by Sharon Wagner
Retirement is a great time to start your own business. All the skills and experience you gain from your career can become an income source in retirement. A home-based business is an excellent choice since you don't need a lot of capital to start, and any mobility issues won't interfere with doing the work. Here are the steps to follow to start your own home-based business in retirement.
1. Decide on a Business Idea
Your first step is to come up with a business idea that you are passionate about doing and uses your skills. Some choices include:
• Writer
• Accountant
• Consultant
• Baker
• Artist
• Pet Sitter
• Social Media Marketer
2. Sharpen Your Business Skills
Once you've decided what kind of work you will do, it's time to sharpen your business skills. Going back to school in a business degree program develops your management, strategy, and general business knowledge. Taking an accounting course helps you start your new venture with sound accounting practices. Check out any programs offered online or at a local community college. If you are a veteran, take advantage of the educational benefits available to you.
3. Create a Business Plan
Your next step is to create a business plan to detail how you will structure, start and run your home-based company. This plan serves as your guide for your start-up and also is beneficial if you need external financing or investors in the future.
4. Choose a Business Structure
The business structure you choose is essential, and consulting with an accountant or attorney can help you make the proper selection. A limited liability company structure is a popular choice for home-based businesses. It provides you with several benefits, including less paperwork, tax advantages, flexibility, and limits on your liability should your company be sued in the future. Check the rules and regulations in your state for forming an LLC before proceeding. You can pay a lawyer to handle this process or save money by doing it yourself or hiring a formation service.
5. Brand Your Business
Creating a brand for your new company sets it apart from your competitors and makes a memorable impression on your future customers. Start by thinking about what message you want to tell the public about your company. Then decide on your brand's voice, whether it will be friendly and conversational or more formal. Finally, create a logo and tagline that fits your brand and reflects your company's personality.
6. Market on Social Media
Marketing experts reveal seven of 10 Americans turn to social media to find exciting content and share information and spend an average of two hours on social media daily. The good news is there is no cost to set up a page for your business on Facebook, Instagram, and YouTube to reach potential customers. Use these sites to post information about your product or services and their benefits to consumers. Consider offering a contest during the launch of your company to build brand awareness about your new home-based business. Your goal is to consistently post interesting information to your customers that they want to read and are likely to share with their friends.
Starting a home-based business in retirement enables you to make money doing work you love. It just might make your golden years even more golden.