7 Tips on Making Business Moves in Your Golden Years
Posted on: 11 January 2016 by Mary Ann Keeling
Instead of slowing down as they enter retirement, many of today’s retirees are warming up for the next round of generating income. Starting a business in retirement is a growing trend, whether it’s built from hobby or from the need for some extra money. It has plenty of benefits, but if not planned carefully it can turn-out exhausting. Here are some tips how to make best of this venture!
Many people look forward to retirement - enjoying lazy days, relaxing in the garden, traveling and spending time with friends and family.
But there are also many with the need to be active, who just can’t sit back and relax. For them, retirement is the golden opportunity for taking charge of their lives and doing everything that they’ve put off while they were working full-time, and taking care of everyone else first.
People in their 50’s and older are rich with industry related knowledge they gained during their career, and often want to stay in the game, so they’re more likely to become a small business owners. And this trend is growing. In addition to that is the fact that we’re living longer healthier lives.
Given that they’re preceded with experience, various jobs and hobbies, as well as acquaintances, golden years are a fertile ground for some of the best enterprises.
Regardless of all the enthusiasm, it is necessary to consider various facts to make sure you know what your direction is. Here are some tips that may help you find the right course.
1. Skills - For your business to turn out successful you have to make sure you’re not only passionate about what you want to do but also capable and really good at it! In short - stick to what you know.
2. Time - Although retirement means plenty of free time, consider how much of it you have to put into building your business. Also think about what may be the best way to prevent it from being exhausting and all-consuming, such as restaurants and stores that require your constant presence. Some of that time should stay free after all.
3. Budget - How much are you willing and capable to invest in your business? Does it require investing from your savings? Consider if your business can be ran online - businesses with no physical location require minimal investment.
4. Online Business - If you launch an online business, you’ll have a greater flexibility to work whenever and from wherever, and you won’t have to invest in office space. But it’s necessary to embrace technology especially if your work involves a team of people. Next to basic internet connection you may have to use some project management or collaboration tools, to keep everything well organized, and to know how to take advantage of social media channels.
5. Can you work alone? - You find it difficult to manage employees? Think again. When you run a one-person business, you may become isolated and lonely, which can drain out your enthusiasm. Before fully committing to your idea, carefully consider the setup that works best for you.
6. Turn to your professional connections - You’ve been in the workforce for so long, you must know a lot of people so you don’t have to work hard on networking, you can easily connect with potential customers/clients and you can get some good advice as well.
7. Take it easy - Starting a retirement business is a really big decision, so it’s important to think everything through carefully. But keep in mind that it should be a stress-free process that you enjoy, different than the aggressive business years. It’s great if you still have that flame that drove your work years, but if you act hasty on this business, you may burn out fast. You wouldn’t want to work full-time and have too much responsibility?
Wisdom for the road
Starting a golden years-business is an excellent way to stay sharp and keep an active mind, and to evade depression and boredom which many people face when they retire. The bottom line is that if you decide to start one yourself it would be a wonderful journey that will give you some extra money as well as make this chapter of your life more fulfilling!
Have you considered such plans? Share your experiences, what motivated you and what seem to be obstacles on your retirement entrepreneurship!