Not everyone has the ability — or the desire — to stop working once they hit their senior years. If you want to stay in the workforce but don’t like the idea of punching a clock five days a week, you might be curious about starting a home-based business.

Opting for a home-based business overcomes the biggest challenge new entrepreneurs face: a lack of startup capital. Since home-based businesses don’t require office space, their overhead costs are significantly lower than traditional brick-and-mortar businesses.

Cost savings isn’t the only reason seniors should consider a home-based business. As your mobility changes, it’s increasingly important to live and work in an environment that’s safe and accessible. While an office space might require accessibility renovations, chances are your home is already suited to your mobility needs.

Overcoming Home-Based Business Challenges

There’s a lot to gain by running a business from home, but home-based businesses have disadvantages as well. You’re less visible, have limited space, and may struggle to establish credibility without a commercial storefront. However, if you’re venturing into e-commerce, a strong online presence is the key to overcoming these home-based business challenges.

Start with the website: A good website can establish credibility just as well — perhaps better — than a brick-and-mortar storefront. Of course, professional-quality design is the key to a credible website, so this isn’t a job to DIY. Instead, look to freelancers to build your website. A freelance web designer can design the site, an SEO expert can ensure it shows up in search results, and graphic designers and writers can produce content to drive traffic and establish authority in your industry. Online freelance job boards are the go-to place to hire talent, but make sure you have a clear job description before recruiting freelancers.

Limited space is the other major challenge of home-based businesses. It’s difficult to hire employees or store inventory when operating out of a spare room or outbuilding, but there are solutions that don’t require packing up shop and moving to a commercial space. For inventory, business owners can rent and manage their own warehouse space, contract with a warehousing and fulfillment provider, or build a business around dropshipping. You can also utilize business management software like a point of sale system that can assist you in tracking your inventory. As for employees, opting for remote workers over in-house staff eliminates the need for office space. Home-based businesses can hire employees or work with freelancers and independent contractors, but it’s key to understand the distinction to avoid tax problems.

Steps to Start a Home-Based Business

Starting a home-based business is relatively simple, with one caveat: If zoning ordinances prohibit commercial activity in your neighborhood, you’ll need to apply for a zoning variance before starting a business. However, just because you apply doesn’t mean it will be granted. While an online-only business may get a pass, high-traffic businesses aren’t likely to be permitted in a residential neighborhood. Provided there are no zoning snafus, these are the steps to get your home-based business off the ground.

1. Choose a legal structure

Your business’s legal structure affects taxation and record-keeping requirements. Sole proprietorships, partnerships, and single-member LLCs are the simplest business structures, but some home-based businesses may opt to incorporate as an LLC or S-corp.

2. Apply for a tax ID number

Sole proprietors can use their Social Security number in lieu of an Employer Identification Number, but using an EIN is more secure. It’s free to get an EIN through the IRS.

3. Apply for licenses and permits

Some occupations require professional licensing to operate. Many locales also require business licenses and sales tax permits before you can legally do business.

4. Finance your business

Home-based businesses are cost-effective, but you’ll still need money to cover startup costs. Decide if you have enough capital to self-fund or if you need to apply for business loans, tap into home equity, or utilize another funding option.

5. Purchase a high-performing tablet

Whether you’re sending emails, writing proposals, or photographing products, a quality tablet can help and can perform just as well as a laptop. Look over the latest models to ascertain which tablet has the features you’ll need to run your business. Check to see if your wireless provider offers deals on top-of-the-line tablets such as the Samsung Galaxy Tab S6 and Apple 12.9-inch iPad Pro. You may be able to purchase a discounted device if you sign up for a multiyear contract.

In addition to these steps, you’ll also need to complete market research, write a business plan, and set up your website and office before launching your home-based business. If you need assistance with your business venture, reach out to your local small business development center or business incubator for guidance. With a great business idea and the right support, you can start a home-based business that carries you through your senior years.