Retirement isn’t always the best thing that can happen to a senior. Many seniors look forward to the day they won’t have to wake up early anymore, but when it comes, they find themselves with too much time on their hands. They still have goals they want to achieve, and now that they have more time than ever, they feel like it’s the perfect opportunity to get the ball rolling.
If you are a senior who has always dreamed of opening a business, now is the best time to do it. There’s nothing standing in your way except, perhaps, the cash to get things started. If you’re looking for creative ways to finance your very own business, you’d be surprised to learn how many options you have available to you.
Use Some of Your Retirement Funds
One of the biggest mistakes seniors often make is using all of their retirement funds to attempt a venture. With an economy that can shift at any moment and markets that change every day, using all of your retirement savings is inadvisable.
Instead, take a smaller percentage. Look at the bare minimum you need to figure out all of the groundwork. Take a little bit of your retirement savings to plant as a seed for your growing business. Fill in the gaps from other sources of income. You won’t lose your safety net, and you’ll be making progress.
Utilize The Sharing Economy
The sharing economy will allow you to make money or trade services. If you have extra room in your home, you can rent it out as community storage on a site like Spacer. This is a great option for seniors who haven’t downsized – they might have spare bedrooms or garage space that’s no longer being used. Why not generate an income from it?
Another way to utilize the sharing economy is to swap skills. You might not know how to build a website, and that’s okay. If your dream business is in interior decorating, you might be able to swap your decorating services with a website building company. Everyone wins, and nothing was expensive.
Start Out Small
Slowly scaling your business will allow you to reinvest your profits into growing it. If you only have a few thousand dollars, start your business at the smallest scale. Sell your products online by yourself, rather than attempting to work with retailers or renting a storefront. Offer your services locally, managing your business from your home office.
You’ll be paying for your business with your own business. Time will lead you to more money that you can use to make your business something spectacular. All you need is patience. Starting out small can even help you make wiser business decisions based on experience and research. Slow and steady will win the race.
Seek Out Investors
If you don’t have enough of an investment to start your business by yourself, turn to some investors. Investors are often willing to mentor you, because they want to see their money go to work. If this is your first business, a good investor who really cares about your business and understands your mission can be your best friends.
There are tons of ways to find an investor, and you might be able to easily locate one using professional social networking. Have your business plan ready and be open to suggestions and feedback from investors. They might offer you wise information about changing your plan before they’re willing to work with you, and if they have experience in your industry, they’re definitely worth listening to.
Don’t let anything stand in the way of you and your dream business. Even if it takes a few years to get things started, you’re making a little bit of progress every day. It’s time to start budgeting and plan out the first steps you’ll need to take in order to make your dream a reality.
Emma Lewis is a loving mother, a devoted wife and a part of the team supporting Spacer – a company helping you find storage space whenever you need it. Emma is also a staunch supporter of the sharing economy and often mentions its benefits.