Editing
- Online Courses
- Pet Care
- Consulting
- Franchises
