Small Business Boomers

Small businesses for Boomers

by Jean on November 21st, 2007

Here is an article from Forbes Magazine Online that details several types of businesses for Baby Boomers. Note that you will need to watch a PowerPoint (which changes pages with each new slide) to see more details on the businesses. Before you decide to start a business like one of these, take the time to explore and study and get as much information as possible. Also, if you’re looking at a franchise, like “Smooth Transitions,” check it out on Franchise Pick.

Some of these were interesting to me (like the organizing business) and some weren’t (like the limo thing). As you are considering a “post-retirement” business be sure you’re getting into something you will enjoy doing and will be able to do for a while. I’d love to have a gardening business, for example, but I would have to get someone to do the kneeling and lifting for me. I’d have to give up a lot of my profits to employees.  Why not find something that would be easier?

Of course, you should always put together a business plan for any type of business venture, and be prepared to invest a part of the startup cost or to pledge an amount to the bank. Some banks want up to 100 percent equity, which makes no sense to me.

It’s back to that old adage about banks: They loan money to people who don’t need it. Why not shop banks (just like Lending Tree) to find one that won’t require you to spend all your retirement funds for this business.

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POSTED IN: Boomers nearing retirement, Business Plan, Businesses for Boomers, Starting Up