Starting a Small Business in Your Retirement - Reviewing Your Options

September 17, 2007

Jifweb
There can be no question that more and more retirees are starting their own small businesses. In fact, according to a 2003 AARP survey, about 15% of baby boomers expect to own a business in retirement. Often new businesses begin out of a unique idea, hobby, opportunity, or the desire to begin a new stage in an individual's career following retirement. Sometimes the reason is financial need or simply boredom. Whatever the motivation, starting a small business can be an exciting and rewarding opportunity.

The Business Plan

In any event, however, good solid business planning is an essential first step for all would-be business owners. A business plan should include, at a minimum, a description of the business and how it will be marketed, financed and managed. A business plan is not only an essential requirement for bank financing, but even in a case where a bank will not be involved, it is the exercise by which the business owner can truly examine the feasibility of the business being profitable.

Whether or not the business owner has any prior business experience, he or she should consult and review the business plan with all available resources, including accountants, lawyers, and even friends, family or colleagues with business experience. Often the necessary objectivity comes from the outside...

You may read more at the link below.

by: Jeffrey I. Fialky, Esq.

Prime
September 2007

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