Millennium Magazine_8th Ed

WHY RETIREMENT IS THE PERFECT TIME TO START A BUSINESS It is easy to see retirement as an ending, a time to kick back and relax while the world goes on around you. That is still a common picture of retirement, but for many others, the end of one career is merely a gateway to an entirely new, and much more exciting, life. If you view retirement as a new beginning and the start of a brand-new act, you are certainly not alone. Many former corporate workers are finding that retirement is the perfect time to start a business. Here are some of the reasons why. THE RISKS ARE FEWER Starting a business is always risky on some level, but some risks are worse than others. If you had tried to start a business when your children were still reliant on you for their survival, a single misstep could have spelled disaster. Now that you are retired, the risks associated with starting and running a business are far less, and the consequences of failure could be far less dire. This reduction in risk alone is reason to give your business idea a chance. CAPITAL SHOULD BE EASIER TO COME BY Getting a new business off the ground is not always cheap, and many lenders are unwilling to fund an uncertain endeavor. That was probably the case when you were younger, but now you have a track record of successful loan repayments, including taking possession of the car you drive and the home in which you live. That long track record and good credit history means less risk for the bank and greater access to capital for you. If you need a loan to start a post-retirement business, the funds should be much easier to come by. TIME IS IN ABUNDANCE When you were younger, you probably had a myriad of great ideas, but not enough time to pursue them. Now the tables have turned; time is the one thing of which you have plenty. With time to spare and ideas to explore, you have the opportunity to finally start that business. You can use those newly idle minutes and hours to pursue your passions, do your due diligence, and learn everything you need to know about starting and running your own business. YOU BRING A LIFETIME OF BUSINESS EXPERIENCE TO THE TABLE Now that you are retired, you can look back on a long career in business as you start your own adventure. If you held a leadership role in your former company, you could use the lessons you learned to build a better business, further reducing the risks associated with your new venture. Even if you did not hold a direct leadership or executive position, you can still learn from what you witnessed. At the very least, your many years as a front-line worker should give insight into what not to do – a valuable lesson, indeed. THERE ARE PASSIONS TO EXPLORE This may be the best reason of all: now that you are retired, you finally have the time, the resources and the energy to explore the passions you put on hold all those years ago. You may have spent the last couple of decades building your career and taking care of your family, but the things you are passionate about have not gone away. Now that you are getting ready for your second act, why not spend it building a business you are passionate about, one into which you can pour your heart and soul? The business experience and leadership skills you have found along the way are bound to help you in your new adventure, and there is little reason not to do it.