Retire and Prosper

Folklore mandates that retirement will be spent traveling, gardening and playing golf.

Many people are now "retired", but hungry for more. Record numbers of men and women over age 50 and even 60 and 70 starting their own businesses looking for a life and a livelihood after retirement. Seniors have several major advantages over their younger counterparts when it comes to starting a business in retirement, including:

1. Established credit which can facilitate access to seed capital.

2. A track record and experience in their industry.

3. Proven leadership and management skills.

4. Confidence in their abilities.

Action Steps

Plan before retirement

Businesses require planning, and the most successful ones take years to plan new projects. Dreams start early and consider making your new venture on the part time one while you still working in order to minimize the risk, if it works, you can expand to a full-time service at retirement.

Do what you know and love

By the time you retire, your have many years experience behind you. Using this experience - everything you learned from it, to develop a business idea that you will be passionate and how you will succeed.

You do not have to leave the industry to become an entrepreneur. Consider using your expertise by becoming a consultant. Get advice from colleagues who have already made the transition to consulting.

Write a Business Plan

Just because you're older than most new business owners not exempt you from going through the necessary motions of a standard start, you need a solid business plan, like everyone else.

Secure Financing

Like any startup, your new business will need money to the ground. Avoid using funds from your retirement savings or pensions to finance your business.

Tips & Tactics

Useful advice for making the most of this guide

* A company must be more than one way to occupy idle time. If you are serious about turning a hobby into a business opportunity, addressing the company focused on profit instead of entertainment.

* Create your new business venture with a family to spend more quality time with your family while sharing risk. Other advantage: You will create a legacy to leave the family when you are away.

* Consider buying a franchise, franchises carry less risk and many have special programs and seminars for senior citizens.