Starting your retirement Business
For most people retirement means getting to spend time on endless vacations relaxing by the beach or engaging in your favorite pastimes. For some people, this is the ideal reward for all the year spent working 9-5 but for a few others, this isn’t exactly the picture they have in mind.
When you officially retire, you also find that you remove yourself from participating in all the work related routines you used to be a part of including social interactions that come with work.
In situations where your retirement has more to do with fulfilling your entrepreneurial dreams and less do with vacations and crocheting, there’s a whole lot you can do to get started. More retirees are getting into business as the passive lifestyle fails to satisfy them after spending so many years of their lives working. Retirement no longer happens the way it used to years ago as we now live longer and retire much later in life. With work satisfaction cited as one of the reasons for late retirements these days, many older people don’t want to simply sit around now and even take on part-time jobs to fill their time. We happen to think that retirement is a great time for you to start that business you have always dreamed of running no matter how small or big it is. You may have been putting it off for years and now that you have all this time on your hands, it’s time to take the risk. It will also contribute to keeping you active, and help you stay financially afloat. What’s more, starting up a business that has fewer risks than you can imagine.
One small business owner who started after his retirement has found true happiness and fulfillment in his after retirement work. We’ll be sharing some of his tips and tricks for starting a business after retirement with you today.
How to start a retirement business
For some people, their entrepreneurial journey starts as a way to keep themselves busy with all the time they now have on their hands. However, for some other people, it can be a way to keep themselves afloat and sustain their lifestyles. Retirees tend to have more life experiences, fewer responsibilities, and more business knowledge which can help them excel at entrepreneurship. They also have fewer risks and challenges starting their journey as many retirees have a pension fund, lower living expenses, and no longer need to care for and support their children.
Why pursuing entrepreneurship during retirement is a great idea
If you’re wondering why you need to start a business when you should be enjoying your free time, here are a few answers for you. First of all, these will depend on things like your income needs, goals, and even your personality. You’ll also still find lots of opportunities to rest and do the things you love.
Pursue a passion
For many people who have been working for years at a job that doesn’t really tally with their passions but had to stay at it for the sake of stability and practicality, Retirement is a great time to do something they truly love and are good at without being worried about the need to provide for themselves and their family. Retirement is a great time to start up a business from your passion while doing something you genuinely love.
Having a business can help you stay physically active which in the long run helps you stay healthier and avoid health complications. Not only will your body benefit from active life, but your mind will also be invigorated and less likely to take ill from diseases like dementia. If it’s a small business you’re starting, you’ll probably be your only employee which will translate to more physical activity like sourcing raw materials and packing up orders and mental activities like tallying costs and balancing your books.
Supplement your income
You may already have funds from your pension, however, it’s most likely going to be much less than your usual income which may not be enough to sustain your lifestyle. Your business can provide you with a means of paying off debts, footing your bills, and having a little extra money in case of emergencies.
For many people, work also doubled as a social activity as you met with other people on your commute to work, during lunch breaks and coworkers. In recent times, loneliness levels in retirees have decreased thanks to social access and opportunities but the likelihood of suffering bouts of loneliness due to idleness is still quite real. If you have a business, you’ll be more likely to have interactions with people like your courier service, customers, or other people who meet within the line of business. You can also meet people online via forums related to your business who can become lifelong friends.
Funding a hobby
Starting a business can provide a means of funding your hobbies which can also offset the costs of these hobbies. Whether it’s creating art or caring for animals, the income that comes from your business can help provide you with the funds you need to purchase the resources you need for your hobby.
Ideas for retirement businesses
Running an online store is a wonderful idea for retirees as you really don’t need to do too much to keep it functional. It’s also flexible enough to allow you to work from home so you won’t attract a lot of overhead costs renting out a space to work from.
Starting a business from something you already have knowledge in is also a great plan. You’re most likely not doing it for the money so choose something in line with your hobbies or interests even if it’s not highly profitable at first. If you enjoy camping, you can start a blog about camping and later branch into selling camping-related gear. An alternative is to begin consulting in the field of your career after all, you already have years of expert knowledge. A few simple ideas to work with are;
Handcrafted goods – if you’re skilled at making handcrafted goods like wooden figures, crochet sweaters, or even culinary wonders, you can make and sell those off at fairs or online.
Services – selling activities that’ll keep you social and active like pet sitting or gardening will benefit your mind, community and finances
Courses – you can sell courses on work and life experiences based on areas you excel at. One option is to sell video courses or ebooks. Creating these courses takes a little effort and if you’re really good, they can lead to major payouts.
Ask yourself these questions before you start a business
What will be my financial sources?
A few businesses take absolutely no capital to start up especially if you’re looking to start a business majorly to stay active and social. And if your business does require capital to start, you can start planning towards it and setting some money aside if you are yet to retire. You can also start really small with just a few hundred dollars, so there’s no need to cut back on the way you live. You can also keep your operations simple and use free tools to teach yourself things like graphics and how to take photos.
Are you open to taking advantage of your strength and learning the other skills you need?
If you already have skills you can put towards your business it’s a great idea to use them. If you are good with words, it can help with writing product descriptions as you learn how to set up business pages on social media. There are also free courses on things like web design available to seniors in many communities. Check if there is anything of the sort in your city and sign up!
What is your exit strategy?
At first, you may have all the enthusiasm and energy to keep up with running your retirement business, however, after a few years, you may find that you are no longer as interested or capable of running it. In some cases, it’s out of your power and your health may not support such activities. You need to have a strategy for such situations and a solid plan for exiting the business.
Should it be a family business?
Starting a business that will unite your family can help you create a legacy that even your children’s children will benefit from which will keep them connected for years. Each family member can play a different role with the younger generation helping with technical skills.
You many need a little nudge, but once you set up, you’ll find that running a simple business after retirement could be just what the doctor ordered.