If the current recession, poor financial planning or just sheer bad luck has led you to consider postponing your retirement, you are not alone. The rising cost of living means that pensioners on fixed incomes are beginning to feel the strain, with some having to consider working again.

If recent times have seen you readjusting your vision of the future, bear in mind that it’s not all bad. In fact, an active retirement has become the preference for many people. Even retirees who aren’t facing financial difficulties are still not prepared to accept a quiet life, demanding more challenges and continuing to work by choice.

If you decide to return to work, it needn’t mean buckling down to a nine-to-five job. Times of economic turmoil are not all doom and gloom. If you are prepared to be daring, now could be a very good time to flex your entrepreneurial muscle. Spending doesn’t stop during a recession; needs and wants simply change. Instead of returning to your old job or field of work, why not challenge yourself by identifying an emerging market and picking up the slack?

If you think that starting a new business during an economic downturn is naive or foolhardy, consider what possibilities open up in harder times. For example, levels of unemployment are rising and people need jobs: setting up an employment agency or establishing training courses for the unemployed could be lucrative ventures.

If you’re finding it difficult to come up with an idea, carry a notebook with you to jot down any initiatives that come to you through conversations or interesting situations. And remember, business ideas don’t have to be particularly dazzling or original to be successful; they just need to be relevant and address people’s needs.

Another exciting option is to set up a home business. All you really need is a computer and an internet connection - which means no large overheads such as rent or utility bills to worry about (in fact, it’s possible to claim expenses for services such as electricity when running a home business). Today, approximately 1.5 billion people have internet access, making it an invaluable tool for entrepreneurs. The internet is vital no matter what kind of business you run; sites such as eBay make selling online easy, email means you can contact clients as often as you want, and even social networking sites can be used for promoting your business – the list is endless. If your business is not web-based, advertising and promotion possibilities mean the internet can still make you a lot of money.

Another massive advantage for businesses during a recession is haggling: now is your opportunity to negotiate. Cheaper rates can be had for rent, stock, advertising, in fact for anything at all, so make sure you make the most of it.

Finally, do something you’re really interested in. The hugely successful businessman Richard Branson (with an estimated net worth of €3.3 billion) has some sound advice for fledgling businesses: “Above all, you want to create something you are proud of… That has always been my philosophy.”