Have you always wanted to run your own business? Retirement might just be the opportunity you’ve been waiting for! Now that you’re no longer tied down by work, you have the freedom to explore whatever side gigs and business opportunities spark your interest. Of course, the last thing you want is to take on a stressful business that requires all of your time and energy. You want to enjoy your retirement, after all! That’s why Icon Refined has assembled some tips to help you launch a business that’s easy to start and manage, allowing you to enjoy the best of both worlds.

Choose an Easy Business Model

First, you need an idea. Try to stick with business models that are easy to run on your own. This way, you won’t have to manage employees or lease office space. Many types of businesses can be run by solopreneurs. For example, freelancing requires very little funding and can be done from anywhere. You could freelance as a writer, consultant, health coach, or any other area in which you have existing knowledge or interest.

If you’d rather sell products than trade your time for money, consider creating an ecommerce store and dropshipping items directly from your manufacturer. You could even start an Amazon FBA business, buying products and shipping them to Amazon fulfillment centers, which will then handle everything from distribution to returns. These days, there are so many easy ways to start a business online!

Master the Art of Outsourcing

To prevent your new business from stealing you away from all the fun things you want to do in retirement, look for opportunities to outsource tasks whenever possible. You can easily outsource administrative tasks, bookkeeping, and professional services like legal support.

You can outsource any business process that’s taking too much of your time. For example, if you’re looking to outsource some aspect of your business, such as customer support, there are plenty of offerings specializing in BPO. Business process outsourcing (BPO) agencies provide qualified virtual assistants and professionals to handle various business tasks. Look for reputable BPO agencies online, and be sure to check their hourly rates when comparing your options.

Keep Your Finances Organized

Money management is one of the hardest parts of running a business. By staying organized from day one, you’ll be able to keep financial stress at bay and ensure you always have cash on hand for your retirement adventures.

Using accounting software is one of the best ways to avoid money management issues. You can find several high-quality accounting tools online that will allow you to track your income, taxes, bills, and client invoices with ease. Just make sure whatever tool you choose includes reporting features and cash flow statements. Shopify also recommends looking for software that will easily integrate with your ecommerce platform, enables sales tax configuration, and offers excellent customer support.

Write a Business Plan

Many entrepreneurs skip this step, but writing a business plan will make your life a lot easier as you confront daily business decisions. U.S. Small Business Administration explains that a business plan will help you steer your business towards your goals by forcing you to step back and consider all of the key elements of your business.

Unless you intend on seeking funding from investors, you can write your business plan in whichever way makes the most sense to you. A business plan can take as little as one hour to write! Of course, you’ll likely want to do some market research as you formulate your business plan, so consider spending a little more time on it to ensure you cover all your bases.

Starting a business could be a great way to enrich your golden years. Whether you’d like to try freelancing, selling homemade products online, or opening a home business serving customers in your community, you won’t regret the decision to become an entrepreneur. By taking steps like writing out a business plan and outsourcing time-consuming business tasks, you can make business ownership an easy and approachable retirement goal.

Icon Refined is obsessed with celebrating the modern entrepreneur who believes in the importance of taking care of their health, nourishing their minds, and investing in relationships – all while growing their amazing businesses! If you have any questions, let us know!