Retirement is the perfect time for things like travel and exploring old passions. It can also be a great time to start a business. Years of experience of doing so many varied things, so many opportunities to have learnt stuff and quite importantly the good judgement that accompanies the earlier two. So why not consider starting a business once you are retired. The author who has been there done that makes the point of various reasons why it is a good idea. Check it out in the article below. Team RetyrSmart
Starting a business in retirement sounds like a good idea
Here are five reasons you might want to start a part-time business in retirement:
- You Get an Opportunity to Work
When you’re in your 60s, it can be difficult to find employers willing to hire you to work part-time, despite your experience and knowledge. Becoming your own boss takes care of that potential obstacle.
Starting a small business has become more possible than ever. Changes in the economy have led to more and more companies outsourcing services —making it the perfect time for small businesses to develop.
- Your Work History Is an Advantage
You’ve likely accumulated an extensive base of knowledge throughout the course of your career. That’s a great reason to start a business in retirement, too.
Retirees have a number of advantages over younger founders, including years of experience learning on other people’s money. They’ve observed what works and what doesn’t, which should limit costly mistakes.
For example, retired professionals know how to give presentations, work with executives and build successful teams. All of these skills are valuable as you begin a business. You’ll know how to connect with customers and sell yourself — two key characteristics for successful entrepreneurs.
- You Have Established Finances
When you’re starting out in your career, odds are you don’t have much in savings to launch a business. But by the time you’re retired, you may well have some kind of financial cushion. What’s more, retirees generally have lower monthly cash needs, since they are past kids and frequently have the house paid off.
This means starting a business can be less stressful financially. With consistent income and no full-time career to maintain, you can devote the time needed to build a successful business. This also allows you to be flexible as opportunities arise and fall, which is key as an entrepreneur at any age.
- You Have Niche Experience
Having experience in a specific niche means you can go embark on a business with knowledge and insights that many young entrepreneurs don’t yet have. And that can set you up for greater success.
According to CBInsights, the top five reasons start-ups fail are:
- No market need
- Ran out of cash
- Not the right team
- Get outcompeted
- Pricing/cost issues
But your specialized experience gives you a better understanding of the market, what the customer needs and what potential competitors are doing. So, you’re less likely to fall prey to the common start-up challenges.
- You Can Revisit Your Passions
After a lifetime of work in your chosen career, retirement is the perfect time to revisit your passions and turn them into a business.
Midlife is a great time to reconnect with yourself, try new things or circle back and pick up interests left behind when family and work responsibilities are at their peak.