Starting Over

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Doris Goldberg, 70, a physician retired from the New York City department of health, turned a passion into a nearly full-time venture. Goldberg, who retired in 1995 and now lives in Woodstock, N.Y., began taking classes several years ago at the Woodstock School of Art. As she grew more accomplished and serious, she became a member of the Woodstock Artists Association, gaining valuable contacts and a deeper knowledge of the field. Working 25 to 30 hours a week, she makes a small profit by exhibiting and selling her paintings and prints. "This is very precious to me," Goldberg says. "Coming from a bureaucracy and a very organized kind of workplace made this endeavor both a real pleasure and an adjustment. I had to organize my time and be very self-motivated."

If you would like to follow the example of these second-stage entrepreneurs, where should you begin? Eva Wisnik, president of Wisnik Career Strategies in New York City, recommends starting by picking the brains of former colleagues and employers who can lead you to clients or even become your first clients themselves.

William Dennis, senior research fellow with the National Federation of Independent Business in Washington, a small-business lobbying group, advises that you capitalize on what you know and what you have had extensive experience with, either through working or pursuing a lifelong hobby.

"Think about your passions," says Marc Freedman, president of Civic Ventures, a San Francisco educational nonprofit that helps older Americans make fuller use of their talents. "Now is the time to go back to earlier dreams and try to make them reality."

If you plan to start a business in a field unrelated to the one you pursued in your career, first, of course, be sure you have sufficient interest and skills. Then consider acquiring additional credentials by taking continuing-education courses at a local college, university or technical school. This is much easier once you are retired and have the time to take classes and do the homework. McKeon, for example, took about $10,000 worth of classes in coaching over eight months and earned a professional certificate. "It was so worth the investment," he says.

Sometimes business opportunities may spring from unexpected sources. When Dennis Fried, 56, of Osprey, Fla., retired at 52, having become bored with his six-year job as a director of information development for a software company, he decided to start a consulting practice. With a master's degree in physics, a Ph.D. in philosophy and experience in computers, marketing, advertising, college teaching and even stand-up comedy, Fried figured that he could earn extra money by opening some kind of business out of his home. "I didn't feel I had enough money socked away to retire as comfortably as I would have liked," he says. "At the same time, I needed a change and wanted to try something different."