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How to Start a BusinessAfter Age 60

and the 20 Best Businesses to Start

Brought to you by

www.incorporate.com

Are you laid off and struggling to find a new job because you’re over 60? Are you retired, but need to make extra money? Are you bored with retirement and eager to be back in the work force, but on your own terms? Maybe it’s time to think about starting your

own business.

Contrary to what you might think, age 60 (or older) is not too old to start a business. According to the Global Entrepreneurship

Monitor report, nearly 20 percent of startup entrepreneurs are over 55, and nearly eight in 10 are over 65.

Want to be one of them? Here are some tips for successful startup after 60.

Enjoy your startup journey!

© 2014 The Company Corporation. All rights reserved.The Company Corporation is a service company and does not offer legal or financial advice.

Tips to get you started ▶ Use your experience. Tap into your work or life experience to find the

right business for you. What do you love doing? What expertise can you share?

▶ Tap into your contacts. Friends, former colleagues and acquaintances at church or volunteer organizations can be sources of referrals, customers and advice.

▶ Get help. Expert advice is available from resources such as SCORE (SCORE.org), a nonprofit that provides free business advice and consulting from experienced business owners and executives.

▶ Explore technology. Even if your startup is not tech-focused, you’ll need a basic website and tech savvy to market yourself and connect with clients.

▶ Choose the right business name. Look for one that’s meaningful, memorable and not being used by anyone else. Search for and reserve your business name.

▶ Select the appropriate business structure. Protect your personal assets by choosing the right form of business. Compare the different forms of business. Then learn more about the advantages of incorporating or forming an LLC.

▶ Figure out finances. When you’re over 60, your best bet is generally to start a low-investment business that doesn’t put your retirement savings at risk.

▶ Get licenses and permits. Your state, county and local government generally require a business license, tax registration and zoning license. Learn more about licenses and permits.

▶ Get your tax ID number. If your business is a corporation, an LLC with more than one member, or if you hire employees, you must get an Employer Identification Number (EIN) from the IRS.


https://www.incorporate.com/name_reservation.html


https://www.incorporate.com/business_structure_comparison_chart.html

https://www.incorporate.com/business_structure_comparison_chart.html



https://www.incorporate.com/business_licenses_permits.html

Need help figuring out what kind of business you want to start? Here are 20 businesses ideal for people over 60.

1. Consulting business. Turn your prior business experience into a new business offering your expertise as a consultant. There are opportunities in a wide range of industries, from management consultants to IT consultants to sales consultants. As a consultant, you can work as much or as little as you want. The secret is to differentiate yourself from the pack, find a niche and market your business effectively. Tap into your professional network to find companies that need your services (make sure you’re not breaching any non-compete agreements with your former employer). Then reach out by getting referrals, building relationships and using social media to earn a reputation in your field.

2. Professional speaker. When politicians and CEOs retire, they often become speakers. You may not be able to command $100,000 or more a speech like former President Clinton, but if you have expertise that people are willing to pay to hear, you can make good money as a professional speaker. Can you motivate athletes, inspire salespeople, or encourage high school students? Figure out what you’re good at and what audience (corporations, schools, business organizations, hospitals) would pay to hear you talk about it. You’ll need a professional website, video of yourself in action, social media know-how and sales skills to succeed. The National Speakers Association offers resources to help.

3. Ecommerce business. Do you have retail or wholesale experience? Consider starting an ecommerce business to sell products online. You can either start your own ecommerce site or make things super simple by setting up a store on one of the many online marketplaces, such as Yahoo, eBay or Amazon. Finding a very specific niche and providing great customer service are the keys to competing with the big guys online. Although ecommerce stores are simpler to run these days than they used to be, familiarity with technology is a big plus in this industry. You’ll need to promote your business using online advertising, marketing and SEO.


http://www.nsaspeaker.org/about/

4. Blogging. If you enjoy writing and are prolific, you could make a side income as a blogger. Find a niche that isn’t saturated, use blogging software such as WordPress to set up your blog, then tap into social media and online marketing to attract readers. As you get more readers, you’ll earn money from companies advertising on your blog. Depending on what you blog about, you can also get free products to review (and maybe even keep), such as clothing, home decor or electronic gadgets. Until you build up your own blog’s viewership, earn extra money by ghostwriting for other bloggers; this may pay per word, per post or per page view. Blogging associations exist for everything from travel bloggers to food bloggers—just do an online search of the topic you’re interested in. Want to see what bloggers in your industry are up to? Check out Google’s blog directory.

5. Bed and breakfast inn. If you own a large home or vacation home in an area that attracts lots of tourists, a bed and breakfast could be your dream business. Be warned, though, that running a B&B is a full-time job requiring everything from people skills to plumbing expertise. This isn’t a business to start solo: Best to find a partner and split up the duties. It can also be costly: Even if you own the building, you’ll need to make sure it’s up to code, well-maintained and appealingly furnished. To promote your B&B to travelers, learn the ins and outs of online review sites like TripAdvisor and social media marketing. The Professional Association of Innkeepers International has resources to help.


http://www.google.com/press/blog-directory.html

http://www.innkeeping.org/

http://www.innkeeping.org/

6. Non-medical senior care. America is growing older, and seniors want to “age in place” in their homes instead of moving into assisted living facilities. Non-medical senior care services help seniors with tasks of daily living, such as preparing meals, making sure they take medications and doing light housekeeping, so they can stay in their own homes. As a senior yourself, you’ll have an edge in this business. Be sure you understand regulations and licenses affecting non-medical senior care in your area, and get appropriate insurance. Then market your services by networking with senior-related agencies and organizations, senior centers and geriatric-care physicians.

7. Tutoring. Are you a retired teacher? Tutoring could be the business for you. Offering flexible hours and low startup costs, this business is ideal for those seeking a part-time startup. Network with your contacts to find students seeking tutors, then build your clientele through word-of-mouth from satisfied customers. You can tutor students at their homes or yours, or contract with schools to provide tutoring on campus after class is out. You can focus on particular subjects, certain grade levels, or test preparation for entrance exams such as the SAT. The American Tutoring Association offers certification and training.

8. Property management services. If you are well-organized, friendly and handy at repairs, consider becoming a freelance property manager. Absentee landlords are always seeking property managers to handle the day-to-day tasks of managing apartment buildings or condo complexes. You can also offer your services to individuals who own and rent out single-family homes, but don’t want the headaches of managing rent collection and repairs themselves. Visit the National Association of Residential Property Managers for resources and training information.


http://www.americantutoringassociation.org/

http://www.narpm.org/

http://www.narpm.org/

9. Tax preparation services. This business is a natural for former accountants or bookkeepers. You can provide tax preparation for as many or as few clients as you choose and can focus on individuals, businesses or even a specific industry. Be aware you will need to register with the IRS, pass a proficiency exam and complete annual continuing education training in order to prepare taxes. The National Association of Tax Professionals has resources and information to get you started.

10. Pet sitting service. Two-thirds of U.S. households own a pet, according to the National Association of Professional Pet Sitters—and those pet parents will pay good money for pet sitters who care for Fluffy and Fido when their owners are on vacation or traveling on business. Depending on your home arrangements and customers’ needs, you can pet-sit animals in your own home, or stay at your clients’ homes (and enjoy a mini-vacation in the process). You’ll need a cool head plus people and pet skills to deal with nervous animals—and their worried owners.


http://www.natptax.com/Pages/default.aspx

http://www.natptax.com/Pages/default.aspx

http://www.petsitters.org/

11. Catering service. Is cooking your passion? Catering lets you cook up profits without the commitment and cost of opening a restaurant. Depending on whether you’re targeting individuals or companies, start by targeting family, friends and acquaintances or local business organizations with events and tastings to spread the word. Then use referrals from successful jobs to build your business. If you plan to prepare food in your home, it’s important to meet state and local health and safety codes. To get around this, you can rent time in a commercial kitchen. The National Association for Catering and Events has resources to help you.

12. Life coach or business coach. Use your life and work experience to help clients achieve their goals by becoming a life coach or business coach. Individuals will hire you to help them set objectives, develop an action plan and follow through on life or professional goals; corporations sometimes hire business coaches to work with their executives. Market your business through personal and professional contacts and local business organizations. The International Coach Federation provides resources to help you get started and accredited.

13. Retirement financial planner. With Americans increasingly concerned about saving for retirement, the market is ripe for financial planners who specialize in retirement strategies. You will help clients plan for retirement by offering them advice on savings and investments, help them figure out when to take Social Security benefits and advise them on retirement-related issues such as long-term care insurance and Medicare. Being over 60 is a plus in this industry, as it will enhance your credibility. Check out the College for Financial Planning and the CFP Board for resources and information about being certified as a financial planner.


http://www.nace.net/

http://www.coachfederation.org/

http://www.cffpinfo.com/retirement.html

http://www.cfp.net/become-a-cfp-professional/find-an-education-program

14. Event planner. Do you enjoy planning parties and events for your family and friends? Maybe you were the office manager who always organized the company picnic. Turn your social skills into profits as an event planner. You can specialize in different types of events, from weddings and birthday parties to corporate events. You’ll need a cool head; a big roster of contacts such as caterers, florists and entertainers; and excellent people skills to make this business work. Be aware, this business is difficult to run part-time, and you may need to hire help to ensure success. Get more information at the Event Planners Association.

15. Home stager. Home sellers seeking to maximize profits and sell homes faster turn to home stagers to furnish and redecorate homes to boost their appeal. Redecorate with the client’s existing furnishings, rent furnishings from a rental company or provide your own furniture and accessories to give the house the perfect flair. Experience with interior decorating and/or real estate gives you an edge in this industry. Tap into networks of local real estate professionals who are seeking help for their clients. All you need is one realtor to use your services, and you’re on your way. Visit the Real Estate Staging Association for more information.

16. Cleaning service. If you’re a neat freak, why not start a cleaning service catering to local homeowners? This is a low-investment business—all you need is a few cleaning supplies, and some homeowners even furnish their own. Getting licensed and bonded is a must so customers will trust you. Market your business by reaching out to local contacts, or by putting fliers or business cards on doors. You can charge by the hour or by the room. Once you get a few regular customers, ask them to refer you to their friends and families, and your business will likely grow by word-of-mouth. Visit the Association of Residential Cleaning Services for information and resources.


http://eventplannersassociation.com/

http://eventplannersassociation.com/

http://www.realestatestagingassociation.com/

http://www.arcsi.org/

17. Home inspector. Home inspections are de rigueur in most home sales today, driving demand for home inspectors. If you have a background in home construction, remodeling or a skilled trade, this could be an ideal business for you. Home inspectors do everything from generally inspecting a home’s condition to testing for contaminants or mold as part of a home sale or appraisal. Then they prepare a report and explain the findings. Market your business by connecting with local realtors or property appraisal companies. The American Society of Home Inspectors has more information and resources.

18. Etsy sales. If you love knitting, sewing, jewelry making or crafting, turn your hobby into a business by selling what you make on Etsy. This online marketplace lets individuals set up online storefronts to sell handmade items—everything from clothing to toys to ceramics is represented. You’ll need familiarity with the Internet and enough time to devote to responding to buyers’ questions and comments (not to mention making your items). However, the bonus of Etsy is you can sell as much or as little as you like, so your business never has to get out of hand.

19. Daycare service. Do you love children? Get your daily ration of hugs by opening a daycare service in your home. Before you start, check local zoning regulations as well as state and local guidelines regarding daycare centers. Also make sure you have appropriate insurance to protect yourself and your charges. Market your business by reaching out to your contacts, using social media and networking with pediatricians, children’s activity centers and local parenting groups. A daycare business grows by word-of-mouth, so all you need is a couple of happy customers to get you going. The National Association for Family Child Care has training and resources.


http://www.ashi.org/

http://www.nafcc.org/

http://www.nafcc.org/

20. Buying a franchise. If you’re intrigued by some of the ideas on our list, but don’t like the idea of starting a business from scratch, consider buying a franchise. Franchises are turnkey businesses in which the franchisor gives you (the franchisee) the license to use the company’s trademarks, systems and processes in exchange for a franchise fee and ongoing royalties. Many franchisors seek experienced, older franchisees. The upside of buying a franchise: Your franchisor gets you up and running, then provides ongoing support; plus, you start off with a strong brand name. The downside: Franchises can be expensive and, if you want total control of your business, you’ll likely be frustrated by the franchisor’s rules. For more information about franchising, visit the International Franchise Association.

Whatever type of business you start, The Company Corporation can help you start off on the right foot. Learn more about The Company

Corporation’s services.

To learn more call 800-818-6082 or visit www.incorporate.com.


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