A Retiree’s Quick Guide to Starting a Small Business

​Being a retired employee means that you will be living off your retirement savings or insurance funds. You have worked so hard all these years to generate a steady income and prepare for your retirement years. Now there are three things you can do when you retire. One, you can spend your savings to enjoy all the good things life has to offer. Two, you can start a business. Or three, you can have the best of both worlds–start a business that you love and enjoy it!

​Find your business idea

​There are countless business ideas that you can start with. Especially with your experience, no matter what field you excelled in, there must be at least one expertise, idea, or hobby that you know could be a moneymaker. From consulting and coaching to selling expert services, for sure you can find one that best suits you. Even if you’re one of many retirees in active living communities, there’s no reason not to get those creative juices flowing and come up with a business idea.

​Get funding

​After you get a promising idea that shows great potential for success, it’s now time to get funding to start turning the idea into reality. If you don’t want to touch your retirement savings, or maybe your savings are not enough for startup capital, you can consider getting small business loans that offer affordable interest. You can also look at grants that the government or enterprises are offering and see if you are qualified to apply.

​Hire your right hand

​Building your small business from the ground up may require a lot of legwork and networking, which may be hard for you to do all by yourself. You can hire a trustworthy and qualified individual to help you get your business off the ground. It would be best to get someone who is knowledgeable about business processing, marketing, and sales.

​Market your business

​When you get everything ready–your (home) office has been set up, you get people on board, and you are ready for your first client, it’s time to market your new business. The quickest and cheapest way to get your business out there is through word-of-mouth and the use of social media marketing. If you are not familiar with this, for sure your hired marketing expert does. Brief your employees or your contractors about your business and branding and let them do the rest. Of course, have everything approved by you first before they put out the marketing campaigns.

​Start generating income

​Do well on handling your first client. If you promise good services or a good experience with your product and the customer’s expectations are met, chances are, you will land your next customer right away. This is the power of referrals. Always do well to keep away from having bad reviews and scaring your target customers away.

​Enjoy your small business

​Your small business can turn into an enterprise someday, especially if it has a potential to become one and you work hard to reach success. Your small business can become the legacy you pass on to your children. There’s nothing better to impart to your children and their families than the stability of their future. Enjoy what it has to give to you and your family. Do it for passion and purpose, not just for the money.