GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
Perhaps theyreretiredand miss the workforce.
Maybe theyve always nurtured a passion for entrepreneurship that theyve never been able to explore.
Or, it could be that they need the money their own business could produce.
Whatever the reason for starting a business later in life, Boomers need to know what theyre in for.
GOBankingRates spoke with financial experts to break down theseventhings Boomers must know before going into business for themselves.
The goal here is to be sure you have financial stability.
Be sure to always factor in your health and aim for longevity.
Incorporate health and wellness into your daily routine, Stratman said.
Schedule regular check-ups, maintain a balanced diet, and exercise regularly.
Be Careful About Withdrawing and Investing Funds
Starting a business requires upfront investments.
Stratman pointed out that these can be complex especially when you have other retirement income sources to consider.
Dont cheap out here.
Get professional help from legal and tax professionals.
Be Prepared to Protect Your Business
Remember: A business needs protection like any other asset.
Be sure to cover your bases.
You dont want to overlook non-disclosure agreements or copyright.
Staying current is essential for remaining competitive and relevant in todays market.
Stratman suggested investing time in learning new technologies relevant to your industry.
Attendworkshops, webinars and industry conferences, he said.
More From GOBankingRates
Share This Article:
