What It Takes to Be a Successful Entrepreneur After Retiring
As your retirement date rapidly approaches, you may be less excited about the prospect of spending the rest of your life sitting on a rocking chair on the front porch. You have decades of professional experience, and the last thing that you may want is to allow that expertise to go to waste. Many older adults who have been in your shoes have decided to pursue a different type of retirement. Rather than leaving the workforce, they are starting their own business. As you explore this possibility in greater detail, you need to know what it takes to be a successful post-retirement entrepreneur.
A Solid Business Plan
Through decades of experience in your field, you may have keen insight about where your industry is headed or which niches need to be filled. Before deciding to move forward with a new venture, create a solid business plan for your idea. Ensure that your concept is aligned with your financial situation as well as with your goals for the future.
The Ability to Ask for Help
Regardless of an entrepreneur’s age or stage of life, success is based on the ability to identify personal weaknesses and to find the skilled support that is needed. For example, today’s businesses often rely heavily on digital marketing, social media reach and other modern efforts. If these are not your forte, you should build a solid team of experts around you. An alternative that may work well in some situations is to hire contractors or third-party service providers.
A Healthy Work-Life Balance
While you may not be ready to entirely leave the workforce behind, you also may no longer want to spend long, grueling hours on the clock. Overall satisfaction will hinge around your ability to find a healthy work-life balance. Ensure that your new venture does not consume all of your free time. You should still have time to pursue interests, activities or hobbies that are important to you. Relationships with family and friends should be nurtured, and you should allocate some time each day for your mental and physical health.
While some people dream about spending retirement on the golf course, trekking around the country in an RV or enjoying other expected activities, others use the opportunity to start their own business. As you consider if post-retirement entrepreneurship is right for you, give each of these factors full consideration.
David A. Noyes and Co. is a DBA of Sanctuary Securities, Inc., Investment products and services are offered through Sanctuary Securities, Inc., Member FINRA and SIPC.