“Why should I start a business after I retire” is one of the many questions you will find yourself asking yourself when you retire. There are tales told by retirees that retirement is the perfect time to relax and youth is the time to hustle. I disagree. If anything, retirement is the perfect time to be active and do something worthwhile. As retirees, we now have the time and wealth of knowledge to start a movement, pursue our passion project, and maybe even start a new business.
That might not make sense to a lot of people. Again, you’re asking the question, “Why should I start a business after I retire?” There are so many substantial reasons why you should. Even before my own retirement, I asked myself this one question countless of times. And life kept giving me signs that only pointed to a positive answer.
Many retirees I know found fulfilment and happiness in starting their own business and that motivated me to follow in their footsteps. I know you can, too. Here are some of the reasons why you should start a business after you retire:
You Have Enough Financial Stability To Take Risks
During my early career stages, an entrepreneurship venture was just too risky. It needs capital that I simply could not afford. Chances are, you couldn’t either. You may be starting a family or paying loans, so shelling out more money for capital is out of the question. Why run the risk of becoming bankrupt when you’re young? When I thought about whether I should start a business after I retire or not, a simple reason came to my mind.
It’s true that you can start your own business at any age—but you have to be smart about it. As a retiree, I now have greater financial freedom to invest my money in things I know will pay off. I now have enough savings plus the social security benefits to last me plenty of years. Simply put, a financial cushion can encourage you to take the risks you haven’t taken before.
A new venture can always fail. No matter the experience, expertise, or investment you have. So, might as well plan a provision for its failure. I thought of the craziest business ideas after retirement and it was only because I could afford to do so. Knowing that I had financial backup enabled me to invest in those ideas and take risks. There is no better time to do it than after retirement.
You Can Now Follow Your Passion
Before I retired, when I was young, I was very passionate about what I wanted to do. Unfortunately, my passion did not lead to a life with stable income. That’s the problem with many passion-driven fields; the competition is high and the monetary rewards are not so big. Because of the financial pressure, we are expected to let go of the “passion-driven life” to those who can afford it. We are pressured to choose a path that will be more financial gratifying, or at least get a job that is “respectable.” There may even be thoughts of starting a business for the sake of starting a business.
However, after retirement, all of that pressure vanishes into thin air. After retirement, I was no longer expected to do anything—and that led me to do many things. This was one of the main answers why I decided to start a business after I retire. It gave me the freedom to pursue what I was really passionate about.
So, if you’re still thinking about it, don’t think anymore. Follow your passion. In fact, as a retiree, it’s not just pure passion that fuels my own business—I am now also equipped with the knowledge, experience, and maturity to handle the business.
You Are Full Of Wisdom And Past Experiences
Retirement comes with years and years of hard work. This is your biggest edge as a retiree: your work experience is bound to come in handy if you start a business after retirement.
I served my early ages drowned in work, which meant getting tons of experience and learning early in life. Later, I also developed the habit of networking with different people from various places. I felt that building meaningful professional relationships was key.
However, I only realized the importance of these experiences after I retired. All the hard work was key to unlocking my desire to start a business. So when I asked the question, “How should I start a business after I retire?” The answer was pretty simple. It was my work experience and my networks. These two things gave me an insight on how I can manoeuvre around the world of business.
Wisdom, network, and experience that comes with age are priceless and can never be duplicated. Embrace them as your strengths as you venture into new things post-retirement.
You Will Have More Freedom In The Workplace
One of the things everyone despises in the workplace is this: following orders. There were many times during my life where I disliked what my supervisor asked me to do. As well as instances where I don’t agree with the rules of the company, but I have no choice but to live with it. Many bosses made me do things that did not make sense or I felt did not resonate with who I am or what our company stood for.
This is why becoming a business owner is the best thing in the world: because this time, you make the rules and you make the orders. When you have the financial cushion after retirement, you can gain this sought-after freedom. So, feel free to make up your own dress codes and working hours. If that’s not enough, I really love the thrill of making my own decisions. There are risks that come with it, but since I am also equipped with wisdom and experience, I have the capacity to make informed and smart decisions for my business.
You Can Keep Your Mind And Body Active
After retirement, I felt life became idle for a couple of moments. In those moments, I was able to relax like never before, but there was an itch in me to do something productive, something worthwhile. Well, the last point to answer the question, “Why should I start a business after I retire?” is this: it’s to keep yourself active.
A dull brain and an unmoving body is never good. Not for yourself, not for the world. Starting a business, especially if it’s your first time to do so, would get your brain juices running. Now, you have the time and money to experiment and challenge yourself. I did that. I spent hours brainstorming ideas that could solve new problems that came at me. And I know I spend those hours wisely because I eventually arrived at a solution.
And it’s just not me doing all the work alone. I have found people who share the same values as me and work towards becoming seniorpreneurs themselves, too.
This community of support and positivity is what’s great about the 4Retirees community. If you don’t have anyone personally who can help you jumpstart your business in retirement, don’t worry. The talented, aspiring, and accomplished seniorpreneurs in the 4Retirees community will support you. I cannot emphasize enough the importance of encouragement and having someone to share your insights and ideas with. Sometimes, you can brainstorm alone; but it’s more fun and rewarding when you do it with a good group who share the same ideals and passion. So let the 4Retirees community become your sounding board, your support group—a place where you can feel that your seniorpreneurship goals are encouraged and cultivated.
That’s what a post-retirement business does to you. It lifts you from the ground and gives you an intellectual high. It connects you with like-minded individuals. If you’re still thinking about, “Why should I start a business after I retire?” It is time to move on. Now is the time to ask: “How?” Because in this world, there be no better timing in this. Take this advice and you won’t regret it.