Starting a home-based business can be a very exciting and empowering idea for seniors who want to earn extra income but don’t want to go back to the corporate world. There are many questions for seniors who want to start a home business, but there are also a lot of benefits. Designed Retirements® wants to help you explore a few that might resonate with you or a senior family member thinking of starting a business in their home before, during or after retirement.

Home Businesses are more accessible.

A home-based business means you don’t have to worry about any special accommodations you need as you work from home. This can be a big win for seniors who may feel restricted by lack of transportation, vision challenges or mobility issues. Plus, working from the comfort of your home can open up even more possibilities for your business ideas. You aren’t limited by office buildings that don’t have the up-to-date accommodations, or environment, in which you feel comfortable.

Education and training programs might be free or discounted.

Most colleges and universities offer special grants and tuition discounts for seniors looking to earn a degree or build new skills. In addition, there are many state and federal tuition assistance programs just for people over 65. Going back to school to earn an MBA online in tandem with your launch can help you learn the ropes of business strategy, management and leadership. An online degree program might seem intimidating at first, but there will be plenty of helpful and friendly tech support for you to rely on.

Less capital is needed for a home business.

When you work from home, you won’t have to pay high upfront costs like renting an office, storefront or storage. This is especially important for seniors living on a fixed income who may not have the upfront capital for all these costs. A home-based business can help you keep these start-up costs low or even avoid them altogether. Many seniors retiring from professional life take on clients as a consultant, or those retiring from sales, move easily into e-commerce. Both can be home-based business paths with low capital.

Your friends and former colleagues are a great network.

Reach out to your networks of social and professional contacts to start building a clientele for your new venture. We at Designed Retirement® cannot overemphasize the importance of using your network to help establish your business. Seniors usually have some of the strongest and most affluent business relationships, stemming from their years of hard work and reputation for good business savvy.

Your professional experience is worth paying for.

Just because you’re retired and have left the workforce, it doesn’t mean you left behind your knowledge and skills. For example, starting a home-based coaching or consulting business allows you to look forward and invent new ways to stay relevant in your field, while also setting your own business goals. You could profit from your work knowledge and experience by coaching private individuals or consulting for businesses looking to improve an area in which you are a proven leader.

More older adults than younger folks have become entrepreneurs in the last decade, and that number is growing. If you want to start a business to find meaning and to give back to your community, this can be a tremendously rewarding way to spend retirement. Whatever your motivations, Designed Retirements® can help. We can help you create a retirement experience that will truly make your golden years shine.

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