Starting a business is not for everyone. It requires a lot of knowledge, skill, and determination to succeed. Yet starting a business in your retirement can be a way to turn your passion or hobby into a legacy. 

People often think they cannot start a business as a senior citizen – this is not true. Though starting a business is not without risk, it’s worthwhile to pursue at any point in your life, especially in retirement. Here are five of the biggest reasons why.

1. A Lifetime of Experience is an Advantage

 Your lifetime of experience should work to your advantage. You’ve gained enough knowledge and skill over the years. You’re may not be a spring chicken anymore, but you can still be a successful entrepreneur.

Unlike when you were twenty-something, you now know a lot more about the industry and have a valuable perspective about life. You’re not just relying on your youth and energy; you’re relying on everything you’ve learned in your lifetime.

2. Having the Time and Money to Pursue Entrepreneurship

Retiring and not working is more than just taking a break. It’s a lifestyle change, not just a career change. If you have a secure and consistent source of retirement income and your bills and expenses are paid, why not take a chance?

You’re not worried about mortgage payments, university debt, or keeping a job you hate. In retirement, you’re more likely to pursue your entrepreneurial dreams, because you have the time to do so and the money to support yourself while you figure it out.

3. You Can Explore Your Passion

Starting a business is hard work. It can be very demanding, and it’s certainly not glamorous. It’s hard work, but it’s not as hard as you think; anyone can do it.

As a senior, you’re going to have to work hard if you want to be successful. When you’re young, you can get away with a lot of nonsense, but as a senior, you have a lot less time to waste. You’re going to have to put in the hard work if you want to reap the rewards.

4. Working for Yourself Is More Fulfilling than Working for Someone Else

You can enjoy your time in retirement if you can find a way to do what you like. Going into business for yourself is a very liberating experience.

When you work for yourself, you can do whatever you want, be your own boss, make your own decisions, and be directly responsible for your success. As a business owner, your work can be as much social and fun as it is work.

5. You’re Not Worried about Making Mistakes

People seem to think that the best time to start a business is when you’re young. The truth is, you’re better off starting a business once you have the experience and the right mindset for it. As a senior, you’re probably not worried about failure or making mistakes.

If you’re going to take a risk, your best bet is to take it when you don’t have a lot of responsibilities. You’ll be in better shape to weather the financial storm if you do start failing because you can live on your alternative sources of retirement income if you have to and not worry about having to go back to work.

Get Ready and Start Your Business! 

Don’t think you’re too old or that you haven’t had enough life experience. In fact, you have more experience, perspective, and wisdom than most people starting their businesses now. If you’ve got a good idea and you’re ready to work hard, you can be successful at entrepreneurship in retirement.

Want to learn more tips to retire debt-free? Check out these interesting blogs!

Coastal Advice Group believes in a different approach when it comes to financial planning. Our goal is to support our clients to create their ideal retirement lifestyle. Whether you’re young, old, or still in your prime, our team can help you build your wealth and ensure you’re on the right path to financial independence. If you ever need some retirement financial advice, you can count on us to help you. Contact us today to book an appointment.

 

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.