Running a Business in Retirement – a Quick-Start Guide

Retirement is a time to which most of us look forward. It is a time in which you can put your feet up, relax, and concentrate on yourself and your loved ones.

It is also a time for you to do some of those things that you thought about in the past, but never had the time to begin. For an increasing number of people, this means starting a business.

It might sound counterintuitive to start working again once you’ve retired. But running your own business can give you a clear set of goals, allow you to be your own boss – and hopefully make some money.

How do I get started?

Having decided what your business is going to do, you need to come up with a name. If your firm will be consumer facing, try to find something snappy and memorable. A Google search and a quick check of Companies House records can help you see whether a name has already been taken.

You will also need to consider the legal structure of your business. Will you operate as a sole trader? Or do you want the legal protection that a limited company structure provides? If you are in any doubt, you should seek legal advice before making a decision.

What about finding customers?

Marketing is one of the most difficult tasks facing any new business. Many retirees use the contacts they built up during their career to secure their first customers and clients – but this is unlikely to work if you are operating in the consumer market.

A strong brand is a key part of a successful marketing strategy. Your business needs an instantly identifiable image, and customers need to be excited about the prospect of buying from you.

If yours is a local business, you will always do well to remember the old staples like the phone book and the local paper. You should also consider other, newer marketing techniques. For example, you might try setting up a Facebook page or a Twitter profile, and using these to find potential customers and keep in touch with existing ones. Just remember not to spam!

Will I need insurance?

Yes! As a business owner, you need to think carefully about your insurance requirements. There is a range of covers that you might need, depending on the nature of your business. Public liability and employers’ liability are amongst the most common, but you might also require professional indemnity cover, office insurance, or a commercial vehicle policy. You should note that employers are legally obliged to take out employers’ liability insurance – but clients might also expect you to have other types of cover before doing business with you.

Finding business insurance for your new company needn't be overly expensive, if you're willing to do a bit of legwork and shop around, there are great savings awaiting you. Why not have a look for public liability insurance at moneysupermarket.com, the price comparison website, and save yourself a bundle in the process.

For many people, retirement provides the time they need to turn their attention to their own business. If you have a great idea and you are willing to put in the time that it requires, then starting a business in retirement could be the best career move you ever make. Good luck!

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