Numerous Opportunities for New Enterprises
Many retirees have established their own successful small businesses in Costa Rica; either for fun or for profit. The main purpose for doing so was mainly to keep busy, but the opportunity to earn an additional income was not entirely disregarded. For the majority, the idea of making huge amounts of money was never in their minds. What they wanted to do was prove to themselves that they were still capable of putting their knowledge and experience into use for the benefit of others. And, of course, making some money while doing it.
But going into business for yourself is not a simple thing. Before embarking on such a venture, no matter how small it is, you should consider how much of your money you can afford to risk. You should take into account what you can expect to receive on a regular basis from your social security, pension, investment income (bonds, CDs, stock dividends and other sources). It's very important that you choose the right business for you. You really don't need a fortune to begin your own business. Many can be started with very little capital especially if it's a service business.
If you have determined that you have the qualifications for starting a business, carefully think out the situation before taking the plunge. People sometimes go into business for themselves without being fully aware of what is involved. Sometimes they are lucky and succeed. More often, they fail because they do not consider one or more of the ingredients needed for business success.
Retirement enterprises are generally small with little capital required. You can go into business for yourself in any of three ways: creating the business, buying an existing one, or acquiring an established franchise. You should select a business that you know something about or can learn about it fast. And there should be a market for it no matter how small. Besides, there are several traps that you should take into account such as overestimating sales and underestimating long-term expenses. You probably will have no trouble getting the money to start the business, but fail to estimate the working capital needed for the next six months or a year. Operating expenses such as rent, payrolls, telephone, utilities, advertising and marketing are sometimes not given the consideration they require.