The long-awaited retirement is just around the corner and you’re preparing to spend the rest of your days resting and enjoying yourself? Congratulations! Still, switching from a lifetime of hard work to doing nothing much isn’t always as easy or fulfilling as it might sound. After a while, you may find yourself itching for a constructive and profitable way to pass the time – and once that happens, you can use the tips below to take your business off the ground and keep your brain cells busy and your wallet well-stuffed.
A Hobby That Pays the Bills
As a retired entrepreneur-to-be, you have a world of business ideas at your disposal which you can pick and choose from. Even if you’re not inspired by industry trends, you can always turn your hobby such as knitting, gardening, or bike repairs into a money-making business. That way, you’ll enjoy every second of your retirement and make money out of your passion at the same time. Still, before you decide which business idea to follow through, it’d be a smart move to look into local demand and see if your venture is justifiable from the perspective of marketability.
Find the Right Market Gap
Even though they have a lifetime of work experience on their side, senior entrepreneurs should familiarize themselves with the market situation and industry trends once they’ve picked a niche they feel comfortable with. If you’re about to jump into a highly competitive niche, you will have more marketing homework to see to than if you’re an industry pioneer in your neighborhood, so bear this in mind when selecting your niche. If you do your research and advertising homework properly, though, you may manage to make a fortune despite fierce competition.
Get Your Capital in Place
Capital is one more thing you’ll have to look into when starting your post-retirement business. If you want to get a better idea of the amount of cash you’ll have at your disposal once you retire, you can use the age pension income test: it’ll help you assess total business capital ahead of the startup time. If you don’t have ready money for the purpose, it’d be a good idea to consult a financial counselor about most favorable capitalization options before you sign up for a loan. Or, you can join forces with a partner: after all, 50% of the profit is still better than none at all.
Get the Wheels Rolling
Once you’ve raised the funds for the business endeavor, you should devise an assessment of the launch and running costs in the first few months of operation. As a general rule, business startup expenses comprise insurance, license, and permit fees, equipment and supplies, and advertizing costs, but you should strive to raise enough cash to cover mid-term running costs to stay safe in case profits don’t begin to rush in straight away. Only after you’ve got your funding act together can you safely proceed with the business launch and marketing.
Spread the Good Word
Many entrepreneurs fail to launch their marketing campaigns on time, which can pose a serious threat to the success of your business endeavor. If you want to get the biggest ROI bang for your marketing buck, start advertising your products or services as soon as you’ve picked your niche and raised funds for the launch. For a start, you can promote your business in the neighborhood with the help of posters and business cards, ask your friends and family for referrals and step up low-cost marketing efforts by means of Instagram and Facebook ads.
Play More than Work
Getting used to no work at all after a lifetime of hard labor can take a while, but it doesn’t mean you should stretch your work hours beyond the bare minimum. After all, after you retire, your body and mind will need more rest, so aim for a 20-hour work week and keep the engagement part-time. That way, your retirement job will feel more like play than hard work and you’ll enjoy it without spending hours slaving away. In addition to optimal work-life balance, shorter work hours mean you’ll be able to put in overtime work if the need for it arises.
Ready to take your retirement business from scratch to super-successful? Follow the tips above and you’ll soon be scooping profits by buckets. Good luck!