Retirement doesn’t have to be the end of your working life. If you are struggling to come to terms with the idea of having no routine to adhere to, or you are worried about making your savings stretch, then setting up your own business is the right path for you to take to reach retirement happiness.
There are many avenues that you could pursue that would allow you to bring in some extra finances while also having the free time to enjoy your retirement years. An advantage of starting a business in retirement is that you already have all the resources that you need. After years of garnering expertise, you won’t have to to invest in qualifications and training and you can usually work from home, which eliminates the need to hire a pricey workspace.
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However, if you do need a little extra financial help then one way to achieve this is to cash in your pension early and invest some of your pension money into your new business. Before you go ahead with anything, arrange a free consultation with a specialist pension management company to assess whether cashing in your pension would be of benefit to you. There are risks involved, so don’t rush into anything.
Ensure that you enjoy the work that you’ll be doing by choosing an industry that you are already familiar with and that you have a passion for. Here are three examples of businesses you could run during retirement.
Bed and breakfast
Running your own bed and breakfast is a dream of many, allowing you the freedom of running a thriving business from the comfort of your own home. With a bed and breakfast, you call the shots, but ensure that you have ample space to accommodate guests and can serve up a delicious breakfast in the morning.
If you’re a carpenter, for example, why not set up your own little workshop and sell your handcrafted furniture online? It’s a great project that can seriously boost your retirement income. All you need to start your own online business is a fast internet connection, basic computer skills and a decent phone connection to allow you to talk to clients and employees. Additionally, as you are working from home you will even be able to deduct some of your expenses from your taxes every year so that you receive extra support for spends like utility bills.
After years of employment you will have gathered a huge amount of expertise. Retirement could be the time you capitalise on this knowledge by setting up a private consulting agency where you offer advice to individuals and businesses to help them reach a particular goal.