Could starting a business help secure your retirement income?

That's an interesting thought. I came across a press release from a company that does seminars to help people learn how to start and run a business that suggests that doing so is a good way to help secure your retirement income. You potentially have income that can continue as you either have other people run the business or sell it.

Many people planning to retire do want to start a business. But your motivation for doing so needs to be more than making money.

Having coached some folks that have started their own businesses, I've gained some insights. The first years for a new businesss generally require a lot of time and effort, and generally results in a money drain rather than a money generator. Your success will have a lot to do with whether starting and running a business is your thing, and how much passion you have for running a small business and for the business itself.

If you think you might want to start a business, here is some advice:

• Find someone who has nothing to gain from whether you do or don't start the business to help you process the information (a professional life coach with experience coaching people in small business would be ideal).
• Read The E-Myth Revisited (see link below) to gain a better understanding of what running a small business is like.
• Do informational interviews with people who have started small businesses like what you are interested in. Have a prepared list of questions.
• Work free for one of these people for a week or more to get an inside look at what their business is like.