You may want to reenter the earning bracket because you do not know what to do with the free time you have. Having your own business brings along benefits such as flexibility, being your own boss, choosing who to work with, taking on risks that may reward you and challenging yourself.

As a senior citizen, you can join many other budding entrepreneurs and those who are already successful in their businesses after retiring. As a work veteran you may have the necessary experience, maturity, finances, of professional associates and network to transform your lifetime hobby.

• Get a good business idea

Research the problems in your local area that you may provide solutions. The needs of the individuals may not be addressed properly by the suppliers and you may have the experience to easily fill in the gap. Market analysis and research among other resources may help you in identifying the various problems and choose one you can use simple tools to solve.

• Write a business plan

With your idea at hand you can write a business plan that includes the basics of your business idea such as the cost and charges of your product or service, competitors, potential market, financial data, personnel, marketing and supporting data inclusive of other business elements.

• Receive training and assistance

You can find local counseling services and training programs to acquire adequate knowledge on your business venture.

• Determine if you require financing

If you have adequate funds from your savings you may not require financing. Your business plan can outline your financial obligations to start and run the business and if you require funding.

• Choose a business location

To help you choose a business location you can determine your business activity. For instance, a strategic location is imperative if your business depends on drive-by or pedestrian traffic.

• Decide the legal status of your business

Your business could be sole proprietorship, corporation, limited liability, or partnership.

• Register your business and get a tax identification number

Choose a fictitious name that is different from your personal name and register it with the relevant authorities. You then need a tax I.D number or permit for identifying your business and tax purposes.

• Put together an initial marketing plan

To announce your existing business you can create a simple marketing plan without costing you a fortune. Build awareness of your business, move forward and get started.