Entrepreneurship in Retirement
So, you've hung up your suits and commuter shoes, but something just doesn't feel right. You're just not ready to make the transition to full retirement. We've been programmed to go to school, get good grades, and go to work at a job in an office until we retire. Your life doesn't stop at retirement, and many retirees have difficulty making the switch without feeling a bit lost without a routine and daily interactions with co-workers.
Using Your Skills
So how do you use the skills you've learned over 40+ years of working and pivot to a new career in retirement? You already have everything it takes to create a business. You have experience in marketing, leadership, managing people, and customer service, skills that take years to attain, and you have them all.
Do what you love to do. If accounting is your passion, then stick to it in retirement, start your own consulting firm, or if you love working in your garden, start a landscaping business. Start with your passion and go from there.
Have a Plan
Having a plan is essential to starting a business. There are plenty of business plan templates that can get you started thinking about the features and benefits of your services, target consumer, competition, and marketing strategy. So, take advantage of those free resources and create a plan and determine your next steps.
Ideas for Businesses
If you don't know what type of business you want to start, think about franchising, and it's not just for fast food. There's a franchise for everything. Love training dogs. There's a franchise for that. Love sewing. There's a franchise opportunity for that. There are upfront costs to start a franchise, but that includes training and marketing for your business by the parent company.
Because life expectancy is increasing, there is a booming business for elder care services. Services like transportation to and from appointments, respite for caregivers and activity planning. The silver tsunami provides entrepreneurs with plenty of ideas to help.
The idea of building a multigenerational business that you hand off to your children is very appealing to retirees. Building a legacy and passing it on to the next generation can be fulfilling and also help your children take over a successful business.
Self-employment is a new rage. Freelancers are everywhere, from graphic design to writing to accounting. Consulting and freelancing are a big business in the U.S. Half of America's workforce is expected to be freelance by 2027. The benefits are plenty, extra income, work from home, and doing something you are passionate about.
You've Only Just Begun
These are examples of entrepreneurship in action but is not an exhaustive list. Use your imagination and your passion and find an opportunity that fits the lifestyle you want in retirement. There is so much opportunity, and there are no limitations to what you can accomplish. You have a whole life ahead of you!
As always, I'm here to answer any questions you may have. If starting a business during retirement is in your future, let's chat.
You can call me at 410-307-1202 or email me