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Is starting a new business a good plan during retirement?

I recently decided to retire from the banking industry. I love cooking and have long wanted to start a business in health and wellness. I am wondering if I would be taking on too much. I know this is a personal decision but I am curious to hear other people's thoughts about starting a business during retirement.

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I always tell my clients if you love doing something, and there is a need for it,why not make money from it if that is what you want to do. Now that you are retired, Jane, you may have a more flexible schedule to work as little or as much as you want. I would recommend you begin by determining exactly where your niche market is then you will reduce the time it takes to grow your clientele.
I always caution those who I coach and who are living on a fixed income to start with a plan that begins to add a second stream of income rather than assuming it needs to become a second career, that way, they are not depending on the business as the sole income stream and can develop the business on their terms rather than to replace a career they left or income they need.
What I have discovered with many retirees is they often do create another income stream but enjoy what they are doing so much it actually does often become a second career even though they might not have been their initial goal
So, my answer is if you have the resources, you will be joining the FASTEST group of entrepreneurs in the county ( retirees). Go for it. It's never too late to do something you love and make money from it!

Anonymous User

Simple .. answer with a question ... why the heck not !!!!


You have to have a passion for the work you intend with your new career. If you have a passion for your job you never really work a day in your life again. You have to continually market your product or services. You have to be willing to put in the hours needed and to do the tasks that need to be done. You need to develop a series of mentors to provide you with good advice.

I did and am working 50+ hours a week, but my wife says I really don't work I just have fun and she is right. In four years I have written 10 books, I have 14 videos, I am a member of the National Speakers Association and I am a consultant with over 100 clients now and a contact list of about 3,600. A mentor of mine told me I needed to meet with 5 potential new clients a week and if they like me, feel that I am competent, and they trust me, that may provide an opening. That was good advice for me.

As some practical advice go on line and develop a business plan. Contact a lawyer that works with start up businesses. Obtain a tax accountant and learn about Quick
Books. Consider contacting the Small Business Administration SCORE volunteers for additional advice and do reach out to mentors that could offer you additional insights.

Good luck. If this is not for you, make a good decision and don't start. If you have the passion, drive, moxie, dedication, intellect and resources, go for it. I am one of those successes.


It is not unusual for someone retiring to consider an "encore" career. Here is what you need to ask yourself:
Am I in good enough health to do this?
Do I have the financial resources to get this up and running?
Is this a business I can do on my own or will I need to hire to support staff?
Will they be part time or full time?
What type of commercial insurances will I need?
Liability? Property?
Who are my customers?
How will I get them? Advertising? Referrals? Prospecting? All of these?
Who are my suppliers?
Do I have competitors? If so, who are they? What makes me different?

I am sure by now you are getting the drift as I am just scratching the surface. It isn't always the answers that are important. Sometimes the questions are all the more important. If this is something you are truly passionate about you may even work more hours than you did in banking but you may well also have a great time doing it!

Best of luck to you!



Good Afternoon Jane,

My suggestion in short:
It is never too late to start a small business or provide a service in a field that you would love even when you retired;
I can recommend reading a book like Half Time from Bob Buford.
Do your home work in terms of the industry, opportunities, your personal & work values, personal preferences, knowledge, skills your finances vs the requirements of the service & market you want to work in;
Consult an accredited financial adviser & career adviser, & social media expert to match your dreams with your personality, skills, knowledge, work preferences, marketing of your profile and financial situation
Rather start small & grow it from there.
Be realistic & Do your homework carefully.....
Good luck, this could be the first opportunity to fulfill your dreams!
Kind regards, Christo


Never a bad idea to start your own business and there are a ton of tax advantages in retirement. It's unfortunate that you didn't start it while still working so you could have transitioned easier... but go for it. You won't regret it.


Some key questions to ask yourself:
Is this needed? Who says it's needed?
Are you providing any of these services now?
Why do you want to do this?
What's the competition doing? Can you compete with that?
At what point in time would you project a 'break-even' point?


Jane, congrats and best wishes on your retirement. Some thoughts: having some type of business during retirement is a good idea to keep our mind active unless we have some volunteer activities to keep busy. One advantage during retirement is that our monthly expenses are take care of and we can use some disposable income towards the business which would help in three ways: a) generate additional income in the long run, b) your love of cooking healthy food will benefit the community c) it will make you feel good and keep your mind active.
The size and volume of business could be controlled based on our individual capacity.


Yes, absolutely.

if you are like me, you soon will be bored with traveling, reading for pleasure, volunteering, etc.

A new business will be a challenge, but it will keep your mind sharp and your life challenging.

Just make sure you have enough capital to keep the business going for up to six months without appreciable income. Learn well your new craft and learn what it takes to succeed in your chosen field.


Hi Jane, I believe starting things in retirement is a great idea. You worked to earn and do the things you like. A good starting point is to read some books about optional ventures in retirement. One that I am fond of is "Don' Retire, Re-fire!" by Dr. Ken Blanchard. Easy read and will get you thinking. If you decide to "start a business in retirement," you must create a realistic business plan. Not complicated. I like Jim Horan's One Page BP available on Amazon. A good test of your business is to watch the YouTube video of Simon Sinek called "What's Your Why?" Then, answer the questions of Why, How and What you will do in your business that makes a significant difference in a consumers life. Congratulations on retirement!

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