Starting a Small Business after Retirement

Written By: Karoline Gore

Starting A Small Business After Retirement 

In the US, 17% of all small business owners belong to the 60-69 age group, and 4% are 70 and above, according to Guidant Financial. Kicking off a new venture after retirement is a great idea, especially if you got to your golden years inadequately prepared. However, your business does not have to be big or impressive to others. Instead, focus on what you’d always wanted to do but your career held you back from. Among other benefits, you will finally get to be your own boss, pursue something that you believe in, and take the opportunity to enrich the local economy of Colorado.

The monetary benefits

Colorado is the 10th best state to start a business in the US, according to Wallethub. Denver is one of the most entrepreneurial cities, with 71.6% of business owners relying on their ventures as their primary source of income. With this kind of favorable environment, there is every reason to start a business after retiring. Given that retirement finds many people financially unprepared, a small business can boost your nest egg and social security benefits. With the robust business climate, owners who run successful small businesses earn between $35-155K, according to Pay Scale. These figures were taken from owners in different industries, including retail and catering.

Finding your purpose makes the difference

Once you retire, it is vital to concentrate on doing what you love rather than the income you take home. Research has found that working around the ties of your passion will boost your chances of creating a successful business. Besides the extra income that you will earn, you will be helping local people directly. This comes with a lot of satisfaction, which translates into better health. When looking for your purpose, tailor your skills, passions and values into something that leaves you satisfied and happy. One way to realize this is by asking yourself what you always wanted to achieve. A great example is that of Anthony Full, a retiree who took out a home equity credit of $150,000 to start Rock Barbers in Louisville. In an interview, Full told Kiplinger that in the first year, his new venture made $50,000 in sales, and has been growing since then.

If you haven’t considered starting a business after retirement, the time is now. It is a great way to avoid depleting your nest egg, generate more income, and touch the hearts of locals around you. Besides, it will keep you physically active, delaying the onset of old age ailments, and saving you money on healthcare. Try to find something that gives you a sense of purpose and makes you smile. With careful planning, passion and continued learning, your small business could be the beginning of new and exciting times ahead.