“… a dream that became a reality and spread throughout the stars” — Kirk (Star Trek, “Whom Gods Destroy”)
What a great day, your retirement party has been so enjoyable! On your wrist is a shiny new gold watch commemorating your thirty years of successful employment. Your co-workers and boss are conveying wishes of success for your future. Throughout the party people seemed puzzled by how energized and vibrant you seem. Little do they know you are set to launch your retirement career!
It’s three o’clock as you leave the party and head straight to your new home office. At the flick of a switch your new website goes live! While many people retire without a plan and end up unfulfilled or financially challenged, you have transformed your professional skills and experience into a great new business! “Warp Speed Ahead” — Kirk (Star Trek “This Side of Paradise”, Episode #25, 03/02/67, Stardate 3417.3)
5 Reasons Why a Service Based Business is a Great Choice for Your Retirement Career
One: Service Based Business Don’t Require a Lot of Capital Investment
Starting a service based business allows you to be conservative with your retirement assets. This reduces financial risk while increasing the odds of improving your cash flow. Service based businesses don’t require you to purchase inventory, rent warehouse or office space, hire employees (at least initially), or buy extensive equipment or other capital assets.
Two: You Only “Need” Five Things to Launch Your Starship
Laptop, Check! Cell Phone, Check! Website, Check! Attorney, Check! Accountant, Check! Now you are good to go! Your attorney protects your new business name, slogan and logo with US federal trademark applications. Your accountant sets up your bookkeeping, accounting systems and business accounts. They coordinate to set up your new business entity. Your mobile and, on the go, with your laptop and cell phone! Clients can find you and understand your business through your website.
Three: Your Age and Life Experiences Become a Sought After Commodity
Working for someone else’s company provided you insights into how companies succeed. You can take all the knowledge and skills you have honed through the years and create a package of services that are exactly what your clients are looking for. There is no substitute for experience. When shopping for services your clients will choose you over the competition because they want expertise! When facing a crisis your clients will benefit greatly from your calm demeanor and insightful suggestions as to how these challenges can be overcome.
Four: Reduced Legal and Accounting Fees
As a single member business entity your attorney and accounting team can register your new business more affordably. Due to the initial lack of other owners, any formal documents such as an operating agreement, bylaws, buy/sell agreement, articles of incorporation (organization) can be relatively simple. The revision of these documents (and the associated costs) can be performed later if expansion of the business warrants. Accounting systems can be streamlined. No employees during your start-up phase means no payroll. No workers compensation insurance, no unemployment, no quarterly or annual filing of payroll tax returns and let’s not forget saving the 7.65% Social Security and Medicare payroll taxes!
Five: Create a Legacy for the Next Generation (We really love Star Trek!)
“Wise men can hear profit in the wind.” — (Star Trek, Ferengi Rules of Acquisition)
Not only are you feathering your nest, enjoying a dynamic new business venture that provides a valuable service to your clients, you are creating your legacy. This applies whether you ultimately plan to hand down your business to your children, pass on your knowledge to employees that will purchase the business over time, or mentor everyone involved with your organization.
Your Retirement Career… The final frontier. These are the voyages of your service business. Its continuing mission, to explore strange new worlds. To seek out new clients and new civilizations. To boldly go where no business has gone before.
Oh yeah – live long and prosper!
Teresa Sanders and Ruy Garcia-Zamor bring a collaborative team approach to your attorney and accounting needs. With years of experience they have successfully aided businesses large and small.
If you have any questions regarding business entity formation, employment and subcontractor agreements, software licensing, branding, trademarks, patent planning or other intellectual property matters, please contact Garcia-Zamor Intellectual Property Law, LLC. Ruy Garcia-Zamor has been helping individuals and businesses with their intellectual property needs for over nineteen years.
If you have any questions regarding accounting, bookkeeping, and business consulting services please contact TBooks. Teresa Sanders has been helping individuals and business with their bookkeeping and accounting needs for over twenty years.