Retiring but Need to Supplement My Income With A Business

April 30, 2015

Dear Cathy:

I am thinking about retiring from my job.  I am 2 years away from early retirement. When should I start a business to supplement my retirement?  Retiring Soon, Ohio

Dear Retiring Soon:

Some people are just drifting through life - paying the bills - until the day that they can retire.  The biggest problem that most people have when they retire is the amount of money that they will have to live off for the rest of their lives so before you put in your retirement papers, make sure you conduct extensive research. 

Many people have ended up in careers that they would not have selected if they had to do it all over again.  However, there is a good chance that you can start a business around the skills that you learned in the workplace so make sure you look at those options.

Starting a business whether it is part-time or full-time will be the time for you to really evaluate your life.  Look for business opportunities around your passions.  Second careers are about “passions!” 

Remember that it will take some businesses anywhere from 1 to 2 years to start making money, therefore, you want to start off part-time working in any business while you are still in the workplace, so get started today. 

The more research you conduct on the front end of the business, the better chance you will have at being successful on the back-end so start now by conducting research at libraries by reading books and at community an online bookstores.  Use online search websites to conduct research at www.google.com and www.yahoo.com.  Now would also be a good time to join a business group and get a mentor.  Mentors are not just for young people.

For a list of potential business opportunities read "The New CEO: 185 Easy-To-Set Up Businesses for Youth and Adult Entrepreneurs" -- available as an e-book and paperback.