Being able to create more retirement income is one of thereasons why more of Canada's baby boomers are starting their ownsmall businesses.

Before they reach retirement, more than half of Canadian boomershave either launched or are considering launching a small business,according to Valley First, a division of First West Credit Union, in Langley, British Columbia, whichhas approximately $6.6 billion in assets under administration.

Since about a third of start-ups fail after the first year,success for boomers or anyone lies in the preparation, creating abusiness plan, and unearthing hidden costs and securing financing,said Kevin Smith, Valley First commercial banking manager.