Just because you're retired doesn't mean you can't go into business.

Retired? It's Not To Late To Start A Business

October 20, 2016 1:13 pm Published by Leave your thoughts

You retired to Arizona because you wanted to enjoy your golden years in bright sunshine. But what if you aren't ready to completely stop working? 

Perhaps you had a lifelong dream to start a business, and finally have the time to make it happen. Or maybe you just want to make some extra money while challenging yourself. Either way, entrepreneurship isn't just for the young. For instance, the 2016 Kauffman Index of Entrepreneurship found that 55-to-64-year-olds make up 24 percent of new business founders. Older workers and retirees have more experience under their belts, extensive contacts lists and often have more capital to draw upon. Why shouldn't they succeed in business?

Thanks to its strong economy and business-friendly regulatory environment, Arizona is a great place to get started. Here are some things to think about if you plan to open up shop here:

  • Do you have a unique idea? A lot of startups fail because the owners have great ideas, but lack the experience necessary to execute on them. You've got plenty of experience already, but you still need to be able to think creatively about markets that you may not be familiar with.
  • What does your family think? If your spouse and other family members expected you to retire, make sure they are on board with you working on this new business idea. Who knows, maybe they will be interested in helping out!
  • Can you afford it? Small businesses often fail, and you risk losing money. Make sure you aren't spending so much that a sudden closure will threaten your retirement. 
  • Do you have a plan for health-related issues? As we get older, we are more likely to experience health problems that make it more difficult to work. If your business succeeds, think about what you wish to do with it when you can no longer be in charge of day-to-day operations. 

Are you looking to start your own business in Arizona? The Law Offices of Donald W. Hudspeth, P.C., have years worth of experience guiding entrepreneurs through the formation of new businesses. Call us today to learn more.

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