Entrepreneurship After Retirement: What’s Age Got to do With It?

No longer are the rigors of entrepreneurship meant only for the young and restless. Youthful energy has been dethroned by experience and pragmatism. Increasingly, senior citizens close to retirement are trying their hand at small businesses and making their mark too. So if you think you’re past it…take heart!

Why the surge in the number of older people turning entrepreneurs, one might ask. The reasons are not too hard to guess.....

Security: Senior citizens look for financial security as they approach retirement. Starting their own enterprise gives them the kind of security that a hot-shot job with a mega corporation does not guarantee anymore.

Flexibility: As people approach retirement, they like to spend more time with their loved ones. Being one’s own boss helps older entrepreneurs make time for their family and keeps the money coming in as well.

Old is gold: Some things, like wine, get better with age. Older citizens have experience, that precious learning which only comes with age! Many have good intrapersonal skills and a flair for management. Since they’ve already been there, done that, they are able to handle most situations with ease. And with technology being such an enabler, they can get a lot done without having to physically run around.

So if you’re planning to bite the bullet, go ahead by all means, but be careful about certain things. Offers that seem too good to be true often are, so one needs to exercise caution before investing time and energy in them. As you start approaching retirement, getting funding from a bank might become a problem. Hence, a lot of older folks choose to draw out their pension fund. This makes it all the more important to ensure that the money is put to sensible use.

Follow your heart: Starting a business close to retirement entails taking risks, both financial and otherwise. It is important that you pursue an interest or an activity where you have some expertise as your business, so that it serves the purpose utilizing free time in an enjoyable way.

Building the business: Starting out is one thing, and carrying on is another. No matter when you start, any business would need customers and a market to survive. Leverage your connections - friends, family and acquaintances to help with your first orders. For more tips on how to launch a successful business, look up our section called “Starting a business”.

Managing work: Close to retirement, many citizens battle with health problems and this could prove to be the only limiting factor. But this can be easily addressed with a flexible time schedule and some one younger to manage the business in your absence.

Need some ideas? “100 Best Retirement Businesses” by Lisa Agnowski Rogak, available at amazon.com could be just what you are looking for! Want more? Try “The 100 Best Businesses to Start When You Don't Want to Work Hard Anymore” by the same author.

It’s never too late to follow your dreams, but if you are quite close to retirement when you decide to start out on your own, make sure you cover all your bases.