Is starting a new business a good plan during retirement?
I recently decided to retire from the banking industry. I love cooking and have long wanted to start a business in health and wellness. I am wondering if I would be taking on too much. I know this is a personal decision but I am curious to hear other people's thoughts about starting a business during retirement.
Hi Jane, we see this question come up quite often in the community. The Business.com team recently wrote an article to help summarize the advice below and answer your question: Should I Start My Own Business During Retirement?
There is always going to be a risk factor in starting your own business, no matter what age you decide to pursue your endeavor. As others state below, you'll want to consider if you have the time, energy, and money to launch your business. The article above also advises you to think about an exit strategy. Since you are starting a business later in life, if successful, how do you plan to pass on responsibilities as you get older? This could mean including family or adding a co-owner to share the workload of the new business. Hope this helps!
Jane, let's do it. I'm on your side. And don't forget to sell your products both online and offline.
Dear Jane, I think starting a business during retirement is the best thing you can do. You will feel better and be healthier, you will live longer. Kind regards,..
Taking on too much is something that only you can answer. However, my story my give you some ideas. I have been a global consultant for many years and on retirement, decided to turn a hobby into a business. I have been retired for two years and in that time, I determined the focus of my business (no pun intended), how fast I wanted it to grow, and how much of a "business"i really wanted it to be. So I started slowly, acquiring some equipment, took some refresher classes, joined a local professional photography group, took lots of pictures and let things grow naturally. I still do not have a huge business, but love every day of it. I think that is the important thing.
Starting a new business is a good plan during retirement. You now become the C.E.O of your business. I personally advice that you start it small and grow it big.
It is not unusual for someone retiring to consider an "encore" career. Here is what you need to ask yourself:
Am I in good enough health to do this?
Do I have the financial resources to get this up and running?
Is this a business I can do on my own or will I need to hire to support staff?
Will they be part time or full time?
What type of commercial insurances will I need?
Who are my customers?
How will I get them? Advertising? Referrals? Prospecting? All of these?
Who are my suppliers?
Do I have competitors? If so, who are they? What makes me different?
I am sure by now you are getting the drift as I am just scratching the surface. It isn't always the answers that are important. Sometimes the questions are all the more important. If this is something you are truly passionate about you may even work more hours than you did in banking but you may well also have a great time doing it!
Best of luck to you!
As others have said, do what you love. That's the #1 priority. Also, think about ways to structure your business in a cash-flow positive way, and be willing to collaborate with others on things that are non-core and not something you want to be spending your time on. Also, as a former banker turned entrepreneur myself, you may find that going from the regular paycheck to entrepreneurship brings with it emotional challenges that need to be overcome. I'm not a believer in retirement, which is something the corporate world sold the workers in the 20th century in return for lifetime allegiance, not a working model in this day and age. Entrepreneurship can be great fun, and if you'd like to eliminate the negative emotional issues that can come with it, please feel free to contact me for how that's done.
Richard Stern-If you have the energy, financial support, and a product, or service to either solve a consumer problem, or provide an option to existing suppliers than yes go for it.
Staying engaged and relevant will help you live longer
You have to have a passion for the work you intend with your new career. If you have a passion for your job you never really work a day in your life again. You have to continually market your product or services. You have to be willing to put in the hours needed and to do the tasks that need to be done. You need to develop a series of mentors to provide you with good advice.
I did and am working 50+ hours a week, but my wife says I really don't work I just have fun and she is right. In four years I have written 10 books, I have 14 videos, I am a member of the National Speakers Association and I am a consultant with over 100 clients now and a contact list of about 3,600. A mentor of mine told me I needed to meet with 5 potential new clients a week and if they like me, feel that I am competent, and they trust me, that may provide an opening. That was good advice for me.
As some practical advice go on line and develop a business plan. Contact a lawyer that works with start up businesses. Obtain a tax accountant and learn about Quick
Books. Consider contacting the Small Business Administration SCORE volunteers for additional advice and do reach out to mentors that could offer you additional insights.
Good luck. If this is not for you, make a good decision and don't start. If you have the passion, drive, moxie, dedication, intellect and resources, go for it. I am one of those successes.
You are never to late to try... I am in the process right now. It is exciting! Make sure you have very well thought out ideas and business plans to begin... and hopefully all the other points you learned from your research, friends, mentor(s), etc before taking any dramatic steps. Keeping in mind that - well thought out - in advance - will take you a long way - while asking a lot of questions. You will be amazed at how successful you can become... Best of success now and ahead...
I think starting a business during retirement is an excellent idea. It has definitely worked for me.
I think everyone should pursue their passion no matter at what age. Working for yourself will be much more fulfilling and rewarding than working for someone else. Try it - you might just like it.
I am amazed by all of the terrific responses. Not only is this all great advice, but you have really shown me how wonderful the startup world is by how willing you are to help and share your experience. I hope I can return the favor. Thanks again!
I think this is a wonderful pursuit. Like in most star-ups you have limited resources to consider, time and money. These are personal considerations for you. How much of both do you want to invest and what kind of ROI are you looking to achieve. Also, if you decide to use one of the many home-based selling solutions out there, you want to make sure you do your homework. Trust and credibility are keys to success in pretty much anything you do, especially starting a business. Lastly, decide on what success looks like. Are you interested in making a couple buck on the side or are you looking to start your own empire. Obvsiouly this will dictate how and where you invest your time. I wish you the best of luck.
Ask yourself why you want to start a new business? Be honest with yourself, and you'll have the answer.
For myself, I conduct the occasional seminars/workshops on personal and professional management and development because I love it. Otherwise, my time is too precious. I travel a lot and gift my time to my loved ones.
Depends on your level of interest, energy, and the amount of risk you're willing to accept (or place on others if you hire employees.)
Love this question - Sorry I didn't answer yesterday, but it was my birthday (not quite retiring age yet but a step closer!)
I worked for the banking industry too. I absolutely love working on my business. It is so refreshing to do something different and use my creativity.
Last year I worked with start ups and we had people of all ages attend our courses. Not only do you have the passion and the opportunity, you also have life skills which a younger person won't have.
Wishing you all the luck with your decision Jane
Why not? If a person still loves to work but is 'forced' out of a business due to reaching the so-called retirement age and still enjoys to work, then I say....go for it. It might be you could also now follow your true passion. But as a sole practitioner it does take time, patience and perseverance to build a new career.
Yes ,If you have some kind of inclination . The major question you should ask oneself is that do you have some kind of knowledge or do you have money power behind you? If yes then all the best and good luck to you.