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Thinking of starting a business after retirement?

On Behalf of | Nov 5, 2019 | Uncategorized |

Like many in New Jersey and elsewhere, you may be looking forward to retirement. In fact, you may have spent most of your career planning for the day when you would clean out your desk or locker and say goodbye to your job forever. Lying on a beach, sleeping late or traveling are not your goals for retirement. You have more of a challenge in mind.

If you are like a rising number of retirees across the country, you have a passion you want to pursue, and that means starting your own business. While this may be something you plan to do for self-fulfillment, it may also be a necessary source of income during your retirement years. Because of this, you will want to take the appropriate steps to ensure the success and profitability of your business.

Important starting points

When starting your own business, it is important to understand that you should not expect the business to provide you with much of an income for about three years. This can be devastating to your personal finances if you are not prepared to live without a salary or if you still carry significant debt. Planning for the possibility that your business may not turn a profit right away is important. Some who became entrepreneurs after retiring recommend the following tips:

  • Research the industry in which you want to work.
  • Take an honest assessment of your strengths and weaknesses.
  • Learn the specific skills you need to excel in your new business.
  • Consider bringing in a partner who can share the physical and financial burden.
  • Get yourself in good physical condition since running a business can be grueling work.
  • Learn from other entrepreneurs what you can expect as you start your new business.
  • Take advantage of every available connection and resource.

Those resources may include a skilled business law attorney who can walk with you every step of the way in running your new business. From such a professional you can learn how the laws of New Jersey affect your plan and how to craft a solid business plan that will provide a roadmap for the success of your venture.

An attorney can help you discern the most appropriate entity under which to form your business to minimize taxes and liabilities among other benefits. A relationship with a dedicated business attorney can support you through every phase of your venture.