The Law Office of Lynnette Ariathurai A Professional Corporation

More baby boomers interested in business startup opportunities

When people hear of someone starting a new business in the area, they might automatically imagine a young person being at the helm. After all, individuals often associate youth with a willingness to take risks. However, young people often lack the life experience that can prove beneficial when running a successful business startup in California. This is why baby boomers can be successful entrepreneurs, and many of them are already taking on this challenge.

According to new research, an increasing number of older individuals are developing their own businesses. Their companies revolve around their personal hobbies or consulting in their industries of expertise. Some choose to take on a franchise instead.

Creating a business during retirement offers multiple advantages. For instance, it can keep a retiree busy, and it also can help them to stretch their retirement savings. However, proper planning is necessary in order to avoid mistakes that may end up costing a person his or her peace and mind along with his or her nest egg.

Establishing a business startup might be an exciting endeavor for a person who is in the midst of retirement. This is particularly true if the person has always wanted to be an entrepreneur but never had the courage to do so in earlier years. Still, failure to create a well-thought-out business plan will likely result in a business flop rather than a business success. Understanding laws related to business formation will allow people to structure their companies in ways that permit them to enjoy tax advantages and to protect their personal assets, thus putting them in a position to confidently launch a potentially lucrative California enterprise.

Source: Forbes, http://www.forbes.com/sites/robertlaura/2014/02/25/are-you-thinking-about-starting-a-business-in-retirement/, Robert Laura, Feb. 25, 2014

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