Are you retiring in Sequim and planning to start a business? You may have heard the expression, “The answers you get are only as good as the questions you ask.” Today I thought I would both ask the questions and answer them for you. The questions that some retirees may not ask, but should consider, are questions like these:
- Does the business I want to start have a high probability of success or a low probability of success? Some businesses do, in fact, have very high statistical probabilities of failure. New restaurants fall in this category, as well as antique shops, used bookstores, specialty stores, clothing stores, small toy stores, art and photography shops, some personal service businesses (accounting, bookkeeping, tax preparation), and there are others.
- Does the business have high overhead or high fixed and variable costs? Entrepreneurs are infamous for over estimating sales and income. In Sequim and in Port Angeles, I have watched for 18 years as businesses come and go for this reason.
- Will the business be very labor intensive? A B&B (bed and breakfast) is very labor intensive. It may sound fun, and I’m sure it can be, but a recent B&B owner told me if she had any idea it would have been so consuming, she would never had done it.
- Will the business be consistent with your personal interests and passions, or are you considering it just because friends or family have told you, “You should get your real estate license. You would be so good.” This is just an example, but many retirees have gotten their real estate licenses only to wish they had never bothered.
- What will you actually do in your business everyday? Many small businesses sound good at first, but later the owner realizes that what they thought they would be doing is not at all what they had to do everyday in the business.
- Would you start a business because you need to make money, or because you want to accomplish something else? The answer to that question will have a huge impact on how you develop your business model?
These are just some of the questions worth asking if you are thinking about moving to Sequim and planning to start a business in your retirement years. Your retirement should be some of the best years of your life, and the last thing you and your spouse need in retirement is a financial and stressful nightmare. Right?
I share this because I worked with hundreds of business owners as a lawyer over two decades, and I learned more from the mistakes and failures of business owners than I did from those who succeeded. If you buy a home and make me your Sequim Buyer’s Agent, I would consider it a privilege to share anything I’ve learned about businesses, legal entities, separation of liabilities, asset protection, estate planning, business succession, and marketing on the Internet. It might also be helpful to know what businesses have succeeded and failed in Sequim and what locations tend to be good and bad for business, if you’re going to have a bricks-and-mortar. I’d be glad to share what I’ve observed.
By the way, some retirees are working out of their homes and using the Internet to sell their products or services. It’s a brave new world, and there are many unique business opportunities today that we didn’t have 10 or 20 years ago. As a hobby, I’ve started a home business apart from my full time real estate brokerage, which involves health and nutrition products (consistent with my own desire to lose weight and get healthier). I’ve always wanted to build a passive or residual income, and this business will do that too. I did my due diligence to find a company with outstanding products and with integrity from the top to the bottom. You can learn more about this company and their products at Sequim Home Business.
Whatever business you might be looking at, you can always email or call me and ask questions as you do your due diligence.
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