How to Start a Business without Losing Your Nest Egg

Retirement can be a difficult reality for many people. It’s typical for some retirees to feel a void after all those years of having a career and somewhere to be. And while there are plenty of people who readily welcome retirement, others need a little something extra to keep them occupied and active. That’s when starting a small business could be the right answer. Not only will a new enterprise provide extra financial benefits to pad your nest egg, but it can help you feel engaged and give your mental health a boost. If starting a business is something you’ve always wanted to do but weren’t sure where to begin, here are a few ways to get started without busting the bank.

Take advantage of free marketing

You may be the best at what you do and have decades of experience, but if you can’t get the word out to your potential customers, you won’t succeed. There are plenty of free and low-cost marketing platforms out there, including social media and sponsorship of local events. You can also save money by doing your own graphic design and creating a logo on your own. These 10 free logo maker tools can get you started.

Pick a business with little to no startup costs

When money is an issue, there are still plenty of choices for businesses you can start today even if your pockets are empty. Pet sitting, tutoring, tax preparation, and housecleaning are all much-needed services that Small Business Trends claims you can kickstart for less than $100. You may also consider serving as a consultant or selling homemade crafts online or via local boutiques and flea markets — these types of roles only require investments for setting up a home office and getting craft supplies.

Network, network, network

Once you know what you want to do and have a marketing plan in place, you can begin to network. Although networking groups do charge a nominal fee for membership, just one client or connection can easily pay for access. If you are targeting individuals, you may consider joining. MeetUp groups or sponsoring events or publications your potential customers will see. For instance, if you choose to become a personal trainer, you might rent a booth at a health fair.

Enhance your skills with free educational courses

If you’ve been out of the loop for a while, it’s a good idea to polish your skills and knowledge before jumping into the driver’s seat as a small business owner. Fortunately, according to the AARP, there are plenty of options for free education targeted to seniors. Online, you can find everything from art and science to cooking classes. Check around with local colleges; many will allow retirees to audit classes. You won’t earn credits, but you’ll have access to the same information as students. Many states also offer free two-year college degrees for adults and seniors who never earned a degree.

Write down what you know, and sell your words

You’ve collected vast amounts of experience over your lifetime, and there are people willing to pay to read about it. With nothing more than a computer, you can write and publish your own ebook, which can be sold for profit or given away free to establish you as an expert in your field. As Money Crashers explains, one of the most important aspects of your book is that it contains unique content that your readers can either enjoy or apply to their own personal or professional endeavors. As a freelance writer, you are considered your own small business owner and have 100-percent control over your earning potential. Plus, there are great tax benefits, and you can write off costs associated with research.

You’ve made it this far in life and, hopefully, have some money put back for that proverbial rainy day. But, if you want to continue to grow your retirement fund while enjoying life in the here and now, starting your own business can help. Don’t be afraid to get out there and mix and mingle with the millennials – you just might be able to show them a thing or two about success.

Article submitted by Larry Mager