Six Reasons to Become Self-Employed in Your Retirement
by Karyn Greenstreet
So, you're looking
forward to being retired. Relaxing in the lawn chair, sipping iced tea,
watching the clouds roll by. Lazy days of reading good books, traveling with
family and friends, puttering around in the garden.
What? That's not
the lifestyle you want? Good for you!
Most retirees don't want a lazy
lifestyle. Yes, they'd like to scale-back a little, but doing the same thing
day after day is boring. Many people start their own business after
they retire. And why not? You've got the time, you've got the energy and
experience, and presumably you've got a little money tucked away to tide you
through. If ever there is a time to become self-employed, your retirement
years are nearly perfect. Here's why:
Many people are worried
that they don't have enough money to retire upon. Whether you've got enough
to live on, or want to earn a little extra cash, being self-employed
will allow you to increase your wealth. In addition, many retirees can use
a portion of their nest egg to get themselves started in
Unless you've created a huge "to do" list for
your retirement years, you've got plenty of time. You can take time to
scope out your business ideas, and take time to implement them properly. You
can choose to work part-time or full-time, so that there is still time left
over for traveling or relaxing. When you're self-employed, you can
take vacations whenever you want!
After all those years of
living, you've picked up a thing or two about how business works. You know
what good customer service looks and feels like. You can sense what people
need and want, and you know how to talk to others about your ideas. Not only
that, but you know what hard work is and you're not afraid to get your hands
At 65 (or earlier, if you're lucky!), you've got plenty
of energy. Your mind is still as sharp as it was when you were 25 – perhaps
even more so! If the idea of sitting around all day is boring to you, put
that energy to work for yourself.
If you haven't been lucky
enough to be self-employed during your earlier years, you know what it's like
to have someone else make all the rules for you at work. Being
self- employed means that you make all the rules, and you succeed or fail
on your own terms and by applying your own decisions, knowledge and
Did you have a job that didn't excite you? Were
you always passionate about something that you could only pursue on
weekends? Now that you're retired, you can pursue that passion every day of
the week – and get paid for it!
Where To Begin
As with all
business ventures, the first thing you need to do is find what you're
passionate about. This is a time in your life when you no longer have to
settle for doing work that's boring or doesn't excite you to the very core.
Besides, if you're really passionate about what you're selling,
people will sense that excitement and want to buy from you because of it.
Take a look at your hobbies for ideas on businesses that interest you. Or,
take a look at your bookshelf – what books and magazines do you always seem
to buy and read? What topics are you always talking about with family and
Next, create a business plan for the product or service
you're selling. If you don't know how to create a business plan, check out
the local library or bookstore for business planning books, or use an online
search engine to find sites related to self-employment and small business
If you need help with creating or running your own
business, remember that other retirees are here to help! The Service Corps
of Retired Executives (SCORE) is a government-sponsored group that offers
free advice to anyone starting or operating their own business. They often
work out of your local Chamber of Commerce office.
Creating your own
business, especially after you retire, can be a rewarding way to spend your
When your friend decides to start a business
Your friend, who always seemed sensible and predictable, tells you she's
quitting her job. Sure, it's a good job, she says, but she dreads getting up
for work and she's stressed. She has a new
business. You don't know whether to laugh or cry.
Creating your vision for your business, career, & life.
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© 2004 Karyn Greenstreet.
Karyn Greenstreet is a Self Employment expert and small business coach. She
shares tips, techniques and strategies with self-employed people to create
and grow their businesses, stay focused and motivated, and perform
at their peak. Visit her website at www.PassionForBusiness.com
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