new business

04Jun

Reasons to Pursue Entrepreneurship in Retirement

Podcast BlogJune 4, 2022

Filling the time retirement allows is never the same for everyone. For some the relaxation is important and long overdue. Others may struggle to fill that free time, even with travel or hobbies. To feel fulfilled starting a new business may be just what your retirement lifestyle needs. The following are reasons starting a business in retirement may help you:

Staying Active

Unfortunately, within ten years of retirement retirees begin experiencing significant health issues such as heart disease, depression, or arthritis. Staying active is a good way to combat health declines. Starting a new business keeps you exercising daily—be it running errands, learning new skills, and attending networking events like conferences or local flea markets.

Sociability

Strong social ties are key for aging adults and leaving your workplace may reduce most of the social interactions you received. And unfortunately, retirees are reported to be the loneliest group. Starting a new business may replenish some of those interactions as you run more errands, take classes, attend local sale events. You should even consider the online communities!

Mental Alertness

The saying goes “always a child at heart,” right? Exercise is important for your brain, too. When you become more stationary you become less engaged mentally, too. Keeping up with mental activity reduces the risk of cognitive illnesses like dementia and Alzheimer’s. What better way to do this than learning new skills to run your business?

Passion

Goals and dreams do not stop once you retire. On top of already having physical, mental, and social benefits, studies confirm that having a purpose leads to longer, happier life. Since you have more time on your hands, few obstacles stand in your way of turning a hobby since as crocheting or pottery into a business.

Supplemental Income

Oftentimes after retirement retired CPAs experience a reduced means of income. Your small business would act as income. Whether it be you start your own part-time firm or you repurpose your skills and teach them to others, there are many ways to continue using your CPA knowledge to boost a new business in retirement.

08Feb

Keeping Your CPA Status in Retirement

BlogFebruary 8, 2022

As your retirement nears, you may be ready to also retire your CPA status. But keeping your credentials after retirement may open doors you haven’t thought of. Maintaining your CPA status after retirement allows for a host of opportunities.

If you ever want to offer services such as tax preparation, accounting, or consulting—even only occasionally—keeping your credentials open keeps those doors open also.

Even if you do not plan to offer services, maintaining the status for a little while after you retire may benefit you should you change your mind. You won’t have to reinstate it later! If you must reinstate, you will have to catch up on CPE credits or even retake the CPA exam.

Moreover, keeping your status active may present itself beneficial in your retirement if a friend or family member decides to run a business. You would benefit greatly, too, if you started your own business!

Now, why is being a tax preparer a great option after retirement?

You have the credentials as a CPA and the work history for it. This makes you highly qualified and already sought after.
Work seasonally and flexibly. You are already likely already familiar with these types of things. Working with taxes permits only working a few months a year while enjoying the rest of the year for your retirement activities.
You are your own boss. Thus, you can take on as much work as you wish, work when you wish.
Since you possess the education and credentials as a CPA, you will have a leg up on new tax preparers. In this day, you can easily take advantage of the virtual and digital means of running your tax-preparation work. Should you want to start up your own tax prep business, the cost is essentially minimal for you: professional tax software!
Extra income! Supplementing your retirement helps financially and may be a great opportunity to invest a little more.

Even if you are unsure of keeping your CPA status in retirement, maintain your credentials for a little while after retirement. You never know what may arise!

18Jan

A Grand Time for a Grand Opening: Starting a Business in Retirement

BlogJanuary 18, 2022

The golden years can be golden for more than one reason. While some want to enjoy a relaxing, more leisurely retirement, the mere idea of doing nothing drives others crazy. Taking advantage of the extra free time to tackle something new is not a bad idea!

Which begs the question: Have you considered starting your own business? It takes a great deal of dedication and efforts, but the pay-off is well worth it in the end. Who wouldn’t want to turn their passion or skills into a new adventure and income stream?

Starting a business for retirement (or even after) may be the perfect fit for you if:

-You want to be your own boss

-You want to do what you love or help others

-You want to learn something entirely new

-You want to keep the work life routine you had, but on your own terms

On a plus, odds are in your favor for becoming successful! Most entrepreneurs are age 55 or older.

Take The Leap

What holds a lot of people back in starting a business, especially during retirement, is the fear of failure. Remember, most entrepreneurs are 55+, which allows years of being in the work force are to your advantage. Once you make the leap, beginning and maintaining is all that you have left to do. The daily work and effort are what will make the difference. Dedication is key!

Homework Doesn’t Stop After School

Brush up on your study tactics, you’re going back to school. Beginning and running your own business with some research. Depending on what type of business you would like to run, specific laws, regulations, market strategies, and other related items/areas need to be investigated—especially for a business plan.

Begin with the Small Business Association for data on your market and audience. Investigate in your local market because that is where you will start hardest (this is applicable for online community, too). Explore trade and expo organizations in your area and Facebook communities.

It may help to shadow someone in the same field or find a mentor. At the end, it is best to find someone who will not be your direct competition.

Do Not Forget Your Retirement

While you are throwing all you have at the new business do not forget to tend to your retirement. A startup may be risky, but it is best to not spend all your retirement funds on this business, so you can still live comfortably. Plus, it oftentimes takes years for a business to see regular profit.

Separate your business money from your retirement money. As you do this, keep putting whatever you can towards retirement. Seek out help from a financial advisor and banker for your business and retirement needs.