5 steps to starting a business in your retirement

by Adam on January 12, 2015

retirementRetirement may close the door on your current career, but it paves the way to a wealth of opportunities such as starting your own business.

Entrepreneurialism isn’t just for the young, with a sudden abundance of time and savings, combined with years of real-life experience, retirees have the ideal skill sets for breathing life into their own business ventures.

Assess your financial situation

It’s a good idea to plan your business venture before you hit retirement, so that you can properly assess your financial situation. If money shortages look likely to be an obstacle, then consider cashing in your pension to generate some extra funds. While this may not be the best option for everybody, taking a small amount of your pension pot to bankroll your business may be the answer if you can’t find any other way to fund your idea.

retirementPick something that you love

You may have spent a great proportion of your life working in an industry that you hated, in order to earn a decent living, but retirement is the time where you get to decide exactly what you want to do.

There is no point pursuing a business that you aren’t passionate about, simply because you think it’ll be a good way to make money. Choose something that you love and your enthusiasm will shine through to your customers.

Use existing skills and knowledge

One of the biggest advantages retirees have over younger entrepreneurs is that they possess years of experience and knowledge. Harness this knowledge and implement existing skills into your start-up business.

If you have spent years working in a particular industry, why not spend your retirement working as a freelance consultant, offering pearls of wisdom to the next generation of workers in your specific field of expertise?

Do your homework

After deciding which industry you are going to go into, ensure that you know the current market inside out by researching your competitors and customers. This is essential to make sure that you have enough ability to be successful and that you’ll have enough demand for your product or services.

Enjoy it!

Have fun, this is your retirement after all! Think of this venture as an exciting project, rather than an all-consuming business. While it is easy to let things stress us out, remember that retirement is a time to enjoy life, put yourself first and let the business come second.

 

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