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11 Tips for Starting a Business in Retirement

Today's retirees have an appetite for entrepreneurship, which allows them to pursue interests and offers flexibility.

Some of that focus on punching the clock is necessity, and some is desire. Most baby boomers don't have a pension, many have not saved enough for retirement and few can live on what they expect to collect in Social Security. But many also enjoy work and want to continue to use their skills.

While it can be fairly easy to start a business, particularly one that requires no office space or retail location, it isn't for everyone. To make it work, you need to have the right idea at the right time, plus the skill to get your product in front of buyers.

Here are 11 tips for starting your own business in or near retirement:

Determine whether your idea is really a good business plan.
Evaluate your skills.
Consider the time involved.
Get good advice.
Figure out how to finance your startup.
Know if you want to manage others or can handle the isolation of working alone.
Have an exit strategy.
Use your professional connections.
Embrace technology.
Protect your assets.
Don't expect overnight success.

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