Starting your own business

Starting your own business

Where do you begin when setting up your own business in retirement? Growing any business needs enthusiasm, commitment and skill in the chosen market.

Entrepreneurs also need to broaden their skills into areas they may be less familiar with – whether it's marketing, finance, distribution or making their businesses investment-ready.

Running a new business may seem daunting, especially if you've spent a long time working in a different industry. Even if you're considering turning a favourite pastime or hobby into profits, it can be difficult to know where to start.

But if you approach your new venture in a clear-cut way, you are one step closer to that retirement you want.

Be clear on your objectives

Is this business a way of topping up your retirement income? If you already have financial commitments, how will these be affected?

Do your homework

Is there a gap in the market for the service you're providing? Will you have to rent a new space for your business? What will your overheads be? Will you buy into an existing franchise?

Use existing strengths

Harness the skills you've gained throughout all your previous jobs.

Finance

How will you fund your project? Will you rely on personal savings, borrow from friends and family, get a loan from the bank or attract outside investors? A good place to start is finding out how much income you might get in retirement. You could also explore the various grants available in your area.

Consider tax

It's likely you'll have to pay tax on your new business earnings. Employ an accountant to keep you in control of your business's finances.

Useful information

  • www.enterprisenation.com will give you 'all the information you need' to start and grow a business from home, and build a network with other home business owners. [ this link opens in a new window – Zurich is not responsible for the content of external websites ]
  • gbbo.co.uk 'Getting British Business online' is a joint promotion by the UK Government (BIS) together with Google and BT. It's a useful – and free – resource for small businesses looking to start a presence on the web. [ this link opens in a new window – Zurich is not responsible for the content of external websites ]
  • The Cooperative Enterprise Hub gives free advice and training on how to set up, run and grow sustainable co-operative enterprises. See co-operative.coop/enterprisehub [ this link opens in a new window – Zurich is not responsible for the content of external websites ]
  • For a comprehensive view of the finance and investment market see www.ukfunders.co.uk and www.businessfunding.co.uk [ these links open in a new window – Zurich is not responsible for the content of external websites ]

Retire your way

If you're 55 or over, you've got some important choices to make. We'll help you make sense of all your options.

Discover your options

Retirement made easy

Take a look at our tools and calculators designed to help guide you to the future you'll love.

Use our tools

Get in touch

We're here and happy to help. Find out the different ways to get in touch.

Contact us