To start a business after you retire may seem daunting, but there could be more motivation to take action than you might think. The truth is that there’s never a ‘perfect’ time to start a business, so we’ve put together some reasons why a retirement business could be the answer.
What do Netflix, GE, Trader Joe’s, Microsoft, Disney, and FedEx have in common?
Your vision for your own dream company might not be on the same scale as those giants. But history shows that it’s not only possible to start a great new company during challenging times, it might be ideal. That’s especially true if you have an idea and some capital that you’ve earmarked for starting a new company once you’ve retired.
So why wait? Here are 4 reasons why you should consider starting your retirement business now, even if you’re not ready to retire.
Reason 1: You’ll stay busy, alert and active.
No matter what stage of your life and career you’re at, it’s likely that coronavirus and quarantining have given you a little extra time at home. If you’re struggling to fill those hours, ask yourself, “What am I going to do when I’m retired, and I have EIGHT extra hours to fill every day?”
One reason that many seniors put off retirement is that working gives them something to do and a sense of purpose. When retirement rolls around, many of them struggle to create a new schedule that provides that same sense of structure. The foundation you lay today for your new business while killing time in quarantine could grow into a structure that will make your retirement more fulfilling.
Reason 2: You’re more experienced than ever before.
Many retirees look back on their careers and think, “If only I knew then what I know now, I would have …”
What would you do differently? What pitfalls would you avoid? What risks would you take? Which ideas would you chase, and which would you leave by the wayside? What strengths would you focus on? What weaknesses would you improve, or offset by creating a key partnership?
There’s so much more to your career than the skillset you’ve developed. You also have the benefit of all your experiences, the good and the bad. Use that lifetime of learning to build a better business.
Reason 3: New realities and new opportunities.
It’s very likely that the home office will soon just be “the office” for many people. That’s one example of how Covid-19 has changed how, where, when, and why we work.
But the best entrepreneurs find opportunity in disruption. Your new retirement company might not be a brick-and-mortar operation. Instead, you might be able to invest the money you’ll save on things like rent and utilities by upgrading your technology infrastructure or building a remote support team.
Of course, the global marketplace has been disrupted too. But many professional services can survive or even thrive during disruption. Accounting, virtual administration, and expert consulting are always in demand. Other services, such as home or auto repair, landscaping, or graphic design can be provided without breaching social distancing recommendations. Your dream restaurant concept could be adapted into a cost-efficient food truck. Children who are struggling with learning at home could benefit from virtual tutoring.
Somewhere there’s a new niche that you are uniquely qualified to fill. Find it and be the first to set up shop.
Reason 4: It’s not work if you love doing it.
Retirement is when many people finally focus on the passions and interests they didn’t have time to pursue when they were working full time. Aspiring entrepreneurs have that same opportunity. Hiring yourself as CEO of your new company will allow you to focus on the parts of your work that truly inspire you.
You could also develop your talents and hobbies into an entirely different career. Open an online store and start selling the pies your friends and family go wild over. Post pictures of your latest woodworking project and see if there’s a potential customer base.
Are you living your life in a way that brings you joy and meaning?
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