6 Benefits of Starting a Home Business in Retirement
By Carla Lopez
Guest writer Carla Lopez explains how entrepreneurship for seniors can be the most rewarding part of their work lives.
Starting a home-based business can be a very exciting and empowering way for seniors to enjoy retirement. You can stay mentally engaged, earn extra income and work from home. There are many benefits for seniors to start a home business. Let’s explore a few that might resonate with your or a family member close to retirement.
You can start without a great deal of capital.
Seniors living on a fixed income may not have expendable cash for the necessary upfront costs related to renting an office, storefront or storage. However, when you work from home, you aren’t required to pay these costs. That’s why many seniors retiring from professional life take on clients as a consultant, or those retiring from retail or sales explore the world of e-commerce.
You can outsource aspects you aren’t able to do.
Not sure how to create an invoice? Don’t know how to build a website? You can outsource to contract and freelance professionals to help you get your business up and running. For example, use job boards to find qualified freelance WordPress developers who can help you build a functional website. A WordPress developer should have proven experience in web fundamentals (e.g., HTML, JavaScript) and back-end web development and be able to handle maintaining and troubleshooting WordPress sites. A solid, user-friendly website is a critical key to small business success.
You gain greater autonomy
A home-based business means you literally work from home. That can be a big plus for seniors who may have transportation challenges or mobility issues. While it is very important that seniors stay social in their golden years, not having to leave the home for work can open up so many additional possibilities for extra income. You aren’t limited by who is hiring, how you will get to work, how long you can sit or stand or how much you can lift.
You can control your workload.
Most people enjoy the R&R of retirement, but there are many who like to keep their heads in the game. When you decide to start a home business, you can decide how much effort and energy you are willing and able to put in. By being in control of your workload, you don’t have to worry about missing out on any vacations, trips, classes, activities, or plans you have because of work. You are in control of how much you do and when you do it — just be sure your work schedule doesn’t become unhealthy.
You can be your own boss.
Who wants to go into retirement just to get another boss? While many supervisors are compassionate managers, we all have a story about one who just … wasn’t. Going out and taking on a part-time job puts you at risk for the emotional strain and drain of reporting up the hierarchy. These are stressors you sidestep when you start your own home business. You will have clients and customers that will hold you accountable, and for many people with the kind of work ethic seniors have, that is more than enough motivation to do a good job.
You can share your wisdom with others.
As a senior, you have amassed a wealth of knowledge and experience both professionally and personally. By starting a home business that makes connections across generations, you can pass on your legacy of success to others. You can serve as a mentor to young entrepreneurs as an angel investor, offer business advice to start-ups or share marketing skills with nonprofits fighting for a cause dear to your heart.
It takes a great deal of courage and conviction to start your own home business — but that is nothing new for many seniors. From being your own boss to hiring outside support, you can create a business that is supportive, challenging and provides meaning — without getting in the way of your retirement goals.
"Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love."