The Best Home Based Business Opportunity
The best home based business opportunity for you depends on you. . .
- your skill set
- your interests
- your energy level
- your personality
- your family commitments
- your financial resources
- your access to materials and supplies
Since I don't know you, I can't advise you personally with respect to the items listed above. But there are additional factors to consider when you choose the best home based business opportunity for you in your retirement and I'll deal with each in enough detail to get you started.
I'll even provide a tool for weighing the various aspects of the complex decision you have before you as you search for your ideal business.
Business vs Employment
First of all, this is about starting a business, not finding a job
This page is about business or self-employment. When you have a business, the risks are yours, the decisions are yours, and the rewards are yours.
Although what you read here assumes you have already chosen to find the best home based business opportunity, the information may help you decide whether you need a business or a job to supplement your retirement income.
The information below is divided into three main factors to consider. . .
Consider Time When Choosing A Business
Any business takes time, especially at the beginning.
When you evaluate your options, find out just how much time you'll be spending
at the beginning,
six months after start-up,
and one year in.
Some businesses require steady time commitments, others have peaks and valleys.
If possible, talk with others in the business you are considering. If you can't find someone in your community, take advantage of on-line research.
How much time will you have when you are retired?
Before you answer that with a glib, "Twenty-four hours a day," think of the other things you want and need to do.
If you retired to spend time with grandchildren, be sure your business won't interfere
with fishing trips, extended child minding responsibilities, or impromptu phone calls when those are called for.
Is your spouse
expecting more of your time? Have you promised vacations, home repairs, or shared volunteering?
Many couples enjoy working together on a home based business. Others choose to have two businesses, one for each spouse. Your business will be more successful if your spouse embraces the idea.
Your physical stamina
becomes a time issue that will influence which is the best home based business opportunity for you. How long it takes you to do things or how much time you can give to an enterprise before becoming tired will influence which is the ideal business idea in your circumstances.
Many retirees consider a flexible schedule
an important factor in choosing a business. Do you want to keep certain times free for travel or family commitments? How important is spontaneity to you? If your business ties you down like your job did, what will be the benefit to you?
Retirees tend to have some time to invest in a new business. Many have more time than money. Whatever you choose, the best home based business opportunity is one in which you will make a good return on the time and money you invest.
Consider Money When Choosing a Business
Since money is usually at a premium, retirees prefer businesses with low start-up costs.
Often these are service businesses of some sort.
Some occupations require workers to own expensive tools.
If you already own the tools, your start-up costs will be substantially less than the start-up costs of younger people who don't have the equipment.
Maybe you want new tools to take your hobby to the next level. Turning your hobby into a business allows you to purchase those tools while writing them off as a business expense.
Owning your own business gives you opportunities to claim many expenses you would incur in any case against taxes you would owe. Maximizing tax deductions
is one benefit to consider when choosing the best home based business opportunity for you. In most jurisdictions you are allowed to lose money for a number of years, which may be reason enough to find a decent withholding calculator
to make sure you are maximizing your efforts. I lost money when I began my business. Here's how:
Although I made money, I had so many deductions that on paper I was losing money. I had the mixed blessing of turning a profit a year before I had to.
If you do need money to pursue the best home based business opportunity, write a business plan that makes the most of your senior status
Consider Fun When Choosing A Business
Whether you loved or hated your job, I believe you owe it to yourself to build your retirement business around something you truly enjoy. Most people look forward to retirement at least on some level. If you build a business only because it can give you an income, you may give up before you find the profit you want.
On the other hand, if you build your business around a passion, you will look forward to the work you have to do. If your business is an extension of your hobby
, you will probably have a hard time thinking of it as work.
A Word On Place
Retirement allows people more mobility. Some retirees move to completely new areas, even to new countries. Some retirees split their time between two main residences, often moving north and south with the migrating geese. Others simply take advantage of off-season travel and the low rates available to those who can leave on short notice.
If travel is in your future, consider a mobile business. That's one thing I love about my own business. I can edit north of the Arctic Circle, in the tropics, or right here in my favorite place.
There is no one best home based business opportunity for all retirees. Each person must think about which factors matter most in a particular situation.
If a retirement business is in your plan, bookmark this page. When you are ready to decide what to do, list the things that matter most to you. Then use ChooseIt!
, the nifty little decision making tool, to help you evaluate any business plan you have.
Share Your Own Story
If you are a retired person who discovered the best home based business opportunity, tell your story here.
Your story will inspire and encourage others with difficult decisions to make.
Read the story of my own business here.
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How to choose the best franchise opportunity for you.
A banker explains how he chose the best small business franchise opportunity for him.
Learn about a franchise with Outdoor Connection.
Creativity called to Dave Wright when he started his retirement business.
Your best home based business opportunity can succeed when you understand and use small business marketing plans
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