Starting a Home Business in Your Senior Years?

Your senior years might be the ideal time to begin a home-based business.   Maybe you’ve spent time dreaming of it but were busy meeting commitments like raising a family or working full time. Your obligations now are undoubtedly different than they were 20 or 30 years ago. If you’re ready to build a business, think about some key points as you begin.

Here’s Four Things You Need to Know

1.  Flexibility

Owning your business means you’re the boss. You can set your work schedule and change it if needed. If you have an appointment, lunch date or plans to babysit your grandchildren, you can arrange your schedule around other commitments.

Working from home means avoiding a commute, giving you time and energy that you can put into your business.

2.  Low Startup Capital

Starting a business in your home saves you the expense of renting or buying an offsite workspace. In some cases, overhead expenses can drain a new company if the owner isn’t prepared. Running a home-based business helps you minimize extra costs such as:

• • • Rent
    • Electricity
    • Utilities
    • Internet
    • Phone

If you work in a dedicated area, you can use the home office deduction on your taxes. This allows you to deduct expenses for the portion of your home that you use for business, including mortgage interest, utilities and insurance.

3.  Workspace

Running a home-based business allows you the freedom to design your workspace to meet your needs. If you have mobility issues, for example, you can design an office or workshop to your specifications, keeping most-used items within easy reach. You won’t need to adjust to somebody else’s standards.

4.  Getting Started

The best way to outline your strategy is to write a business plan. It will help you evaluate your ideas, decide how much capital you need, determine your market and develop an operational strategy. According to business experts, your plan can be any length, as long as it accurately describes your plan and includes relevant information.

Forming an LLC, or limited liability corporation, for your new business is another important consideration. The benefits of starting an LLC include protection for your personal assets from business debts and liabilities, as well as the utilization of pass-through taxation. LLCs are flexible in terms of management style, too.

States have different laws surrounding LLCs, so be sure to check the rules in your state before you begin the process. A formation service can save you the trouble of setting up an LLC yourself and help you avoid significant legal fees.

If you’ve longed to have a business of your own, your senior years may offer you the perfect time to start a company. You can enjoy the freedom of being your own boss and working in the comfort of your home.

About Tina Martin:  Tina started her career in business administration but eventually decided to pursue something that actually inspired her: becoming a personal fitness instructor. Today she stays busy as a life coach and works hard to help herself and her clients achieve a healthy work-life balance. She started ideaspired.com as a project to reach as many people as possible, and encourage them to put their dreams first. – Visit ideaspired.com  to learn more.

There are any number of reasons to continue working after the retirement ceremony is over.  There might be a need to supplement retirement income, a desire to stay connected with former coworkers or maybe you just can’t turn off the work ethic.

From my personal experience, starting a home based business might be the means to a satisfying end while still leaving you in control.  This guest post by Tina Martin outlines things you might want to consider.