Starting a home business could just be your best retirement decision yet.
From next month, the Federal Government is going to extend services to older Australians who have an entrepreneurial bent.
These people may have become unemployed before reaching retirement age, or perhaps they are already retired. Either way, they now have more down time on their hands, are possibly spending much of it at home … and perhaps becoming bored.
On 2 January, an additional 20 entrepreneurship facilitators will encourage business acumen and self-employment among older Australians, including those at risk of unemployment due to structural changes in the economy, a spokesperson for the Department of Jobs and Small Business told YourLifeChoices.
To find out more about the program, visit the government site.
If you are not in one of the service’s catchment areas but you could do with some extra cash, still have enthusiasm to burn and skills to share, you could still consider launching your own business from home.
It can be as small and simple as pet-sitting or walking fur babies in your neighbourhood, teaching piano or other instruments in your living room or even growing herbs for your local green grocer. The options are limitless. If you are still struggling to come up with an idea for your micro-business, check out the list on Retired Brains.
Before launching your entrepreneurial self, there are a few things that you need to check off. For instance:
- is your home the best location for your business?
- can you conduct the type of business you want under local council regulations?
- what are your legal obligations?
- will your home-based business allow you to balance your work and family life?
- what are the town planning requirements of your local government authority?
The Department of Industry, Innovation and Science offers more tips to take into account if you are interested in starting a home business.
“If you're thinking of starting a home-based business or are currently running one, you can maximise your chance of success by ensuring that you understand the risks and government requirements that apply to you,” according to the department.
If you are starting to feel daunted … don’t be. There are many free government services designed to help self-employed Australians access good advice so that your business endeavours get off to a smooth start. You can access them by searching advisory services in your area.
Any income you earn from your business needs to be considered by Centrelink. To understand how much you can earn before any of your payments are affected, visit the Government’s MoneySmart site.
Have you ever wanted to be your own boss? Do you work for yourself? What challenges are there to starting your own home-based business?