If starting a practice seem easy, it means something was overlooked. Like all new business a proper market study should be conducted specifying the identifying intended services to be rendered, location of potential clients and identifying competitors. This should be followed with feasibility study.
The most difficult issues encountered are in deciding on the growth of the business and on the profile of qualified actuaries to hire, engage or bring into as partners. Another big problem is managing cashflow.
As you approach the age of 55, well before retirement, an exit strategy should be in place. Either a succession plan or packaging the company to be acquired.
