Reflect on your skills, passions, and interests. Identify areas where you have expertise and are willing to invest time and effort.
Conduct thorough market research to identify opportunities and gaps in the industry you want to enter.
Create a comprehensive business plan that outlines your business goals, strategies, financial projections, and marketing plans.
Decide on the legal structure of your business and consult with a legal expert or accountant to make the right choice.
Leverage your existing network and seek out mentors or advisors who can provide guidance and support.
You can build a partnership with someone having similar interests.
Look for means to fund the set-up and operational costs for the initial few years.
Be mindful of your work-life balance. One of the benefits of starting a business in retirement is the flexibility it offers.