For many people, the idea of retirement is a time where they can focus on their leisurely pursuits, relax, travel and enjoy the fruits of their labor. However, for many others, the prospect of saying goodbye to their former life can feel like a slow descent into boredom and isolation. Without a sense of purpose, many retirees can feel unfulfilled and find their life is devoid of meaning, especially after establishing a successful career over many decades.
Thankfully, retirement needn’t signal the end. Many retirees continue to work, and many do so for themselves. Research from the National Bureau of Economic Research has found that the share of self-employed workers rises markedly with age with 68% of all self-employed workers being aged 75 to 79.
Becoming your own boss can be a great way to keep your mind and ambitions active and can also contribute to your sources of retirement income. This article will outline some helpful tips to get you started.
Play to Your Strengths
Approaching self-employment in your golden years often brings with it a wealth of experience and know-how that younger people do not have. If you have mastered a skill or art over the years, whether in your former career or as a hobby, this can make the perfect idea for a profitable business.
If you are an expert in your field of business consider turning your skills towards helping other individuals or businesses through consulting work or teaching. Perhaps by expanding one of your hobbies such as tennis or golf by setting up your own coaching business. If cooking has always been a passion, why not create your own workshops or a pop-up restaurant? Your years of expertise in a certain area can always benefit others in some way.
Plan Ahead
Self-employment can offer you the independence and flexibility to do what you love in a manner that suits you and your lifestyle. Before you begin, be clear on the time commitment you are willing to devote to your new project and any targets you wish to achieve. Overextending your efforts will leave you with little to no time to enjoy your retirement, so it pays to plan your hours and availability beforehand.
It is advisable not to spend more than you can afford to lose. Begin modestly, choosing something with low upfront costs and if possible, using materials and resources you already possess. Starting a home-based business will ensure low overheads and eliminate the need for leasing office space or fuel costs.
Leverage Contacts
With your years of industry experience, you will have formed a network of trusted colleagues and friends who may be able to assist you with setting up your new business and even referring clients your way. Make sure to leverage these contacts by informing them of your new business and asking them to spread the word.
When it comes to technical or IT matters such as setting up your website, seek input and guidance from your grandchildren, if possible. The younger generation is often tech-savvy and can help you utilize the power of social media to advertise your services.
Follow the tips above and you will be well on your way to setting up a successful business in your retirement years.