Starting a business in retirement
The entrepreneurial spirit doesn’t disappear when you formally end your career, and with your newfound freedom it might be the perfect opportunity to explore that business idea.
If you have a project you’re keen to start working on, or are interested but not sure what you could do, here’s a few tips to help you along the way if you’re thinking of starting a business in retirement.
Think about your hobbies
If you like the idea of starting your own business, a good place to start is thinking about your hobbies. What do you like to do in your spare time? What aspect of your career did you enjoy the most? Retirement offers more freedom – you’re no longer bound to a job you don’t enjoy because you need to support your family. You can take risks or pursue an idea that might not make you a lot of money. Use this opportunity to think of your ‘dream job’.
Consider consulting
Throughout your life and career you’ve amassed lots of useful experience. If you like the idea of staying connected to the workforce without the pressure of a full-time job, consulting may be an option for you. You can share your wisdom with individuals or companies that could really use your guidance.
Become an investor
A more hands-off approach is to become an angel investor. If you’re in the financial position to do so, angel investing is a great way to bolster a young business and get involved in new projects without so much direct responsibility.
Identify your USP
Whatever your idea, make sure you first start by identifying your USP – or unique selling point. What does your business have to offer that sets you apart from what’s already out there? This is a worthwhile exercise whether you’re selling preserves at your local farmer’s market or opening your own shop. Be clear on exactly what you have to offer and why someone would want to buy it.
Sketch out your business plan
A business plan is a great blueprint and a simple and straightforward way to stress-test your idea without spending any money. Do some market research – this can be as simple as asking family, friends and neighbours whether they’d be interested in a product or service like the one you’re offering – then do research about the costs involved and how much you’d need to sell or earn to break even, then make a profit. It will give you an indication of whether your business is viable, as well as how much commitment it would truly require from you to make it work.
Start lean
Technology has made it easier than ever to start a business cheaply, and when you’re first starting out, it’s a good idea to do so with as little expense as possible. For a very small sum you can purchase a domain and build a website and then begin connecting to potential customers on social media. Forgo the trappings of a fancy office and other overhead expenses until they’re absolutely necessary.
Ask for help
There are so many great resources out there, so don’t be afraid to ask for help. Look at your own network and identify who might be able to help you answer questions you have or connect you with someone else you can. If there’s a particular skill you need help with, there are also great – free – services out there such as Google Digital Garage, Business Gateway and Local Enterprise Partnership Growth Hubs. Which all offer business training, resources and advice.
Are you thinking of starting a business? Share your thoughts in the comments below
Rachel - Silversurfers Assistant Editor
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