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Your golden years are for devoting yourself to the passions and activities you love. All that free time also opens up new opportunities for generating income if you aren’t ready to stop working yet. Starting a home-based business is a great option, especially if mobility issues have slowed you down physically. Here are the steps needed to turn your talent into a business of your own.
1. Assess Your Skills
You gathered many skills while working and probably became an expert at a few of them. Share your talent with others through a consulting or coaching business. Transform a room in your home into an office space to meet with clients or do consultations through video calls.
Hobbies transition easily into a virtual business. Many painters, photographers and artists sell their products online. Writers can offer their services as freelancers to create social media posts, marketing material, blogs and articles or complete the next great American novel.
2. Create a Plan
Create a business plan to detail the steps needed to launch your new endeavor. Be realistic about the time commitment involved and how much money you need for start-up costs. It is wise to factor in enough funds to support your business until it becomes profitable.
You may be surprised to discover you don’t need a large amount of money to begin. Often, all that is needed is a way to sell your product or promote your service online. You can hire a freelance web designer to create a web page for your business or sell your wares on an established e-commerce site such as Etsy.
3. Analyze Your Funds
Make sure you have the necessary money you've identified in place before you start your business. If you need additional funds, share your business plan with friends or family members and invite them to invest in your company. Talk to your local bank about obtaining a small business loan or contact the Small Business Administration about securing a microloan.
4. Protect Your Assets
At this stage in your life, it is important to protect your personal assets. Setting up your business as an LLC will provide the protection and flexibility you need along with tax advantages, and it doesn't cost a lot to set up. Learn how to start an LLC in MN and file the paperwork yourself to save money instead of hiring a lawyer. You also will find companies on the internet ready to handle the entire process for you.
Set up a separate checking account for your business and only use it for company-related expenses. Borrowing from it for personal needs opens you up to legal and financial issues since it negates your LLC's liability protection.
5. Promote Your Business
The last step is to get the word out about the products and services you are offering. You can ask a retired friend with a marketing background or hire a freelancer to help you create a logo for your company and some marketing materials.
Following these steps gives you your own home-based business and extra income doing what you love. Being your own boss may make your retirement even sweeter.
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Author Tina Martin http://ideaspired.com/