Starting your own business
Retirement can be a good time to start a small business. But understanding cash flow is vital so you don't risk your savings or financial independence.
Where to start
With more time and a potential pool of savings at their disposal, a growing number of retirees are taking the opportunity to start their own small business.
Good financial management is critical to the success of any business.
It's especially important that people in retirement not risk their lifelong savings or financial independence by starting a small business without proper planning and advice.
There is a range of NSW Government support services and advisories to help in what can be a challenging process, including:
- guidance on how to plan, structure and develop a business from Service NSW
- help in resolving set-up and operational issues at the Small Business Commissioner
- advice and details of workshops and events to help you start or grow a small business at Business Connect.
The Federal Government also has a starting a business checklist.
Understand cash flow
When starting a small business, it's essential to understand and take charge of your business finances.
Being able to effectively manage cash flow is key to the long term survival of any business, but also crucial to your overall retirement plans and finances.
If you need help, consider engaging a financial adviser with experience in small business. You can search for a financial adviser at Moneysmart.
Get independent, tailored financial advice at Business Connect.