Life Planning – Starting a Business after Retirement
Life Planning permeates every aspect of human existence – while you were young and building your dreams, up to the moment you achieve them and retire from work. For a lot of people, retirement is supposed to be that time in their lives when they can simply sit back, relax, and enjoy the golden years. However, what most people realize after retirement is that they are bored out of their minds, and it is not long before they consider starting a business.
It may not be part of your life plan but that’s okay. Today, the rigors of entrepreneurship are no longer restricted to the young and restless. More and more senior citizens are turning into entrepreneurs and making their mark too. However, it’s not as easy as it sounds. Again, life planning comes to the fore as starting a business after retirement. It requires careful planning in order to build a good foundation. Consider all the skills and experience you have acquired in the profession you committed yourself over the years and identify a niche market where they are applicable. The key to your life plan at this point is to think about the things you love to do and have a passion for. These will determine the type of business you are likely to commit your time and energy. It is therefore imperative that you pursue an activity or an interest where you have ample skill and expertise as your business in order to serve the purpose of using your free time in an enjoyable way.
The first step in life planning is to determine what you really want out of life. The same can be said about starting a business. What do you want out of your business venture? Are you simply fascinated by the idea of being an entrepreneur or do you love the business to the level of passion and are driven to make a new career out of it? Either way, a life plan is needed otherwise your business is more likely to hit rock bottom. Most people have the notion that all they have to do is to come up with a concept, secure a location, display the products or offer their services, put a sign out front, and people will start beating their door down. Unfortunately, nothing could be further from the truth.
Bear in mind that starting out is one thing and running the business is another. Regardless of when you start, any business venture requires a solid client base in order to survive. At this juncture, your life planning process must involve leveraging your connections. Contact your friends, family, former colleagues and acquaintances to help you with your first orders. Then figure out what sets your product or service apart from the rest, how you intend to beat competition, how you can attract more clients, and other such business essentials.
All in all, starting a business after retirement can be challenging and exciting at the same time. The key to a minimum-stress start up is to muster all your experience and previous learning. Come up with a new life plan, stick to it and enjoy the ride. As Harry Emerson Fosdick aptly stated, “Don’t simply retire from something; have something to retire to”.