Executive Entrepreneurs - Entrepreneurial Opportunities for Retirees

I am 64 years old and bored. I took advantage of an early retirement opportunity after working 30 years for an insurance company. I have always been interested in running my own business, but don't know what kind of business to start. What do you suggest?

Many retirees are starting new enterprises, since they still want to work but cannot find suitable employment opportunities. They have several advantages over other entrepreneurs, such as retirement dollars to invest in a business. Another advantage is having already established a long-term banking relationship with a personal credit history, demonstrating credit-worthiness and some available assets to use as collateral.

You have many options to consider as to what kind of venture to start. First, examine the skills, expertise, and hobbies you have that are transferable to a business venture. What have you done in the past that either satisfies a current market need or solves a problem for a poten?tial customer? Taking advantage of your skills and interests is the starting point.

Are there contracting opportunities with your previous employers that you could explore? Is there some type of project or new product or service that they might be interested in starting? If so, maybe you should establish a joint venture with them.

Consider the following questions:

Could you start this venture on a part-time basis to test the need and feasibility of your idea? Could it be started as a home-based business, thus reducing start-up costs?

Are there existing businesses for sale that you might be interested in buying?

Would you be interested in starting a franchise, for which the success rate is much higher than for a new start-up venture?

Are there any agreements available through which you could—for a small fee—be licensed to represent an existing product or product line?

Once you have identified a definite need in the marketplace, consider your competitive advantage. Avoid becoming a "me-too" business that just duplicates a successful concept. Determine how you could differentiate your venture, carve a niche, and capitalize on your competition's weaknesses.

Interview owners of existing businesses you might be interested in starting. Ask them questions about the problems they encounter as well as growth opportunities. Contact the national trade association in your industry and ask for information on starting a business in that industry. Or go to work full- or part-time for a business you are interested in starting.