6 smart moves for older entrepreneurs

Consider consulting first

Before you start a business with big capital investments and overhead, explore your options for consulting.

If you're in a field where you could work as a consultant, you'll likely be able to operate independently out of a home office.

Consulting offers a way to grow your business slowly with less risk. As it grows, you can add capital or invest more money.

You might not get the revenues you want, but if you fail, that's better than losing a business, firing employees and owing a mountain of debt.

And consulting can be a nice side job in retirement.

"Even if you only make $10,000 or $20,000 working a couple days per week, that's a nice bit of extra money in retirement," says Mari Adam of Adam Financial Associates in Boca Raton, Fla.

Consulting also might be a bit more realistic. You may have been able to put in 50-hour weeks when you were 35, but don't think you can do it at age 68.