Starting A Business After Retirement Pennsylvania

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

Todays Senior Resource,Inc
724-712-5655
115 Alcan Drive
Pittsburgh, PA
Capstone Wealth Management Group
888-587-PLAN
285 East Grove Street
Clarks Green, PA
The SE Agency: Financial & Insurance Plans
215-622-0052
5 Arbor Circle
Colmar, PA
Farmers & Merchants State Bank
(903) 378-7321
201 Main St W
Honey Grove, TX
Stillwater National Bank & Trust Company
(405) 372-2230
308 S Main St
Stillwater, OK
Christian Lisa
(936) 598-8183
204 Houston St
Center, TX
Morris Plan Company of St Joseph the
(816) 279-0896
1014 W Saint Maartens Dr
Saint Joseph, MO
First State Bank-Watonga
(580) 623-4945
321 W Main St
Watonga, OK
First National Bank of Floydada the
(806) 983-3717
124 S Main St
Floydada, TX
First National Bank and Trust Company
(405) 275-8830
130 E MacArthur St
Shawnee, OK

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

    Todays Senior Resource,Inc

    Unique Free Website Simplifies the Search for Senior and Caregiving Resources Dedicated to the Greater Pittsburgh Region

    724-712-5655
    115 Alcan Drive
    Pittsburgh, PA
    www.todaysseniorresource.com

    A unique new website simplifies the search for senior and caregiving resources, solely dedicated to the greater Pittsburgh region.
    Free to users, all-inclusive listings are provided for a wide variety of resources including; Home Care, Senior Living Options, Hospice, Geriatric Professionals, Elder Law, Senior Finances, Insurance, Meals & Shopping Services, Pharmacies, Community Programs, Organizations, Support Groups, Volunteer Opportunities, and more.
    Users can contact many resource providers in one easy step to request more information or a phone call.
    All local resources, covering Allegheny, Westmoreland, Beaver, Butler, and Washington counties.
    The site also includes an informational section with articles and tools like checklists, an events calendar for local activities and discount days, and a link to a caregiver message board for advice and support from peers
    Todays Senior Resource,Inc. is committed to simplifying the search for local products, services, support, and information related to seniors and caregiving.
    Too often, seniors and their loved ones need help, but don’t know where to begin to find it. Products and services are out there, but the average person finds the search to be time consuming, confusing, and overwhelming. Even professionals admit it is impossible to keep up with new resources in this quickly changing field.
    Log on Today, or Send a Link to a Friend in Need.


    www.TodaysSeniorResource.com
    www.TodaysSeniorResource.com

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