Round two: tips for post-retirement entrepreneurs.

• Author: Campbell, Carolyn
• Position: EntrepreneurEdge

After retiring as a public utilities regulatory analyst and investigator for the trucking industry, Nancy Kilmurray became an entrepreneur. While her former career utilized her authoritative courtroom skills as an expert witness, her new business taps into her artistic family's aptitude for interior design.

"I've always had a passion for [design]," she says. Kilmurray's second start was initiated when a friend asked her to redesign and organize a home. "We made the home a haven for them, which gave them the drive to work on the rest of the house," she recalls. Kilmurray's fulfillment in that experience led her to establish Un Coup De Main ("a hand up" in French), in which she and Salt Lake Community College students help organize, decorate and repair homes for single parents.

Lavanya Mahate, program director of the Salt Lake Chamber's Women's Business Center, works with people (not only women) who want to start businesses; half of the entrepreneurs she helps are older than 50. "There is a trend for more retired people to want to start a business," Mahate says, adding that she sees entrepreneurs starting a wide range of businesses from scrapbooking to writing books.

Rex Falkenrath, director of the Salt Lake Small Business Development Center, Salt Lake Community College (SLCC), agrees that today's baby boomers and seniors aren't slowing down. In April 2010, SLCC launched the Encore Institute, which supports students older than 50 who want to reinvent their careers, start businesses, enrich their lives or give back to the community.

Mahate and Falkenrath say several steps can help post-retirement entrepreneurs start successful ventures.

TIPS:

DETERMINE THE RIGHT TYPE OF BUSINESS FOR YOU. "Starting a business is demanding and carries a risk," says Mahate. "When you are younger, you can make a mistake, learn and rebound. But at age 65, be sure to choose the right business for you." She adds that past experience, passion and contacts in a particular industry often influence a future business choice. "Starting a business by relying on your experience is recommended," Mahate says. "If you rely on passion, prep work is especially important. For example, if you love gardening and want to start a nursery, go work in one."

PREPARE BEFORE BEGINNING YOUR BUSINESS. Starting a business inevitably includes writing a business plan. "While it is a formal document, you don't need to hire an expensive agency to help," says Mahate. Organizations such as the...