If you’re thinking about starting a part-time business in retirement, you’ll want to avoid the following five mistakes:
1. Not having a well-thought out plan to make the business run. “Don’t make the transition on the day you retire. You need to research and make a plan” for your new business, says Philip Phan, a professor at the Johns Hopkins Carey Business School and an EIX editor. (Full disclosure: EIX, the Entrepreneur and Innovation Exchange, is part of the Richard M. Schulze Family Foundation which is a funder of Next Avenue.)
