| Self-employment
for retirees Self-employment
after you have retired can combine the best of two worlds:
additional retiree income and control of your free time.
As we discuss on our Best
Retiree Job page, your first choice for self-employment would
most likely be working freelance or consulting using the work
skills you already have.
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The beauty of being a
self-employed freelance or consultant is that you simply offer
your services to companies. You do not have to buy much,
if any, equipment or software. You do not have to rent
office space--your clients' meeting room is "your office". And if you are working from your
home, a desk is probably all you will need--and you probably
already have that. Your overhead is minimal, as are
the costs to set up your business. And the rates you
charge are negotiated with every assignment or contract. |
( If you want
to do something entirely different from your previous
work, we have suggestions extra
cash jobs that stem from your personal hobbies and
interests-- rather than your previous work experience.
These may have different requirements or additional ones beyond
the steps we list below.)
How to start a
self-employed consulting business when you are retired
1. Order Business
Cards. Business cards mean you are serious. Your new cards should include your name, your
personal (or new business) phone number, your email address and
website printed on them. Omit a street address; meet your new
clients in restaurants or their offices, not in your home.
You can tell them your address when they are ready to send a
check to you. If you use your personal phone number you
should answer it in a business-like manner during business
hours.
2. Set Up Your
Self-Employment Website. A website also means are
you serious and keeping up with the digital age! Get the
url (the domain
address for your website) before you order business cards so you
can include it on the card.
No need to program a website,
however, or spend a fortune getting someone else to do it. You can get a pre-formatted website for less than
$10 a month--set up and ready to go. Many url registrars
offer these kinds of websites. You just fill in your
information in the blank spaces. Don't know where to get
the url? Google the keywords "url
registration". We use MyDomain.com and they
have inexpensive pre-formatted do-it-yourself websites.
3. What Should Go On
Your Website. At a minimum your new website
should include your name, phone number, your email, and the
services you are offering. You may also want to write a
paragraph or two highlighting your skills and the names of no
more than three companies you have worked for in the
past. But stop there.
Do not include your entire
resume. Do not include dates--especially ones that go back
for decades. Your website should be a lead
generator to get someone to call you--not a full sales pitch
for your services.
And do not under any circumstances put
your rates or prices on the site. They are always
negotiable in a phone or face-to-face conversation. If you
have testimonials from people and companies you have worked with, put them on
your website.
4. Start With
Your Current or Most Recent Employer. Speak with your boss or the
human resources department about using your services part
time after your retirement date. Ask if you can work
shorter hours or--even better--do work that you can complete at
home so you will have more free time. You may
be happily surprised by a "Yes". In fact, they
may offer you a continuing contract.
From a
company's viewpoint it is more cost-effective to keep an
employee than to hire and train a new one. And if they say
"No, Thanks", smile confidently, hand out your new
business cards and be on your way. They may change
their minds later and call you then.
5. Call Companies
That Compete With Your (about-to-be-former) Employer. Next, call
competing companies. They may jump at the chance
to employ your services, even work for them part time. Be sure to wait until
the first day of your retirement to do this so you avoid any
conflict or non-compete problems.
6. Find Out About
Taxes and Licenses. You may need to have a tax number
from a government entity (State, Local or Federal) to set
up your new business. Unless you decide to incorporate or
set up an LLC, you will be a sole proprietor and can use your
Social Security Number. Ask your
accountant about this. Licensing may also be an
issue. Be sure to check this out.
7.
Tell The World. We have specific
suggestions for building your business
once you get it
started.
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| A
Real Life Retirement:
Karen, a
senior executive in an ad agency, decided to
start freelancing. Fortunately, she was
well-known in Southern California where she had
lived and worked for years. She made a half a dozen
phone calls to other ad agencies and to
clients she had previously worked with--being
very careful not to contact any of her current
employer's current clients. For the next
18 years she was self-employed with freelance
work that kept her busy--without ever having to
make another phone call to solicit new
assignments. She got assignments
year after year based on her
reputation.
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| Your
feedback and comments are welcome. If you have
experiences or ideas to share, please send
feedback now. |
NOTE: All names
on this site have been changed to protect individual privacy.
The stories are real, the names are not. |