Some people dream of the day when they can do absolutely nothing. To them, retirement is that euphoric future of sleeping in, lounging in the sun, being on perpetual vacation and thinking as little as possible for the rest of their lives.
Retirement is supposed to be the perfect time for things like travel and exploring old interests and passions and finally doing all those things you wanted to do; but it can also be a great time to start a business.
But… why would you ever want to do that? Why start a business after you retire? I just got done listing just a few things that you’re able to look forward to, after working so very hard for decades, and now I’m saying ‘hey, good time to go back to work’, even if it’s for yourself.
And I get it… you’ve been looking forward to this time for a very long time. But, if, after a little while of being able to travel and go fishing and it starts to get a little boring because you just don’t know what you’re going to do with yourself every day, you might want to think about a restart…on your terms; through your plan.
Because when a plan is created on your terms that fits your lifestyle and your budget, it’s a lot easier to be motivated to work through the plan. When the plan works for you, you won’t have to struggle through a lot of the mindset issues that some people face because they’re working to build a business using someone else’s plan.
But again, back to the initial question of…why? Why would you ever want to start a serious business building venture when you’ve been looking forward to relaxing for so long?
Well, if you’re listening in to this Podcast you’ve already shown that you have a mind for business and have been thinking about this concept for some time now.
You don’t just wake up and search for small business podcasts on a whim, right? So this small business concept is probably already built into your psyche in one way or another, whether you already have some experience having a business in the past that may or may not have worked out, or you finally started to believe in yourself.
One way or another, you’re going to stop fighting this craving sensation of being your own boss and do this.
So, here are some popular reasons some people pivot to self employment during retirement, or, even if retirement is coming soon.
1. Have supplemental income
Starting a business after retirement is probably right for you if you’ve always wanted to have that extra $500 to $1000 per month. Done well, your business could bring in a lot more than that. I have both active and passive income and I love it. I’m not retired yet, but the whole purpose of my business is to have a solid income stream, from the business when I’m 65.
But if you’re already retired, you have a number of advantages over younger founders, including years of experience learning on other people’s money.
When you’re retired, it can be difficult to find employers willing to hire you to work part-time, despite your experience and knowledge. Becoming your own boss takes care of that problem right off the bat.
But starting a small business has become more possible than ever. Changes in the economy have led to more and more companies outsourcing services —making it the perfect time for small businesses to develop.
2. Your Work History Is an Advantage
You’ve likely accumulated an extensive base of knowledge throughout the course of your career. That’s a great reason to start a business in retirement, too. Retirees have a number of advantages over younger founders, including years of experience learning on other people’s money. They’ve seen what works and what doesn’t, which should limit costly mistakes.
For example, retired professionals know how to give presentations, work with executives and build successful teams. All of these skills are valuable as you begin a business. You’ll know how to connect with customers and sell yourself — two key characteristics for successful entrepreneurs.
3. You Have Established Finances
When you’re starting out in your career, you’re not likely to have much in savings to launch a business. But by the time you’re retired, you may well have some kind of financial cushion. What’s more, retirees generally have lower monthly cash needs, since they’re past raising kids and frequently have the house paid off.
This means starting a business can be less stressful financially. With consistent income and no full-time career to maintain, you can devote the time needed to build a successful business. This will also give you flexibility as opportunities come and go, which is key as an entrepreneur no matter how old you are.
For some, the ability to move around and try new things can be important in the learning process as a retiree turned successful business owner. So be flexible.
And, find an area or industry that is underserved where you can add value…then go for it! If you meet with rejection, get up, brush yourself off, and try again. There is always more than one way to reach the goal.
4. You Have Niche Experience
Having experience in a specific niche means you can launch your business and fast-track it into getting clients with the knowledge and insights that many young entrepreneurs don’t yet have. And that can set you up for greater success.
But your specialized experience gives you a better understanding of the market, what the customer needs and what potential competitors are doing. So, you’re less likely to fall prey to the common startup challenges.
5. You Can Revisit Your Passions
After a lifetime of work in your chosen career, retirement is the perfect time to revisit your passions and turn them into a business. Midlife is a great time to reconnect with yourself, try new things or circle back and pick up interests left behind when family and work responsibilities are at their peak.
Ultimately, though, you have choices with what to do with your expertise, time and money to pursue either an interest or a dream.
Now that we’ve looked at some of the ‘whys’ of starting a business in retirement, or later in life, let’s look at some of the benefits you’ll most likely run into as well.
Meeting People Who Share Your Interests
Starting a business in your 50s or 60s is a great way to make friends with people who share your interests. This is especially true if you focus on building a business around one of your passions.
Keep Your Mind and Your Body Healthy
Starting a business after 50 forces you to stay engaged with the world. It gives you something positive to focus your attention on and tells the world that you are not ready to be invisible.
Keeping the Dream Alive
The dream… YOUR dream should always be the primary motivator for starting a business. Without a dream, it’s all just going to feel like another job… like you’re just putting in your time to get more money.
Your dream.. a good dream.. goes beyond the money, and keeps you pressing forward to greater things.. things that you always wondered if you could achieve them, and you’re now finding that you can.
Just starting out? Take these steps first:
• Prioritize small actionable steps in the direction of your goals, on a timeline, so that in one year, you’re not in the same place as you are now, but a lot closer to living out your dreams
• Trust the possibility of what just a few coaching sessions could mean for your overall success. There’s a lot to talk about, and you really don’t want to wing it and rely on Google or YouTube for some of the deeper topics about marketing or website development, do you?
There are many roadblocks along the way, and trust me, I’ve encountered a lot of them. And many more are coming. That’s just the way it is. But with a solid plan in place, and a roadmap to help you along the way, starting a business now, later in life, could be just the thing that makes you feel 30 years younger.
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