Business Ventures That Are Easy On Your Wallet

Heres another great article from Harry Cline at newcaregiver.org

Business Ventures for Baby Boomers That Are Easy on Your Wallet

Are you thinking about starting a new business during your retirement years? For most of us, retirement isn’t a time for risk-taking, but you may be looking for ways to supplement your income or fill some of your time. You can jump into a new business with minimal investment, virtually no overhead, and without sacrificing your future financial health.

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Reasons and Decisions

There are a number of factors involved in choosing the right work for your retirement years. Whether you need added income or just hate the thought of stagnating, there are lots of opportunities available. New Retirement suggests contemplating what you love to do. It may be something you’ve done for years, making good use of well-honed skills. Or, perhaps you want to turn a hobby into a money-maker. For example, if you love animals, you could start a business as a dog walker or pet sitter. Whatever you decide, it should be something you enjoy doing. After all, you want a venture that will still let you feel like you’re retired!

Here are some suggestions to get you started.

Consulting

You spent years developing a career, so why not put that expertise to work? Whatever your specialty, you can offer it to other professionals by starting your own consulting business, which includes everything from IT to healthcare consulting. Being a consultant is a great way to not only pad your wallet but also connect with other people to help them and their businesses prosper. Additionally, you can set your own hours and fees, which is a bonus to your retirement.

Consulting is also a good fit if you have a knack for problem-solving and decision making, especially when it comes to managing your invoices and finances. You should also be able to convey your information effectively, help businesses to refine processes, identify problems, and develop new methods and concepts.

Most new consultants need some technological tools to stay connected with clients and keep things running efficiently, such as a laptop, cell phone, and a printer with scanning and faxing capabilities. Software is available to help you keep up with bookkeeping, conduct meetings via the web, and market your wares. Depending on your niche, you may also need certain certifications to begin your new business, but becoming a consultant is an option that can be fulfilling both in terms of work and finances.

Home and Lawn Maintenance

Are you handy and in proud possession of an extensive tool shed and workshop? Do you love to paint houses, watching them transformed from dingy and chipped to fresh and bright? Or does lawn care and gardening call your name? There is always a need for people who can perform tasks for busy or unskilled homeowners, and in our on-the-go culture, services are in more demand than ever before.

Many people find it satisfying to work with their hands, turning an unkempt yard into an outdoor paradise or putting machinery into working order. Besides, as BusinessTown notes, these positions can be quite lucrative. You should have a truck, tools, and equipment at your disposal, and in order to be a successful handyman, you should get insured and licensed. When you’re ready to jump in, you can offer your services through online platforms, on boards in local hardware stores, and your own website through an easy-to-use website builder.

Administrative Assistance, Scheduling, or Bookkeeping 

Is crunching numbers your thing? Can you organize even the busiest of schedules on the fly? Or, maybe you love to wordsmith letters. You can seek administrative support-oriented side hustles through traditional online job boards. Also, there are online platforms that connect busy offices and executives with virtual office staff.

Most platforms vet workers thoroughly, so be prepared to provide references, your resume, and potentially do an online interview or take tests. However, once you’re set up, you can select clients and set your own hours as well as establish your pay rate. These positions typically require access to the internet, a phone, and your own computer.

Legally Establish Your Business

No matter what kind of service you provide, registering your business with your state is an important step. In addition to legitimizing your business in the eyes of your potential and existing clients, you’ll protect your personal and professional assets by doing so. You can register your business as a limited liability company, sole proprietorship, or corporation. For baby boomers starting a business in their retirement years, a sole proprietorship is a good option. This structure offers tax benefits and requires minimal paperwork to set up. How do you start a sole proprietorship business? You can do the legwork on your own or use an online service to set up your sole proprietorship without breaking the bank.

Happily (Semi-)Retired

When it’s time to retire but you aren’t ready to hang up your hat, it may be the perfect time to hang up a new shingle. Start a new business that requires minimal risk and investment. Your golden years can be both interesting and prosperous!

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This article is for information purposes only. Please consults financial and legal experts before making any decisions.

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