As any small business owner will agree, a new venture takes a lot of time, effort and money. Often, the commitments that come in younger life such as paying a mortgage and providing for a family, put people off starting their own business. Strange as it may sound, retirement might be the perfect time to go it alone. Here are five reasons why.
Let’s start with the most obvious reason; time. Without the daily grind of a job, you can apply yourself wholeheartedly to a new venture – and really give it the focus it needs to succeed. And don’t forget you probably know other retirees who you may be able to draft in to help you in the early stages.
It’s ironic, but when you retire you will have amassed more skills and knowledge than you’ve ever had before. This is the perfect time to put them to use. It might be that you want to apply experience from your career. Or you might have a hobby that you could turn into a business.
Think about all the people you have met through your work, hobbies or socialising. Do any of them have skills that could help your business? Or do they have useful contacts themselves? Could you consider partnering up with one or more of them to combine skills?
With the mortgage paid off and the kids having left home, many people find they have more disposable income in retirement than at any other point in their lives. Without so many financial commitments, starting your own business becomes relatively risk-free.
If there’s less risk involved you might just approach your new venture with the attitude it needs to thrive. This doesn’t mean a devil-may-care attitude. But being too cautious can certainly sink a business in its early stages. A retiree just may feel able to go after opportunities that someone younger wouldn’t because, for them, it means sink or swim.
As lives are generally getting longer and healthier, it’s becoming more commonplace for people to start a ‘second career’ in retirement. If you’re up for the challenge, have a look at this useful link on gov.uk: