5 Downsizing Tips for Entrepreneurial Seniors

Retirement marks a new chapter in your life, and you might be ready to make some big changes as you leave the workforce behind. For instance, you may want to downsize your home to simplify your life - but you may also be curious about exploring new ventures, like starting a business. Seniors often enjoy running home-based businesses because they require minimal overhead, and you can manage your operations even with mobility issues. By working with The Jennifer Queen Team, you can find a smaller, cozy home that still has plenty of room to run a part-time business! Here’s how to handle downsizing and launching a business simultaneously.

Declutter Your Home

Before moving into a property with less square footage, you’ll need to sort through your belongings and get rid of anything you don’t truly need. You can separate items into different categories and designate what you want to keep, what you can sell, what you can donate to charity, sentimental items to give to family, and broken items that need to be thrown away.

Choose the Right Property

You’ve tackled the decluttering process, and now, you’re ready to start searching for the home where you’ll spend your retirement. This is a big decision, so make sure to work with a great real estate agent who understands your preferences as a retiree. Even though you’re on the lookout for a smaller home, make sure that your new property has space for a home office and business supply storage.

Decide on a Business Idea

You’ve found the perfect home - and now, you’re eager to get your business up and running! But which business model is right for you? You’ll want to choose something you’re truly passionate about but won’t take up as much time as a full-time job. After all, you do want to relax and enjoy your retirement! Profitable Venture recommends becoming a tutor, selling homemade baked goods, pet sitting, babysitting, or teaching people skills that you learned during your career.

Use Helpful Software

Today, you don’t need to keep track of all of your business details with pen and paper. When it comes to managing your company’s finances, you can rely on invoicing and accounting software instead. This is a smart choice even for small businesses!

With the best invoicing software, you’ll be able to maintain accuracy in your financial reporting and speed up the payment process. By choosing software that enables customers to pay online just by clicking on the invoice, you’ll be able to collect payments in a timely manner. Ideally, you’ll want to invest in a system that also alerts you when customers open and pay invoices and allows you to schedule recurring invoices for repeat customers.

Design Your Home Office

In order to run your business effectively, you’ll need a comfortable space to work. You can have a lot of fun designing your home office and giving this workspace a personal touch! Room Sketcher recommends investing in a supportive chair, picking out a desk with plenty of space for your computer and other items you’ll need throughout the day, adding shelving, a file cabinet, or cupboards for storage, using open-top floor lamps to enhance your lighting, and utilizing a cord tamer to get any stray wires and cords out of your way. You may want to place some family photos on your desk or walls for decor!

By downsizing and starting a business in retirement, you can lower your cost of living while making a little extra income. This is a great way to boost your quality of life in your golden years. With these tips, you’ll be ready to thrive as a senior entrepreneur!

Are you in the market for a smaller home? Turn to The Jennifer Queen Team to get the keys to your dream house! Call us today at 204-797-7945 to connect with an agent.

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Written by: Claire Wentz

claire@caringfromafar.com

http://caringfromafar.com/