Starting a business later in life

With continued volatility in the stock market and uncertainties about job and retirement security, many baby boomers are finding that starting a business later in life is a rewarding way to generate income and stay active. In fact, a survey sponsored by Yahoo Small Business in 2005 found that 56 percent of prospective retirees wanted to own their own business—more than four times as many who reported not wanting to do anything at all!

Starting a business makes a lot of sense regardless of your previous background. In your earlier career, you've learned a lot about what it takes to run a business — you've seen what works, what doesn't  and have a pretty good idea of how you’d do things differently if you were in charge. Well, here’s your chance. Learn from your previous employers’ mistakes, and run your business like it ought to be.

Starting your own business is also a great way retire without really having to retire. Owning your own business not only has the potential to generate valuable income to bolster your post-retirement lifestyle, it also keeps you busy and engaged. Starting your own business also has other perks like the ability to set your own work schedule, which allows you to better balance your work and personal life. Think of your business venture as a hobby with a financial incentive.

A common misconception people have about starting a business is that it costs a lot of money. However, with the advances in technology today starting your own business doesn't have to be overly expensive. All you need to run a successful business today is a computer with an Internet connection, depending on the type of business you’re in. Additionally, you can run your business out of a home office to reduce overhead. Having a home office also allows you to write certain expenses associated with your business on your taxes, another financial benefit of being your own boss.

Keep in mind, however, that starting a business isn't for everyone. You'll need to assess your own financial situation and risk profile before deciding whether starting your own business is suitable for you.

If you’re looking for a new home to retire to, and perhaps start your own business, Tribute Homes has a number of affordable housing options geared towards active adults. With several communities throughout South Carolina, you’re sure to find a community to match your lifestyle and budget. For more information, visit us online at www.tributehomesusa.com or contact us directly by phone at 800-381-2984.