How to Start a New Business After You Retire

Updated on March 12, 2020

Retirement used to be the time when you finally stopped working and lived off your riches. Nowadays, however, retirement is the start to a long period of twenty, even thirty or more years where you need to survive off of your pension, and, for most, it’s simply not enough. 

Then there’s the fact that you now have so much free time that you didn’t before. If you still feel fired up and productive, this can feel like a killer. 

The solution? 

Start a business. 

You aren’t pressured to make it a big success, which can make the process fun and rewarding. Starting a side business can be easy, bring in some extra money, and keep you active. It also means meeting new people and getting involved in new communities and even making friends. All you need to get started is to: 

Decide on Your Business Idea 

There are so many ways that you can start a business. Today, they don’t even need a large investment. You can become a reseller, a consultant, an affiliate partner, or even find white label companies to partner with and build up your brand around their product. 

You could start a beauty brand, for example, without testing or creating a product at all. You simply need to find a white label seller, buy a bulk order, and work with the company to design and print your label on the product. This works for so many products, from CBD products from to make-up and beyond. White label means you don’t have to worry about the production, and can instead just focus on the front-facing aspect of the business. 

Know What You Need (Legally) 

Before you start your business, you need to be aware of: 

  • Taxes 

There will be different taxes to pay depending on how much your business makes, as well as taxes you will need to pay the second you register your company. Just be aware of what you will need legally so that you can operate smoothly. 

  • Restrictions 

If you sell a beauty or food product, you might need to have your product tested. Check what you need to do, opt for white label, and in some cases, acquire that license you need before you start selling. 

Build Your Brand 

Now that you have your business, you need to build a brand. This is the most important component when it comes to being successful. You will either want to work on, or hire a designer, to start up your: 

  • Branding 
  • Website 
  • Social Media 

Where You Can Sell 

Now that you have the business, the branding, and the product (or service), you will need to know where you can sell. 

Find Local Markets and Stores

  • Fairs 
  • Flea Markets 
  • Boutique Shops 

Physical locations are a great place to sell products, but they can also be a good place to sell services as well. 

Sell Online 

You can sell anything online, simply look at the available online marketplaces and look into creating your own eCommerce platform for the best results. 

Keeping your business small and focussed on what you are passionate about is the best way to start a new business after you retire. It needs to be fun and rewarding, not focused on growth. Use it as an opportunity to bring in some side money, but more than that, use it as a way to keep you active and fulfilled. 

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