How To Start a Business at Different Stages of Life

It is never too early — or too late — to start a small business. Just because you’re at a place in your life where it might not seem conventional to make a career shift, that doesn’t mean it’s too late for you to rediscover your entrepreneurial spirit and kickstart the business of your dreams in a way that works for you. Whether you are a busy mom of four who needs the flexibility of working from home or a retired algebra professor looking to share your knowledge with the next generation, there is a small business for you.

Here It Is: Our 2022 Small Business Spotlight
See: 7 Things You Should Never Do When Planning for Retirement

GOBankingRates has compiled a list of our small-business recommendations for Generation Z, moms, retirees and anyone looking to start a small business. The best part is that most of these are businesses you can build from your own home. Here’s some advice on how to go about starting an entrepreneurial venture throughout different life stages.

The doors to success are wide open for Gen Z, as this generation has an abundance of new and up-and-coming ways to be successful entrepreneurs. With the rise of remote work opportunities along with the explosion of the digital world, there are many avenues this generation can go down when considering what type of small business to start.

Here are a few small-business ideas for zoomers to consider.

• Start a mobile photography business
• Become a graphic designer
• Start a blog
• Become a social media marketer
• Start a website development business
• Start a tutoring business

Take Our Poll: Do You Tip for Service?

Mothers are often the primary caregivers of their children or the ones in charge of finding child care. This group of tireless workers is prioritizing entrepreneurial opportunities that allow for a flexible schedule and a healthy work-life balance.

Here are eight small-business ideas for mothers that can be done from home or remotely to allow them the freedom they need to balance motherhood with their careers.

• Dog walker
• Freelance writer
• Parenting blogger
• Social media manager
• Bridal consultant
• Tutor
• Home day care provider
• Event planner

Retirement looks different for everyone. While some may enjoy the freedom from working, others may yearn for the opportunity to be self-employed and make some extra money during retirement. Starting a small business can be a fulfilling way to pursue a hobby you are passionate about and apply your life experience to a legitimate business. The best part — you likely won’t have too much of a learning curve.

Here’s a roundup of our favorite business idea for retirees.

• Coaching
• Consulting
• Dog walking
• Running an online store
• Tutoring

There’s no need to wait until retirement to establish the small business of your dreams. Anyone can get started putting pen to paper and creating an effective business plan.

Here are some tips for getting started.

• Test to see whether you have a viable idea
• Choose a structure for your business
• Craft a business plan
• Raise money
• Choose your location
• Name your business
• Register your company
• File for your EIN
• Get required permits and licenses
• Open your business bank accounts

More From GOBankingRates

• 10 Do's and Don'ts of Costco Shopping
• Explore GOBankingRates' 2023 Banking Resource Center
• The 10 Best Balance Transfer Credit Cards for 2023
• Experts: 4 Safest Places To Keep Your Savings