3 Tips to Starting a Business in Retirement
It has been said for many years now that traditional retirement is gone and dead.
There was once a time when your parents and grandparents only lived around 10-15 years after retiring.
With an increase in our life spans, you could have 20-30 years in this next chapter of your life.
This is crucial for a couple of reasons:
Your money must last longer.
You have more time to explore things you simply couldn’t in the past.
This has led to a drastic increase in the amount of retirees and those who are in the senior stages of life to delve into starting their own businesses in retirement.
Starting a business enables you to gain some additional income to supplement your retirement savings. It also gives you more freedom to do some of the things you always wanted to like donating to your favourite charities and taking the whole family on a holiday.
How to Create a Map For Your Retirement Business That Excites You
According to Guidant Financial 52% of small business owners consider their happiness at 9 out of 10 or more.
Want to be in that 52%?
In my conversation with Rini Tristen, a Pensioners adviser, I asked her how someone can create that level of happiness in their business.
“It all starts with your vision of where you are headed and why you actually want to go there,” wealth management Leeds said.
Tina then took us through her plan that is built up of three-parts to create that vision.
Priorities – These are broken down into a structure, purpose, connection and meaning. These are used to create a starting point where she helps people to build upon.
Values – Write down all of your values and narrow them down to 4 or 5.
This list helps you to organise your life and prioritise accordingly.
Passions – For this Tina recommends creating a list of things that you really love to do. Again narrowing it down to 4 or 5.
“Your passions and values may end up being the same things,” Tina then further explained.
She calls this the “sweet spot” when your passions and values fuse with each other.
Work Becomes a Totally Different Role in Retirement
This means the type of business you start needs to work in harmony with how you choose to live your life and spend your time.
The vision you see will determine the type of business that makes sense for you.
At this point, your time is determined by you, not dictated by your career.
Kevin further shared some of the common reasons people decide to start a retirement business. They span from, “I need the money.” to “Meaning in life and purpose.” Fortunately you don’t need to choose, you can do both of these when your regular career is done.
How to Recognise and Overcome Your Limiting Beliefs
Are you familiar with that inner voice that is always telling you why you cannot do something?
It is the one that provides all the excuses in the world.
“You’re 60 years of age, you just can’t teach yourself something new,” it criticises.
“And just what do you know about starting up new business ventures?” it then asks.
“You’re no good with technology,” it tells you.
This voice has a name and it’s called a ‘limiting belief’.
To help quieten yours down, I spoke with Reid Dewey of Whats-Next.org.
“Sometimes your limiting beliefs and assumptions can get in the way of fully living life,” said Reid.
Stop reading and go back and read Reid’s quote again.
Now ask yourself this, do you really want to get in the way of your own success?
Reid went on to further share the irony that in these times when we are doing something new, it is when we really need the inner strength to succeed. Instead we simply self-sabotage.
He went through a 3 part process to quiet your limiting beliefs and allow yourself to move past them:
Once you have identified the importance of overcoming the limiting belief, you can then start to come up with ways to overcome it.