Business After Retirement – 5 Simple Tips to Start

Retirement is supposed to be the time in our lives when we are able to sit back, relax and reap the freedom of the golden years. What most people realize when they finally get there is that too much relaxation and freedom becomes boring. They start to realize that: they need to keep working to break the boredom, money should be coming in instead of going out, the cost of living is climbing outrageously, and they need enough money to have the financial freedom to travel to places they’ve always dreamed to be. Those are the few realizations aside from missing that feeling of accomplishment when they were still working. And that’s when business after retirement seriously comes to mind.

You need to plan ahead and build a good foundation if you are going to start a business after retirement. Here are the few tips that you might need to consider:

1. Assess yourself – are you a risk taker? Can you risk your retirement benefit? Because no matter how you look at it, starting a business involves monetary risk. Accepting that fact, you must also check if you have the ability and the will to work hard to be able to handle uncertainty. Most of all you must have the attitude of self discipline.

2. Pick the right business for you – if you are the kind of person who is driven by passion and wants to make a career out of it, chances are that you will attain success. The reason why increasing number of older Americans starts a business after retirement is know-how. After 50, you have gained the skills and experience that you are passionate about. That would really make a difference. For some people, owning their own business is fascinating. In this case, chose a business that has a demand and potential in times of growth and recession.

3. Come up with a solid business plan – As a retiree, you have a special advantage. You’ve probably had a career where you learned how to run a successful business, either through hands-on experience or through observation of how the business where you worked was run. Figure out what will make your product or service different or special, how you plan to attract customers and how you intend to beat the competition.

4. Find Great People – In a small business, the impact of a single team member can be enormous. Every person you add to your team must have a star quality – which means that the person must reflect your ideas and goals and will work with you through it. Is that possible? Absolutely. First, make sure you define what a star is within each role in your company. Then you can go find them.

5. Market and Sell – this is about getting the world to know about your business so customers come through your door or perhaps to your homepage. First, you’ll need to know and study your target market. Then develop or create a marketing message that will reach them. Make sure you maintain that message consistently and must be reinforced repeatedly so you can build your own brand or identity. Consistency gives the people a clear reason to be interested in your business.

When you are younger, you can afford to make a mistake, go out of business, even file for bankruptcy and still rebound. When you are older, there is simply less time to bounce back from significant business problems. Still, the wisdom of the years never fails.

How Many of You Know How to Start a Business After Leaving University?

I don’t know about you, but I don’t know many people that managed to start their own business just after leaving university, unless they had rich parents and really good support from experts to guide them along. When I finished my further education in Company Administration I was totally lost as far as where to start to put a business plan together. I was born in Brazil and I had to work during the day and study in the evenings. It was a 4 year course, with classes on Saturdays as well. I started studying Accountancy, but I just couldn’t stand dealing with numbers all the time. I have more of an artistic and creative side to me, and numbers would just bore me to death, as you might say!

I remember having my boyfriend, which was very good with numbers, teaching me all the math exercises. So, I decided that course wasn’t for me. It was then I heard some of my friends suggesting to change courses, and I decided to take Company Administration instead. My father had a small business manufacturing clothes, lingerie, sports wear, etc. But, when financial crises reached Brazil in the late eighties, my father struggled to keep going with his business and the inevitable happened, he had to close his business down and the whole family was in debt with the big bankers. Anyway, this happened after I finished my further education.

So, continuing on the subject of studying, I started to enjoy a lot more the subjects in this course. They ranged from administration, history, some accountancy, marketing, and I could be a lot more creative around these subjects.

Still, when I finished my further education after 4 years, did not know what I could do, or what business to start. I had been working as a bilingual PA for a German company, so I decided to teach English for children for a while. But, this didn’t last long as you have to advertise, get good contacts, and I didn’t have financial support to do that.

Well, then you start to go back to that nine to five job situation trying to build some capital and hopping in the future you will be able to have your own business.

Now, I have been leaving in England for 15 years as I married and English man. Started again working for companies, schools and then eventually I had the opportunity to start a simple business from home. We were living in a medium size house, semi-detached, and we had 2 spare double bedrooms. So, I ask my husband if he would agreed that I rented this 2 bedrooms out as a bed and breakfast. He then agreed and I prepared the rooms, website and other administration involved and so I started my own little business.

We used to live in a very picturesque village near Stansted Airport, so I was quite busy from April to October. I also combined the bed & breakfast with English classes for foreigners.

Although it was hard work, a lot of cleaning and attention to people, it was great, I was getting more and more customers, and more people in the village knew I was doing this business. I work with the Bed & Breakfast business for 2 years.

But, my husband started to struggle a bit with work, and the mortgage payments of our house, and we then decided to sale our place. This was in August 2007, just before the big financial crunch.
It was just before this credit crunch started, and fortunately we still got a good price for our house. Then we moved to a very simple 2 bed place.

Both, my husband and I, are always looking for opportunities to start our own business, from home, not having to employ people, so no overheads, no premises, very little outgoings. And honestly, we have tried a few business, and lost money, like the example of a very flashy betting system business, that comes with a great software and this system that guarantees you make money in very short time. Yes, I made money, but than I lost it all again… as betting is like having money in shares, you need to know when to stop, take your money and run. Well, then another entrepreneur came through our door with our mail. This time it sounded more professional and more realistic.

So, my husband and I decided to meet this Millionaire entrepreneur, and we started to follow the system he thought step by step. We could watch his videos from our home, learn at our own pace, and after a few days we have put together an internet business.

And I said to my husband, after leaving University, I had no clue where to start, how to register a company, where to advertise, or even what we could offer to the public. So my point is, that, we spend a lot of time and money given to Universities, and you are still not prepared enough to put a business plan together. And another point is, none of my teachers were rich or millionaires, or had their own business, as most of them were working for companies, and teaching in the evenings. So, how can they tell me success stories?

With more and more people travelling to go to work, our roads are getting congested, schools and training is becoming more expensive, so information products are certainly a great way to go for the future. Is great to learn, it is important to study and invest in yourself, be informed of the latest products and technology on the market. Learning from home makes it easy, fun, and you can even invite your friends and family to take part in it.

When you come across a business opportunity like this one, and is something for everyone that has an interest in having their own business from home, without having to struggle to find out what to do next, you shouldn’t miss this.

Plan Ahead And Build Your Own Business After Retirement

Starting a Business after retirement requires you to plan ahead and build a good foundation. You need to face a number of issues and questions such as:

” What is a good business for you to undertake?

” How much time and effort are you willing to devote?

” Does this match with the time and effort demanded by the business you want to start?

” What are the key processes involved in starting a new business?

” What are the skills that are necessary for business success?

” How much should you invest in a new business?

” How do you go about developing an action plan for the business of your choice?

The process of starting a business can be a challenging, and an exciting experience. It can also be frightening, exhausting, and frustrating. The key to a minimum stress start-up is to plan ahead and build your own business after retirement, in a planned and rational way. Understanding, and planning out, the entire process of start-up makes a huge difference to the end result. There are, some basic steps that are common in planning and starting any business:

Assess your areas of strength. Are you a person who can easily take risks with money? If the idea is scary, it may be better to think twice before considering a business. No matter how you look at it, and how well you play it, being an entrepreneur involves risk. You must be willing to lose money if it comes to that. You must also have the ability and the will to work hard, be able to handle uncertainty well, and possess self-discipline.

Pick the right business. There are generally has two kinds of people. One kind consists of people who love something to the level of passion and are driven to make a career of it. If you belong in this category, make sure you conduct research to check that a market exists for the business. The other kind of person is one who is fascinated by the idea of being an entrepreneur, rather than a particular idea. In this case, pick a business that has instant demand and potential for future growth.

Come up with a solid business plan. Think of it as a map that tells you the direction you should be heading in and helps you to identify important markers you may see on the way. Before you open your doors to clients, think and plan out exactly what you want your business to be. Figure out what makes your product or service different or special, how you plan to attract customers, how you intend to beat competition, and other such essentials.

A major part of the business plan consists of a financial analysis, including:

” The amount of money needed

” How it should be spent

” Amount of profit expected etc.

Figure out where you will get the funding needed to start. Explore options like:

” Your own savings

” Your credit cards

” Your retirement accounts

” Second mortgage

” Advance on inheritance

” Loans from friends or family members