STARTING A RETIREMENT BUSINESS: It’s Worth Much More Than The Money

A Retirement Business for the Health Benefits

No, not health insurance but the real health benefits. You’re 40% more likely to experience clinical depression after you retire according to the Institute of Economic Affairs and you have a 60% chance of being diagnosed with at least one health condition. The evidence that keeping our mind and body engaged in meaningful work improves our health is now overwhelming.

Of course, the trick is to build a little business that you love and that allows you to live a retirement lifestyle that’s even better than you imagined.

As an “Encore Entrepreneur” You’re in Good Company

33% of all new businesses are started by people over 55! Why? 78% said, “for the satisfaction of working for myself.” By the way, age discrimination doesn’t exist when you’re your own boss.

There’s a certain freedom that comes with starting a Retirement Business. I and many retirement Business Owners I know make it a point to not only to do work that we love doing but to also work with people we thoroughly enjoy working with.

Other Things We ‘Encore Entrepreneurs’ Find Attractive

We have the time. I remember the years of being non-stop busy and I’m glad they’re behind me… but I do enjoy keeping myself occupied. Be creating retirement businesses that fit into my lifestyle, I get to work on them when I want and still have the time & freedom to enjoy my family, travel, fishing, etc.

You can earn some ‘extra’ money… and who doesn’t love a little extra spending money?

As an Encore Entrepreneur, you can choose to do something you love and get paid to do it! It’s a win-win… and quite possibly build a very nice residual income.

One of my favorite parts of my Retirement Businesses is the social interaction both online & off. I’m active in Facebook Groups (and even host a couple) and these online conversations have turned into many phone calls and in-person meetings.

Remember you don’t have to work 40–50 hours a week in a new business venture. You can work a few hours per week and work from home.  Many of these retirement businesses have a very low cost of entry, you can try it for a few weeks, or a few months, if you don’t enjoy it, you can simply quit and give something else a try. The idea is to do something you really enjoy, something that keeps you active and engaged, not stresses, discontent or overworked.

What Type Of Business Should You Start?

One of the best things about starting a Retirement Business is that you get to choose what you do. You get to start at ground zero and build a business around something you love, something that truly excites you.

Here’s a great question to ask yourself: What interests me and excites me enough to spend time and money on it?

Remember, we’re not starting a Retirement Business only for the money (yes, we want, and maybe even need the money but we’re placing our retirement lifestyle first), we’re building a retirement business so we can have an extraordinary time during our retirement years.

Retirement Businesses are not limited to portraying Santa Claus, providing online education, acting and being a podcaster… these are all great fits for ME but you get to decide what will be a great fit for you.

Here are a few ideas:

Being an artist

Writing

Selling online

Party performing

Consulting and coaching

Running Errands

Landscaping

Organizing

Tutoring

Pet sitting

Sewing

Researching

Giving tours

Event planning

Starting any of these Retirement Businesses (and many others) require little money to get started. You don’t have to buy a lot of supplies or pay for a big office. This is REALLY important. You worked hard to build your retirement nest egg… don’t squander it on starting a business. Start small, on a tight budget, spend more time than money.

And again: You’re Retirement Business doesn’t need to be a full-time career unless you want to be. You can work as little or as much as you want, especially if you’ve built a solid retirement fund.

What Now Do Get My Retirement Business Started?

Decisions, decisions, decisions…

Step one is deciding “area of business” you want to do. Will you leverage knowledge from your work life? Will you turn a hobby into a small business? Will you do something that sounds good, but you’ve never done before? Will your business be a mix of all 3? Mine was.

Once you have the “area of business” decided on the next step is to decide how the business will work. Will have an “online business” like my Santa school where all of the sales and the products/services are delivered online?

Would you prefer to implement your business in a way that gets you out & about locally, or would you like your Retirement Business to provide you with opportunities to travel? Nationally? Internationally?

In every “area of business,” there are many ways to structure your business so it provides you with the “other than money” stuff that you would like.

One common mistake at this stage of the process is to get discouraged because you don’t see how you can build a business doing what you want to do. Don’t worry about that. Many Encore Entrepreneurs I know and have interviewed have built super successful retirement business that seemed absolutely impossible.  

Once you get clear about exactly what you want to do obstacles appear… that’s part of the process. Another part of the process is the appearance of solutions to these obstacles. Here’s a great question to help in the appearance of these obstacles: “If there were ways to do this in spite of this obstacle what would they be?”

Once you get to the, “I’m excited, I think I could really do this” stage turn your focus to marketing.

Obviously, having a reasonable number of profitable customers is essential for any financially successful business. Marketing is the vehicle that makes that happen. Whether it be simple word of mouth or TV commercials marketing is essential.

Once you get your initial (this will change over time) marketing plan decided on start small to limit your financial risk while you are determining what works and what doesn’t.  Give your business some time to grow. Obstacles and things not going as expected are to be expected… don’t get discouraged and don’t give up if your idea doesn’t take off immediately.

When starting out, don’t be afraid to ask for help or advice just make sure you ask the right people the right questions. If your brother-in-law or next door neighbor happens to be experts on the topic you’re looking for help with by all means ask, if not, well, I suggest you talk with someone who is, or at least someone with actual experience with the subject at hand. Also, be cautious of business coaches. Remember, your building a RETIREMENT business. You want it to provide ALL of the things you are looking for, this includes the non-economic things that are so important at this stage of life.

Need more information? Check out Encore-Entrepreneur-Learning-Center.com. This website will help you with starting your retirement business or take your existing retirement business to the next level.

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