You’re “of an age” when you are considering stepping away from the daily grind of a full time job, but you’re not quite ready to spend all of your days on the golf course or watching the grandchildren, what are your options? Well, according to the Small Business Administration, close to 20% of all individuals 55 years of age or older are expected to start their own small business.
If you’ve ever thought about what you’d love to do, “once you retired,” perhaps pursuing a passion and becoming your own boss is the way to go. For many people, retirement simply means stepping away from a career with a company that they may have pursued for the past 20-plus years and doing what they “really want to do,” and that means different things for different people.
Individuals in the life-transition stage who don’t want to give up working entirely but don’t want to compete with their younger counterparts in the ever-dwindling job market can turn their time and efforts toward being their own boss. If you want to start your own business what are some considerations to that endeavor? Here are a few things to consider:
- What do you love? If you have a passion for something chances are you will follow through. Remember, some businesses are more technology based than others and if you’re not a technology lover you may find yourself getting frustrated before you’ve even fully begun the business and will walk away from the idea. Just as you stuck with your career for any number of years, you don’t want to start a business that you aren’t prepared to follow through on.
- What are your goals for wanting to become a business owner? Do you have information to share? Is there a hobby you have pursued part time for years that you now have time to pursue full time? Do you need, or want, more money? Do you want to start a business that will sustain you and your heirs? Are you looking for something that will just keep you busy on your schedule rather than having to “punch a clock” if for example you opened a retail business.
- Do you have experience garnered throughout your life that you can now put into your business? What experiences and expertise have you honed during your lifetime that you can now use to jump start a business of your own? If you don’t have experience, there is nothing to say you can learn about something new, master it and then start your business endeavor. If you’re retired, chances are you will have the time to do just that.
- Will your new business endeavor require large outlays of cash? Do you have the financial cushion on which to draw? Will you and your spouse or significant other be in agreement that this is a good use of your financial nest egg? If you can start your business without dipping into your retirement or mortgaging your home to do it, that is the best way to start.
- Now that you’re retired, did you have an idea in your mind of what your lifestyle would be? Did you plan to drive across the country and not be tied down to a specific location? If you are starting a business will it fit into the ideal you’ve had in your mind for your Golden Years? Unless you are truly driven and want to jump into a new business endeavor with both feet, craft the business so that it is a part of your life, but one that doesn’t take up your entire life – unless you didn’t have any specific plans in your retirement years. Will the new business involve you and your spouse or significant other or family members? Do you want it to? Has it always been a dream of yours to retire then open a bed and breakfast? If so, that could be the ideal option!
There are many business opportunities available for the driven retiree and just because you’re retired from your job doesn’t mean you have to retire from life! What will you do once you retire?