Entrepreneurship is many times viewed as a dangerous venture only reserved for the risk takers.
This makes the idea of starting a business as a retiree sound uncertain.
However, entrepreneurship is more or less an image of a stereotype. Whether it’s a result of a layoff or a drive to pursue dreams of becoming their own boss, retirees can comfortably join the start-up culture and succeed with a business after retirement.
By definition, retirees offer decades of experience and business contacts they may have developed over their working years.
In fact, businesses started by older people tend to be more successful in terms of profits than those started by the millennials.
This means that self-employment can prove to be a savvy way of phasing into retirement with a flexible work schedule.
People who have been in the business industry for long come packed with a knowledge-base of the economy. They understand that starting a business is hard work that presents itself with stressful nights trying to figure out if the idea will find a market or not.
So, how should you go about taking a business after retirement off the ground?
1. Find the Right Business Gap.
After retirement, the best way to determine an ideal avenue is to identify a problem that was not solved by the company one worked for.
It is advisable to only get into the business if there is interest and expertise. This is the only way to determine if there is demand for the product or service.
2. Turning a Hobby into Business.
The added bonus of embracing a hobby and turning it into a business after retirement is that it does not seem like work. It also gets easy to adapt to both low and high seasons.
For instance, if the retiree has the love for computers, it could be easy to start a repair business.
Finding an interesting home-based franchise trickles down to relatively low costs. It is also a great opportunity to get support materials without having to reinvent. The retiree is able to get start up training reducing the risk of failure.
4. Try a Part-time Commitment.
It is not advisable for a senior to start a business that will require their full-time attention. This is because they may not have the desire or the energy to work for more than 40 hours a week.
At the retirement age, it is important to work flexibly since the options of adding hours of engagement stand if need be.
Playing the cards right can ensure a retiree finds a comfortable way to be productive and busy after their core earning years. Importantly; no one is too old to be an entrepreneur.
About The Author
This is a guest post by Jess Walter, a freelance writer.