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Working After Retirement: Why Lots of Boomers are Starting Businesses

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Baby boomers over 50 account for one of the fastest growing group of investors and entrepreneurs, with many of them tuning to technology for help. Boomers come into entrepreneurship with decades of experience, extensive networks and the capital required for seed funding, giving them an advantage over other generations. 

If you choose to go into entrepreneurship after retirement, you have a great chance of growing your business into a successful venture.

After working for someone else for decades, you might be looking for an opportunity to become your own boss. Entrepreneurship gives you an opportunity to be independent as you pursue your passions and interests. Owning a business also creates additional income, allowing you to delay claiming your social security benefits. Additionally, entrepreneurship offers you an alternative if you have been laid off and you are not sure you can get rehired.

Whatever your motivation, there are several business ideas you can pursue even after retirement, such as:

Consultancy

Combine you skills, experience over the years and business connections to start a business that allows you to share your knowledge and focus your energy on learning how to run a business as opposed to acquiring new skills. You can explore several consulting opportunities. Start by speaking to your former employers and acquaintances: while they may not contract you on a full time basis, they might afford to bring you in a project basis. Instead of focusing solely on face-to-face consultancy, consider teaching or coaching online through blogging or vlogging. Explore different options and the flexibility they offer; for example can you dedicate a few hours to online coaching while traveling or do you need to commit time for in-person engagements. Another consideration you must make is the paying power of potential customers.

Service Business

Depending on your interests, passions and expertise, there are different opportunities you can explore in service provision. For example, pet sitting for busy pet owners, tutoring or babysitting. Give yourself an edge by getting creative like this puppy lover whose service is providing pets at parties for children and other guests to enjoy. Explore options that allow you flexibility and the opportunity to work remotely such as running a virtual assistant agency where you can help other entrepreneurs manage their schedules including helping with their travel arrangements.

Active Living

As health care shifts towards a preventive lifestyle, there is an opportunity for you start a career that encourages active living especially among your peers who are looking to age gracefully. Get a license from your activity of choice and start offering classes in your home, at a local fitness center or organize sessions where clients can enjoy the outdoors when the weather allows.

Entrepreneurship has no age limit; explore your passions by becoming your own boss now that you have the time. Take advantage of technology to become a better business owner, for marketing and to connect with other likeminded individuals who are on a similar path.

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