Do you have a passion you want to pursue? A business idea you have always wanted to try? Do you want to leave a legacy for your family or make a positive impact on the world? Whatever your motivation, “later in life” is actually a great time to start a business. Some might even say it’s the best time to follow your entrepreneurial dreams. That’s because, after retirement, you typically have more time, more money, and more experience — all of which can help you be more successful.

Whether this will be your first business or the latest in a long list of ventures, your post-retirement foray into working for yourself will likely follow a few different rules.

  1. Do something you love. Your golden years are for pursuing your passions. Pick a business that will challenge your body and mind and make you excited to get up every morning.
  2. Don’t plan to do it all yourself. You’re not as young as you used to be, and now is not the time to run yourself ragged trying to run a business on your own. Plan to outsource, hire staff, and share the responsibilities with a team of people you trust from the start.
  3. Do plan an exit strategy from the start. Life is unpredictable, and you should have a plan in place to shut down, sell, or pass on your company in the event you need to take time away or exit all together.
  4. Don’t spend all your money on the venture. It can be tempting to invest a majority of your savings into this exciting, new opportunity to avoid having to find investors or take out a loan. But what if you need some of your liquid assets for medical costs or long-term care down the road? Talk with a financial advisor to help you determine what you can afford to invest.
  5. Do embrace technology. The world is constantly changing. Don’t be afraid to use technology to lighten your load, reach more clients, and make managing your business easier and less time consuming. If you aren’t up to speed on all things technological, consider taking some classes or hiring someone who is to help you.

Ready to get started? Here are some resources that can help get your business booming!

Starting a Business After Retirement: 12 Business Ideas for the Over 50s
Best Business Opportunities for Retirees
Yes, You Can Start a Business in Retirement
Retirement Dream: Starting Your Own Business
Starting a Business Later in Life? Tips for Older Entrepreneurs