All Topics > Business Services > Starting A Business After Retirement >

Starting A Business After Retirement New York

For a lot of people retirement is but a transition that freesthem to live their dream of running their own business. Censusfigures show that about 20 percent of those in their 50s wereself-employed. But, twice that, a whopping 40 percent of thoseworking past age 70 are in business for themselves.

Local & National Companies

Mintco Financial
716-565-1300
4444 Main Street
Buffalo, NY

First State Bank-Watonga
(580) 623-4945
321 W Main St
Watonga, OK

Farmers & Merchants State Bank
(903) 378-7321
201 Main St W
Honey Grove, TX

First National Bank and Trust Company
(405) 275-8830
130 E MacArthur St
Shawnee, OK

Stillwater National Bank & Trust Company
(405) 372-2230
308 S Main St
Stillwater, OK

Christian Lisa
(936) 598-8183
204 Houston St
Center, TX

First National Bank of Floydada the
(806) 983-3717
124 S Main St
Floydada, TX

Interbank
(580) 928-3700
1620 W 3rd St
Elk City, OK

Farmers Bank of Northern Missouri
(660) 425-2261
1617 Main St
Bethany, MO

Morris Plan Company of St Joseph the
(816) 279-0896
1014 W Saint Maartens Dr
Saint Joseph, MO

Starting A Business After Retirement

For a lot of people retirement is but a transition that frees them to live their dream of running their own business. Census figures show that about 20% of those in their 50s were self-employed. But, twice that, a whopping 40% of those working past age 70 are in business for themselves.

If you're a seasoned professional starting your own business odds are that you already know the business, you have the skills and experience, you know or have the certifications you'll need, and you may even have a good idea of where your first clients will come from. The following 4 steps can help you start on the right track:

1. Prepare a personal inventory

You want to be sure you have the basic skills any independent contractor needs, no matter what the business. For example: you will need to

organize an office,

handle records and finance,

manage your own time, and

promote your services

Don't be reluctant to hire experts to help with some of these tasks, and when appropriate barter your expertise for theirs.

2. Organize your Business

Once you are ready to get started, you'll need to decide how to structure your business. Will you run things simply as sole proprietorship, a partnership, or a corporation? Consult with a business attorney or your accountant to help guide you in selecting a structure that fits your circumstances.

Generally, if you operate as a sole proprietor and have no employees, you can use your social security number as your Tax ID. Corporations and firms with employees need an Employer Identification Number (EIN) from the IRS.

3. Organize Yourself

You will need to set up an office. This means you'll need all the things that you ordinarily would expect from an employer:

a useable workspace;

computer, e-mail and other equipment;

files for correspondence, expenditures, billing, et cetera;

a phone with voicemail;

business cards, stationery, and probably a Web site

You will also have to organize your life and probably impose discipline on yourself, to make sure deadlines are met. If you work from home set aside time and space for yourself, when and where family members should not intrude.

4. Have Access to Working Capital

Starting a business can be thought as running a marathon. Perseverance and staying power are probably the most important resources to being successful. One key element to stay in the game is having access to enough working capital to weather the downturns. One potential source of cash that's not often obvious is the possibility to borrow from your retirement funds thru a self-employed 401(k) loan. While tapping your retirement funds may not necessarily be the best or wisest source of financing, it is one option that you should be aware of and one that has advantages over some other forms of financing commonly used by self-employed individuals. You may find more information on the self employed 401(k) loan on www.InvestSafe.com. Whether or not you use its loan feature, with a Self-employed 401(k) you can continue to build tax-advantaged retirement savings.

Increasingly, employers are treating workers as in-house consultants for renewable short term assignments. Instead of fighting this trend, you can strategically develop your consulting skills so that more than one client will want to pay for your time. Then you too can join the rank of those who bask in the financial and emotional rewards of being an independent consultant.

Copyright: Copyright © 2007-2008 Daniel Lamaute

About the Author:

Daniel Lamaute, a retirement investment specialist with Lamaute Capital http://InvestSafe.com

Article Source: thePhantomWriters Article Submission Service

Featured Local Company

Mintco Financial

Specialists in the area Retirement and Estate Planning "We Work for you"

716-565-1300
4444 Main Street
Buffalo, NY
www.mintcofinancial.com

Clients who choose Mintco Financial do so because of the experience, knowledge and service our advisor's provide. Our emphasis revolves around honesty and the highest level of business ethics when work for our clients. We take great pride in understanding our client's goals and concerns while providing every financial and professional resource available to achieve peace of mind.

– Financial Planning
– Long Term Care Planning

Read more about Starting A Business After Retirement

- Savings Needed to Start a Business New York

Conventional wisdom is that you should have up to 12 months worth of living expenses put away before you start your own business, although the figure depends on the type of business you're starting, your projected income, and your potential expenses.

- Business Income New York
- Your Personal Savings New York
- Tailor Your Pension for Bigger Benefits New York
- Evaluating Your Business Idea New York
- Starting a Retirement Business New York
- How To Handle Your Estate New York
- Becoming an Entrepreneur New York
- What's in a Pension Plan? New York

Regional Articles

- Business Income New York

In a very general sense, ordinary and necessary expenses are subtracted from gross receipts to arrive at net income.

- Savings Needed to Start a Business New York
- What's in a Pension Plan? New York
- Your Personal Savings New York
- Tailor Your Pension for Bigger Benefits New York
- Starting a Retirement Business New York
- Evaluating Your Business Idea New York
- How To Handle Your Estate New York
- Becoming an Entrepreneur New York

Related Local Events

NY Xpo for Business
Dates: 11/19/2008 - 11/19/2008
Location: Jacob K. Javits Convention Center
New York NY
View Details

Access MBA
Dates: 1/24/2009 - 1/24/2009
Location: TBD
New York NY
View Details

Private Equity Analyst Outlook 2009
Dates: 1/27/2009 - 1/28/2009
Location: Grand Hyatt New York Park Ave. at Grand Central New York
New York NY
View Details

TRAINING CONFERENCE & EXPO 2009
Dates: 2/1/2009 - 2/1/2009
Location: Nielsen Business Media
New York NY
View Details

BIO CEO & INVESTOR CONFERENCE 2009
Dates: 2/1/2009 - 2/1/2009
Location: The Waldorf Astoria Hotel
New York NY
View Details

Rate Article

Save to My Articles

Articles Insider

Advertising	Financial Services	Pets
Business Services	Food & Beverage	Real Estate
Career	Health	Retail & Consumer Services
Cars	Home Electronics	Software
Computer Hardware	Home Services	Technology
Construction	Industrial Goods & Services	Telecommunications
Education	Insurance	Transportation & Logistics
Engineering	Internet	Travel
Entertainment	Legal	Wedding
Family

Advertising	Engineering	Home Services	Retail & Consumer Services
Business Services	Entertainment	Industrial Goods & Services	Software
Career	Family	Insurance	Technology
Cars	Financial Services	Internet	Telecommunications
Computer Hardware	Food & Beverage	Legal	Transportation & Logistics
Construction	Health	Pets	Travel
Education	Home Electronics	Real Estate	Wedding

Searching...

Starting A Business After Retirement New York

Local & National Companies

Starting A Business After Retirement

Featured Local Company