For many retirees, starting a small business is an opportunity to go in a new direction or to create a business around a lifelong passion. For others, it’s a good way to leverage the skills, knowledge and industry expertise gained from a professional career with good earning potential. In either case, owning a small business provides an opportunity for hands-on involvement, in which you are actively engaged in both starting and running the business. Your business can be as small or large as you want (and can afford), and either part-time or full-time. As the owner, you can run things your way. Whether you have just begun exploring the idea of starting your own business, or have already determined you want to do so, the information on this page will help give you clarity and direction.
10 yes/no questions to help you determine if this is a good direction for you
Do I have entrepreneurial skills?
Do I enjoy sales and business development?
Am I comfortable taking risks?
Do I have, or have access to, capital to launch and run the business over the long haul?
Do I like managing employees?
Am I comfortable with the financial ups and downs of business ownership?
Am I financially astute?
Do I have or am I willing to develop a strong network of business advisors?
Am I resilient and persistent?
Am I willing to devote much of my personal time to develop the business?
Here are questions and answers that address common issues and concerns for those interested in starting a small business.
Assess this option against the following eight criteria: