Starting a Business After Retirement

By Paula Horan, 23rd March 2020

Many people who have reached retirement are still full of drive and ambition. Don’t let retirement leave your life with a lack of structure or purpose, retirement is a time of reflection and growth. Starting a business after retirement can allow you to follow your passions and reinvent your life by pursuing a new venture.

What pushes individuals to become Retired Entrepreneurs?

To retire means to rest and recover. In some cases, individuals plan and look forward to their retirement but when it finally comes they aren’t ready to stop working and become retired entrepreneurs. In other cases, individuals can be pushed into retirement through redundancy due to a corporate takeover or restructuring. This can leave individuals feeling unappreciated for their loyal years of service, but it can also serve as a source of inspiration and provide a vision of how a business should be run. Becoming an entrepreneur in retirement is an opportunity to do things better.

Maybe you always wanted to start your own business but never had the opportunity. Or maybe your pension doesn’t meet your expenses and it is necessary to take up the challenge to bring in additional income. People who become retired entrepreneurs typically do so because they have the time, energy and experience to give a new business.

So, if you are not mentally ready to ‘Hang up your Boots’, consider starting a business in retirement and put your knowledge, skills and experience to work.

Reasons to Set up a Business in Retirement

Freelance work– More and more businesses are outsourcing services making it a perfect time for small businesses to develop. There could be an opportunity to partner with an established business who is looking to add value and increase its list of services.
Connections – You have likely worked with various businesspeople throughout your career, being well connected can be extremely valuable when launching a successful business venture.
Financial Stability – Retired entrepreneurs may have the benefit of a financial cushion, lower monthly costs, few liabilities such as a mortgage or car payments. This stability means that starting a business is less financially stressful.
Niche Experience – You could find that the market is underserved, and your unique expertise is in high demand. This could be an opportunity to start a consultancy business to guide young entrepreneurs so they do not fall prey to challenges that startups commonly face.
Reignite your passion – After dedicating most of your life to your career, starting a business in retirement is the perfect time to revisit your passions and earn an income doing what you love.
Mental Health – It is healthy to set challenges and goals in your life, to add value and feel that you can still contribute to society.
Social Need – You may feel that this is a time for you to give back to your community and help fulfil a social need through a Social Enterprise Company.