How to Start a Business in Retirement

By | March 7, 2019

Many workers have no plan on how to start a business in retirement, they are not to be blamed though as the constant stress that comes with work can be so overwhelming that would make one not to wish or think about becoming an entrepreneur or starting a business in retirement.

Some workers that are close to retirement prefer to think of retirement as a base for rest, they do not want to view life after retirement as a new phase or new beginning. Others view retirement as another platform to showcase and make use of their entrepreneurial skills.

Life must continue after retirement whether pre-retirement plans are made or not. The fact that there will be a new phase to life after retirement cannot be disputed. Life in retirement could mean everyday sit at home or everyday work just like life during active service, it is a matter of choice on the part of the retiree.

No doubt, most retirees kick against the idea of venturing into another income generating platform after retirement but hardship associated with the economy could be a driving force for retirees to meet ends after retiring. The fear of looking up to others for financial wellbeing and upkeep after retirement is what most retirees do not want to face. In a bid to make ends meet after retirement, becoming an entrepreneur could be the best option.

The fact that most retirees are forced into starting a business in retirement due to economic hardship does not neglect or fail to notice retirees willing to work whether they are financially buoyant or not. Venturing into a new trade-in retirement is entirely up to the retiree.

The purpose of this write-up lies in its ability to examine steps necessary for starting a business in retirement. This work gives a retiree without a pre-retirement plan and a retiree with pre-retirement plan guideline on how to venture into entrepreneurship after active years of service to country or private entities.

Brief Vacation After Retirement

Most people look down on the essence of going on vacation after retirement to cool the brain, reminisce on years of service, and think about the way forward without distractions. Some retirees just start their new phase after retirement without taking a break which could cause stress and breakdown in health conditions. It is advisable to chill off and think of the next step to take and reason out a business to start in retirement.

A major importance of going on vacation is that it affords one the opportunity to think of the box due to concentration and enough relaxation. This way, the retiree thinks less about previous work with the next line of action as a major focus.

To add, vacation is a great platform to tell yourself well-done for heights attained. It serves as motivation to get fresh and come back stronger in the pursuit of new targets set which comes in the form of starting a new business.

One might argue the essence of going on vacation due to its expensive nature, but a popular clique says ‘’happiness is a choice,’’ a retiree does not need to travel to Ibiza to enjoy the vacation, there are cheaper options. The most important thing is regaining mental strength lost during work. Without a doubt, the need for vacation cannot be under-estimated.

Identifying Money-Fetching Hobbies

A retiree might not want to go through the phase of doing a job that pays but does not bring happiness again as most workers do. With this, a retiree is advised to identify hobbies that would generate income.

Someone that loves to write could venture into publishing and writing business after retirement and make money. Similarly, a retiree that loves to party a lot could open a night club, that way he would be involved in the fun and money-making aspect. Someone with love for exercise could open a gym house, train regularly and collect registration fees for people that want to make use of the gym.

Not to forget is the fact that happiness is one of the keys to healthy living and long life. Making money from what one loves to do guarantees happiness on a high level. With this, the retiree looks up to what life brings on daily.

Further, engaging in a business that is one’s hobby reduces the risk of stress which is a constant problem faced by retirees that venture into entrepreneurship. Hence, it is great if a retiree is happily making money after retirement.

Confident and Positive Mindset

Many retirees view themselves as finished and unproductive, this does not augur well for someone that wants to be successful in a new venture after retirement. Positive and confident mindset is a criterion that cannot be left unmentioned in discussing how to start a new business.

It is advisable for a retiree to forget the idea of starting something new when the morale booster and confidence is lacking. Whatever we do in life and what to succeed with, the right mentality should not be absent. With negativity, money invested in starting a business after retirement would turn out to be waste.

Selecting a Business

With adequate rest after retirement, the next step is selecting a business from the list of businesses thought out. This is a bold step to live in retirement because it marks the willingness of a retiree to be active after retirement. Selecting the right business is necessary to avoid early closure of the new business.

While selecting a business, it is advisable for an entrepreneur to reason about a business with long term plans, a business that would outlive him or her in some cases. Venturing into a trade that could end up being one’s greatest legacy is not a bad idea.

A business started after retirement has a great chance to succeed due to the wealth of experience garnered by the retiree. Thinking of a business to start after retirement could be quite challenging, but it is worth the stress attached.

Self-Evaluation

Evaluating one’s self is another major step in starting a business in retirement that is overlooked by many. It is necessary for a retiree to critically analyze his or her self on whether the selected business is something he or she can handle.

Different human beings have different capabilities. For instance, there are individuals that can embark on ventures that are physically demanding and very stressful and there are individuals that cannot embark on such ventures. It is a great idea for one to start a business he or she can live up to its day to day demands.

Likened to the instance given above on businesses that require physical stress, there are equally businesses that demand mental stress like book publishing, there are individuals good at such businesses and there are individuals not good at it. Evaluating one’s self thoroughly is essential in starting a business after retirement.

Needless to mention, self-evaluation makes one aware of his or her strength and weaknesses which is vital to starting a business especially for someone with retirement age. Knowing your strength and weakness keeps you disciplined in business for a retiree with focus after starting a new business.

Also, one should also be all truthful to his or herself after self-evaluation, not doing self-deceit and giving excuses to one’s fault, because opening a provision store gives a lot of money in your area does not mean it is suited for you, if you are someone that cannot withhold the urge to eat snacks meant for sale, ignore the business for people capable, your ability might be in opening a book store, that is the essence of self-evaluation in starting a business.

Time Consideration

Due to the retirement age set by the government of most countries, a lot of retirees would have crossed 60 and would love to work for certain hours after retirement. Working for 40 hours weekly is not a bad idea for retirees with eight hours timing daily for five days. It is equally important to note that there are people that are still strong after retirement and could work for hours exceeding 40 weekly, it is a matter of knowing your body.

Some retirees choose to start businesses that are less demanding in time due to health conditions. For instance, a retiree that is confronted with health challenges such as shortsightedness might be advised to venture into a business that would not run through the night to avoid getting cheated and confused.

There are equally retirees that are very healthy after retirement but would prefer to do less time demanding businesses to avoid stress and keep their body in great shape. There are retirees that care less about time and are focused on making cash. Either way, it is all about been successful in the new trade.

Source of Finance

The source of finance is another factor that cannot be underrated in starting a business after retirement. While some retirees have more than enough capital to venture into business after service, many lack the fund for startup.

There are retirees that had retirement savings plans while active and after retiring have enough money to start a business while there are some without savings to start. It is of paramount importance for a retiree to invest wisely with funds from savings.

Retirees with no capital but have a great business idea can seek funds through loans from friends and well-wishers or commercial banks. For individuals that want to venture into agricultural businesses like farming and poultry business, there are agricultural banks willing to loan money to investment-willing individuals.

Another major source of finance for starting a business in retirement is the sale of assets and properties to start a business. Though selling assets is not advisable because one is not sure of the outcome of the new venture, it is advisable when it is the only option available, not taking risk is a failure.

Advertisement and the Use of Technology

In this 21st
century, business is difficult without advertising and embracing technology. Advertising the business through the use of technology in the form of smartphones on social media platforms is necessary for starting a business.

With the use of technology, a retiree can do business from the comfort of his or her home cutting cost on capital needed for startup. For example, someone that wants to open a shoe store but lacks the capital to hire or rent a shop can make use of his or her mobile phone by simply snapping pictures and posting on social media platforms to bring to notice of customers available products.

Also, one should carefully consider other platforms for advertising his or business other than social media. For instance, being a fashion designer might demand television modeling shows to make your works public, it might be a great platform for advertisement. The nature of a retiree’s business dictates the advertisement platform.

Personal Research on Chosen Business

Carrying out thorough research on the chosen business is a necessity in starting a business in retirement. Personal research helps a retiree gain knowledge hitherto unknown about the chosen business and equip the retiree better for the business.

Technology has equally made it easier to carry out research, a retiree can browse the internet and research on businesses he or she wants to select from or the selected business. Field research is at the same time extremely important in knowing more about the choice of business.

Consultation

Consulting a financial adviser is not a bad idea for a retiree starting a new business. Meeting and discussing with businessmen already in the trade is another major way to prepare for a new business after retirement.

Experiences gathered by people already in the business will make up their story while informing a retiree, consultation is not a mistake, it is one of the most important steps to starting a business after retirement.

Business Plan

With the factors above considered and treated effectively, next is doing a business plan which is a great requirement for a business with focus because projections are made in a business plan and targets are set. A business plan serves as motivation for many startups and could even attract investors or shareholders.

Starting Your Business

With the stage set, starting your business is the next line of action. A retiree should be fearless amidst challenges involved in starting a business at such age. Starting something new makes life very much interesting.

 

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