As your retirement approaches, you may be thinking of ways to stay busy. Today, retirement doesn't mean leaving the workforce well into your 60s or 70s. With sound investments, people are retiring much earlier.
Regardless of when you leave the workforce, it's good to have something to occupy your time. If that something brings in extra money, it can benefit you financially down the line.
Are you looking to start a business after retirement? Keep reading to learn more about keeping busy after retirement.
Start a Business After Retirement Doing What You're Passionate About
Your retirement years shouldn't become stressful. If you decide to start a business after retirement, choose something you're passionate about. If not, select something your knowledgeable about.
For those individuals with experience in accounting, the best business after retirement is a bookkeeping franchise.
They are easy to get up and running. Plus, you're coming in with knowledge in the industry.
Create a Business Plan
Whether you start a franchise or another form of business, you'll want to create a business plan. This document outlines your objectives and important components of the business.
The most important is how you'll finance the business. Next is your growth plan. This is important if you foresee needing a business loan for start-up or operational costs.
As a retiree, you may not want to use your 401K or other savings to finance the business.
Incorporate Your Business
Incorporating a business sounds like it will require an attorney and a ton of paperwork. The truth is, registering your business in the state where you'll operate is easier than you think.
In most instances, it is as simple as going to your state's website and providing information about the business and its officers. Depending on the type of business you'll operate, you may need to apply for a business license.
Open a Business Bank Account
Once your business is registered with the state and you have your incorporation documents, you can open a business bank account. This is a step you should take. Mingling your personal money with your business funds is not always a good thing.
A business bank account will assist in growing a credit history and make it easier to get a business loan. Plus, you want to maintain accurate records for tax filings.
Market Your Business
Now that your business is up and running, it's time to let the world know. Devise a marketing plan to let people know you're ready to serve them.
Launching a business website, using social media platforms, and creating online ads are the way to go. If marketing isn't your strength, consider hiring a specialist to get you started.
Host a grand opening and get ready for success after retirement.
Start a business after retirement, even if it's a part-time endeavor. You can provide a job opportunity to other people.
Does starting a bookkeeping business sound like something you'd like to do? Click here to learn more about investing in a bookkeeping franchise.