The retired life can be a life of ease; a time to play catch-up on relaxation and repose. But after living a working life at seemingly warp speed without a break, the pause can be startling. Free time goes from a rarity to a surplus; so much that many may not know exactly how to spend all of it.
While travelling the world, volunteering, or puttering around the home are all valid options to dedicate your time to post-work life, there are another ways to occupy yourself. One avenue many retirees are pursuing is starting a new business.
There has been a noted increase in new business start-ups by people over the age of 45. This rise in new business by retirees and soon-to-be retirees might be because of a financial need, or simply a desire to fill time, or to allow for flexibility of time to care for other family members. Regardless of the motivators, here is a handy list of what to keep in mind if and when you want to turn your downtime into something profitable, while remaining your own boss.
Business Adventures: Starting a New Business Post-Retirement
1. Design your new business to fit your life
When it comes to starting a new business, the whole game has changed. Time management is extremely important to consider when figuring out your start-up. How much dedicated time do you have allotted to this project? Do you have the time to effectively run the business on your own? Do you need to outsource or bring on employees to manage the business with the time you have allocated for yourself? Asking these questions of yourself allows you to identify your goals, priorities, and ambitions and place them in the scope of your new enterprise.
2. Is your hobby lucrative?
Going from a full-time role based in an office to a home office or workshop can seem like a surprising shift, but many retirees are looking to what they find comforting outside of work as a profitable endeavor.
Creative industries — such as photography, jewellery design, and woodworking to name a few — are generally considered to be hobbies but can be repurposed into something both unique and financially rewarding. This avenue of new business works because there is background knowledge on what kind work needs to be done, time commitment, materials needed, and an understanding of whether this can be done solo or if you need employees. Build connections within your chosen field to really give this business forward momentum. For market research, ask your potential customers a number of questions to really make a niche for where your business can fit in their lives.
3. Develop a business plan
If your new business is something outside of the career field you just exited, there are a number of things to consider when pursuing this goal. Do you need certification? Will this be a full-time business, or part-time? One of the key things you should consider from a monetary standpoint is overestimating your start-up costs and seeking out the help of a financial advisor. A solid business plan lays the foundation for the successful business you desire. Research the market for the industry you’ve chosen to be in and pursue, paying close attention to competitors, pricing, and how your product will fit in with it all.
4. Staying in the game and applying what you’ve learned
Regardless of scale, your new business is going to take time, dedication, management, focus, and hard work just to get it off the ground and running. With the forthcoming ups and downs of your business after launch, it is important to keep in mind profits may not be the only measure of success. A commitment to following a precise strategy and finding personal satisfaction could also be seen as a huge success. Applying what you’ve learned from prior work experience or even new training and dedication to the product, coupled with patience and motivation, will make for a more cost-effective business and a happier you.