While there are many people that can’t wait to finally retire and find a nice beach to lounge on, for the rest of their lives, retirement sounds like the worst possible option for their later years. Although a bit of relaxation is always good, the idea of a lifetime of it can be a nightmare for those that prefer to stay active and stay busy. Is launching a business in your future?
That can be a problem if you have no idea what you want to do next.
However, more and more people who have hit retirement age but aren’t yet ready to slow down are giving their careers a second lease of life by launching their own business.
No matter what career you have already enjoyed, it’s never been easier to plan and start a new business, and if you can tailor it to your interests and skill sets, then you’re going to have a much more positive experience. You might boost your retirement fund too.
Benefits of a Running a Business
If you’re over 50, the idea of starting a new business can be very daunting, especially if it involves learning a whole new set of skills. The important thing to remember is that you don’t need to create the next Amazon or Walmart.
Ultimately, it should be viewed as a way of having fun, making money, and filling up the empty space in your life that has been left over after you have finally finished work. Of course, it’s not for everyone.
The ideal demographic for a business startup after retirement are the people that have always wanted to:
- Spend time doing what they love
- Be their own boss
- Help people
- Learn new things
- Get satisfaction from the creation of a functioning business
If that sounds like you, then starting a new business when the people around you least expect it could be the ultimate in next steps.
Doing What You Love
Everyone has the things they do that make them happy. Whether it’s collecting coins or playing tennis, turning your passions into a business might be more achievable than you think.
The challenge has always been working out a way to turn to do what you love into a business that others will pay for. For example, you might consider:
- Are you a collector with a high level of knowledge about your coin, comic, or stamp collections? You could start using your knowledge to buy items that you know are being sold on eBay or at thrift stores for less than they’re worth. This could very easily become a full-time prospect if your knowledge is sufficient enough.
- Are you good at a particular sport? If you’re good enough at tennis or golf, then you might be able to start offering lessons, or even consider starting your own tournament.
- If you’re a film lover that knows the difference between Kubrick and Coppola, then starting a film review blog could be a good way of getting your expert knowledge out there, and you might even be able to find advertisers to promote you.
- Do you love sport but you’re more a spectator than a participant? Then it’s good to know that you’re not alone, and organizing trips to sporting events can be very lucrative.
Ultimately, the world is your oyster, and often it’s simply a matter of identifying what you love to do and then looking for alternative ways of making it pay. Start small if you’re wary, but leave room for growth.
Use your Experience and Expertise
There’s nothing quite so frustrating as meeting a consultant or advisor that is fresh out of education. How a 20-year-old is going to advise you about financial matters when you’ve been balancing your own budget for a number of decades is almost funny.
However, it’s also an opportunity. If you’ve been good with business or money, then you might be able to start your own business. You’ll certainly have more real-world experience than someone who’s still learning how to apply for a business loan.
Becoming a financial advisor is a surprisingly common business idea for the over-50s, and it could see you earning money just by using the skills and knowledge that you’ve accrued over a lifetime.
Becoming a Consultant
If you’ve done very well in your field before you hit retirement age, then your years of wisdom could continue to make a difference. Whether you’ll be offering advice on construction site safety or IT streamlining in an office environment will depend on your previous career, but the options are almost limitless.
If you spent part of your life in the police force, then becoming a consultant could be very achievable. You’ll be able to boost your chances of finding paid consultancy work by adding to your resume with a Police Studies degree that has been designed specifically for those that have been employed as a police officer – click here for more information.
No matter what you’re an expert in, there are people out there who will pay for your experience.
Business in Property
There’s no disputing that property is a high-earner, and you can get on board the business of property in a variety of ways.
You could, of course, use your savings to buy a new property and make renovations before selling it on. This can be a risk, and also a lot of work. There are alternative options.
If you have a large home with spare bedrooms, then registering those rooms on AirBnB could be a way of boosting your retirements savings, and you get to meet new people in the process. If you really want to go wild, then you could even consider starting your own Bed & Breakfast.
You might need to look at exchanging your current home for a more tourist-heavy spot, but this can be a fun way to spend out the years of your retirement.
The Quick Option
Of course, it can take time and effort to launch and then build a successful business. If you don’t want the hard work and the frustrations of a business launch, then you might be better off simply looking around for existing businesses to buy.
Not only will this mean that you can get down to work and earning money more quickly, but it also means that you can more effectively avoid becoming part of the ‘every four out of five new businesses fail’ statistic.
Obviously, you’re going to need some finances in order to buy a business, but if you can make a purchase without it affecting your quality of life, then it could become a very lucrative choice.
The sky’s the limit when it comes to finding a business to buy, so look around for those business models and sectors that appeal to you.
Become Part of Something Bigger
It’s not quite the same as buying an existing business, but it’s not too far off. Becoming a franchise is hugely popular for those over the age of 50, and that shouldn’t be a surprise.
It’s an easy to understand business model wrapped up in a brand that is already established, recognized, and with lashings of customer loyalty.
The best thing about opening a franchise is that you can get a lot of help from the company that you’re franchising from. After all, they want you to succeed as much as you do!
When most people think of the franchising option they normally think of McDonald’s, but that’s not the only choice, and your franchise doesn’t even have to be a restaurant.
7-Eleven, the UPS Store, and even Anytime Fitness all offer popular franchising opportunities. That means that by looking around, you might even be able to buy yourself a franchise business that meets your other skills sets and passions too.
Invest in Other People
If you have some spare money sitting in your bank account and you’re looking for something to do with it that might yield a profit, then becoming an investor is always an option.
This is a more accessible possibility than ever before, and if the idea of helping others bring their business or career dreams to life makes you smile, then becoming an Angel Investor could be a very real possibility. You can look around your local area for the people that need a little financial boost, or you could head online and become part of a crowdfunding or investment site.
Becoming an Angel Investor isn’t without risk, but the rewards could be huge if the people that you back become a success. It’s of paramount importance that you do your research into everyone that you plan to invest in because it’s just as easy to lose your retirement fund as it is to add to it.
Odd Jobs Aren’t that Odd
Painting houses, making minor repairs to a property, or even some gardening, can all be good ways to earn money, and it’s also extremely satisfying too. There’s nothing quite like finishing a paint job or plumbing repair and being able to look at your work with a real sense of accomplishment.
If you’re someone who enjoys working with your hands, then this could be a great business idea. If your career was all about staring at computer screens or managing a factory floor for thirty years, then being able to do something more practical can be massively rewarding.
This can be a smart way to pseudo-retire, and all you need is to have the tools and some flyers scattered around your local area. If you’re good, you’ll get word of mouth recommendations too, and before you know it, you could even be hiring people to help.
Helping Others
While you could become a consultant for big brands, you could also help people on a more personal level too. Becoming a mentor or life coach is increasingly popular among the over 50s, and that’s largely down to the fact that you have decades of experience when it comes to just living.
If you really want to make a positive impact on the lives of other people, then providing advice and guidance to younger generations can be very rewarding, both on a personal level and a financial one.
Students can come straight out of education with all of the latest career skills and knowledge, but they lack the real-world experience that you have accrued over your lifetime.
You have not only been there and done that, but you’ve done it well, and people will pay for your guidance. Becoming a life coach might seem like something that won’t be as in-demand as other business ideas, but it’s a lot easier to become a paid life coach than you might think.
Getting Started
Your first step is going to be having a long think about what you’d like to be doing in your later years. It could be that just reading this list of ideas has exhausted you and you’d rather just stick to retirement.
However, if you feel drawn by the idea of launching your own business after retirement, then you should treat it in the same way that you would as launching a business at any age. It’s all about planning.
In the digital age, there is no end to the advice and guidance that you can find online, so think about your business idea and do some research.
Businesses do fail, and if you want to avoid that disappointment then you’re going to need a solid business plan.
Before you commit to buying the tools or office space that you’ll need, ask yourself the following:
- Do you have the skills for this new business or access to people that do?
- Can you afford the upfront costs?
- Will you still be financially comfortable if the business fails and you lose your investment money?
- Are there legal requirements?
- Have you planned your short and long-term budget?
When an entrepreneur starts a new business with minimal planning, their chances of failure become much more likely. If you want your retirement to be fun, profitable, and exciting, then make sure that you know well in advance what you want to do and how you want to reach your goals.
Retirement is no longer the end of your career. Consider how you want to spend your twilight years, and if the thought of sitting at home for the next twenty years fills you with dread, then it might be time to become the entrepreneur you’ve always dreamed of being.