Build Your Dream Business After Retirement

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Take the opportunity to create a business at your last duty station while waiting for your spouse to retire

If retirement is on your horizon and you are considering what options you have, you might be thinking about starting a business. There are plenty of opportunities, and as a retired service member, you know you have skills and abilities that would make entrepreneurship a great option. You can create the business of your dreams at your final duty station where your spouse can join you when they retire, too.

Is building a business right for you?

Maybe you’ve always dreamed of starting your own business. Maybe it’s never crossed your mind. Now that you’re coming close to retirement, it’s something to think about. So, is this the right path for you?

Consider your WHY.

Why do you want to start your own business? Think deeply about this. These are not reasons like making money or something to do while you wait for your spouse to retire. These reasons go a lot deeper. Reasons behind your WHY may be creating stability for your family, following the dream career you’ve always wanted, or creating the flexibility for vacationing whenever you want. Or maybe as a retiree, it’s so you won’t have to travel again.

Where does your passion lie?

If you begin a business, what will you be doing and are you truly passionate about it? Being an entrepreneur takes work and commitment. You don’t want to find yourself stuck in a business doing something you don’t enjoy. This is the time to follow your passion and do something you enjoy.

What are your skills?

Would starting a business be based on skills you already have or would it require new skills? You could go either way. Working with skills you already have will make things go quicker and you’ll be able to get started sooner. However, you can always learn new skills before you start.

Many people look at this as an opportunity to continue or return to education. This is a great time to look at the skills you’ve acquired during your career, hobbies you have, or other interests that you could build into a business opportunity.

What you need to know to create the business you want at your final duty station

Now that you’re thinking about your WHY, passions, and skills, it’s time to think about what you need to make it happen. Veterans are 45% more likely to create successful businesses than civilians. Veterans have leadership, organizational, and strategic skills that make them ideal candidates for entrepreneurship. But what do you need to know?

Before starting your business, start by:

Doing market research – Collect information about who you want to sell to and what they want in a service or product.
Draft a business plan – What will it take to start your business and grow it?
How will you fund your business?
Legalities – Understand what’s involved, what type of business structure you need, how much are taxes where you will set up a business, and how you will be liable. Register your business at local, state, and federal levels. Get licenses and permits if needed.
Create a business name and entity.
Open a separate bank account.

Spend your time after military retirement doing what you want

You can start a business after retirement and ensure you spend the next several years doing what you enjoy. Veterans have many skills that make them highly qualified entrepreneurs and there are many resources available to help them along the way.

Our sponsor Navy Mutual offers a variety of secure, low-cost annuities to help ensure your financial security down the road. As a non-profit serving the military community for over 140 years they want to make sure that you live your best financial life, from start to finish. Take advantage of their leaving the service planning tool to find out how much you may need to save for college and when you are ready reach out to Navy Mutual and schedule a consultation!