Retirement is often a period when you have extra time and resources to pursue your dream career or side business. This could be a great opportunity to explore your interests or hobbies while earning extra money.
Tips for starting a side business
1. Look for things you’re passionate about and enjoy doing
If you don’t have a lot of knowledge or expertise in a given field, consider taking a class or devoting a few hours a week to your project. This will help you decide if you want to pursue that type of business.
2. Budget your time and resources
Plan for how much time, energy, and money you want to spend on your business. That way, you won’t push yourself too hard or spend too much on your project.
3. Start a business savings account
Having an account for your business will help you track your business expenses and separate your business from your personal finances. Find out which of our business accounts is right for you.
4. Do some research
To figure out everything that’s involved with starting a business, do some research about requirements for business owners in Manitoba. Start with resources like the Government of Manitoba’s website to learn more about these requirements and how to register your business. You may also want to consider taking a course or attending a business seminar.
5. Talk to people with experience
If you’re not sure what’s all involved with a side business or even where to start, get some advice. This may help you launch your business faster by learning from others and making important industry connections. Social networking sites like LinkedIn can also be a good way to meet new people.
6. Attend trade shows and community events
By taking opportunities to make connections and show off your work, events like these can help you get a lot further in your career. You may also learn about lines of work you’ve never considered.
Ideas for businesses with low startup costs
1. Coaching or consulting
Work freelance in an industry where you have experience, or teach your skills to others.
2. Writing, blogging, or editing
Refine your writing skills with a job that’s flexible, specialized, and allows you to work from home.
3. Providing a service
Offer specialized services for people such as gardening, taking care of pets, or teaching music lessons.
4. Selling handmade products at craft fairs or online
Practice your creative skills and turn your hobby into a business.
5. Support a charity or non-profit for a cause you care about
Support a good cause by organizing a fundraiser, volunteering your time, or donating part of the proceeds of your side business.
Take the next step
If you're interested in opening a business chequing account, visit one of our branches, or fill out our contact form to get directly in touch with a member service representative to talk about your goals.