The term grey entrepreneurs are much bandied about now, they are also known as “boomerpreneurs.” This kind of entrepreneurs began their journey after retirement because they wanted to do something new after retiring from their old job! So, are you up for it? Let’s explore the possibilities if you are trying to be an entrepreneur post retirement.
Entrepreneurship after Retirement- Follow the 5 Simple Steps
Can you launch a company after 60? Let us find out how!
- Take a good look at your risk tolerance- Businesses always require you to take a lot of risks so you need to know whether you can dare to risk all your retirement funds on a business. Sometimes starting from scratch may not prove to be a sound advice. But you can invest in a business which is already doing well, fewer chances of risk=more chances of success.
- Don’t touch your retirement funds- Don’t use up your retirement funds, they are your lifesavings so if your business goes kaput, not only will you lose all your hard earned money but you will have nothing to fall back upon in your sunset years. So, consider seeking help from the bank, friends or investment funds.
- Know how to sell- If you are in a business, you need to know how to sell to customers, vendors, former employers, investors. Even if you face problems or rejection you have to surge forward and still go ahead with your plans. Your determination will finally pay off in the end.
- Seek a partner- Don’t try to build a business around only you. As you grow older, the chances of you falling sick increases not only that you may also have to face the risk of diminished ability as you age. For such a situation a partner can bail you out. If he/she is from a different generation it will be easier for them to build the business and continue after you. Your son or daughter can help, in this regard. Also, anyone you can trust.
- Get professional help- You may be adept at your job, but for a business different kind of skill-sets and for that, you may need to employ different people. Just remember this that you may not be able to handle everything on your own, especially when there are things which you may not be skilled enough to take on. Attend workshops, webinars to hone your skills and find out how you can make your business better.
So, what are you waiting for? If you are inspired enough to start your life afresh, tap onto the entrepreneur in you and reach for the stars.
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