Starting a business in retirement

These days, if you ask most people when they’re going to retire, many will tell you they can’t ever retire.

Most people today actually plan to bring income home forever. Some plan to have side gigs or to work as a freelancer or a consultant, and some plan to start full-fledged businesses.

What’s awesome is that there isn’t really a better time in your life to start a business. And endless golf rounds or cruises (if you can afford them!) will eventually become boring. Wouldn’t you like something more challenging?

Here are some businesses you can start in retirement:

• Financial Advisor:
  • Depending on how you want to go about this, you may not even need new credentials. If you have worked in the financial industry – a bank, an investment company, etc. – in a capacity in which you can now put your training and experience to work, you can help young people and families set up their financial futures with sound advice.
• Consulting:
  • Whatever you do now, you can do as a business owner, or as a freelancer, in a consulting capacity. If you’re an expert, especially if you’ve written papers or books, becoming a consultant is almost a no-brainer.
• Follow Your Tribe:
  • Have you been arguing and planning with a half-dozen people for years about taking over the world? Monetize it!
• Real Estate:
  • Some retirees like to get their real estate license and start selling properties. But if that sounds like it wil take too much time, or be too unpredictable an income, there are many things you can do in real estate that will be more hands-off. Think about starting a management company to help people manage their rentals. Can you make an ugly house pretty? There’s never been a greater need. Can you become a consultant on how to renovate a home to accommodate an aging population so they can stay in their homes longer?
• Buy Something:
  • • You can also buy a business you are interested in that is already successful, and run that. Some businesses can run with absentee owners too. It’s totally up to you how you choose to run a business. You’re likely to be successful in whatever you do because you’ve experienced life. You know things that other people don’t know just by having been on the Earth longer than them.
      • • • Caution: do not enter into this unless you can find an articulate and informed Life Coach! (shameless plug)

What tools do you have that you can bring to your new venture?

• You Can Execute Your Plans
  • • The thing that sets apart dreamers and entrepreneurs is execution. If you can implement your plans after you’ve done your due diligence, then you should succeed. You’re ready because you have years of experience.
• You Already Have Authority
  • When you’re retired and have lived a good life, you already experience some trust that someone in their 20s won’t automatically receive. For example, when is the last time you asked anyone who was in their 20s for advice on anything except how to talk to your kids, or to borrow their iPad?

• You Know Who You Are
  • While there may be some retired individuals who still don’t know who they are, that’s not likely. However, if you are still having issues, if things seem muddy or you can’t make a decision about what to do or where to go from here, reach out to me so that I can help you to become clear on who you are, and what direction you may want to go in. I promise you this will reduce your stress.

When you do decide to start a business at this age, it’s a great feeling to find something that you truly have a passion for doing. Maybe you have a hobby that you’d love to turn into a business? Maybe you love your job now and want to start your own firm?

Whatever it is that you do, usually by retirement you are done with doing things you really hate, but you also know how to get through those things by outsourcing, delegating, or just scheduling it and getting it over with. Use these skills to make things work for you.

Till we chat again,

Wayne