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Planning a business when I retire

Discussion in 'Planning Your Business' started by Corazon, Feb 23, 2016.

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  1. Corazon

    Corazon Entrepreneur

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    I will be retiring from my office job in 6 years from now. At this early, I'm already making plans for a business - something to occupy me and also to earn for my old age. My retirement pay is substantial to build a 4-door apartment and that's what's on my mind right now to be on the safe side. But my husband is thinking of opening up a small business so we have something to do. However, we are afraid of the risk so we are doing our research carefully.
     
    T J Tutor likes this.

  2. Nikita

    Nikita Entrepreneur

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    I'm far from retirement myself so I'm not nearly an expert but I just wanted to share the experiences of some of the people I know of that are retired, one of which is doing very well renting out multiple high end condo units. From what I gather it's not too difficult to manage which I'm guessing is one of the best aspects of it, since the building owners mostly can be called on for certain issues or repairs, but I'm probably not getting the entire story so others could maybe chime in and speak of some disadvantages that I may be missing.
     
  3. T J Tutor

    T J Tutor Entrepreneur

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    First of all @Corazon , you must (absolutely) never fear risk! It will kill your businesses before they get off the ground.

    That said, build confidence instead of fearing anything. Build your confidence in your adventure in business with diligent research. Research helps eliminate the unkown, exposes possible weaknesses, and points the way to a replicable success.
     
    ReadmeByAmy and Corazon like this.
  4. Vinaya.Ghimire

    Vinaya.Ghimire Entrepreneur

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    Look for the business that does not require too much physical work. Since your business will be starting after your retirement, you obviously do not have the stamina of a teenager. Start a business with your expertise and don't invest on something you don't know.
     
    ReadmeByAmy likes this.
  5. dyanmarie25

    dyanmarie25 Entrepreneur

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    As for me, since you're already a retiree, I think it's now the best time for you to just unwind, relax, and enjoy life. Don't try to put up a business that would require a lot of time and effort on your end. It's just going to make you feel stressed. Just go with the idea of building an apartment. That's very ideal for your age.
     
  6. Corazon

    Corazon Entrepreneur

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    Thanks for the advice. I agree to that - do not fear and what I do to combat fear is to gain knowledge and learn the trade. Honestly speaking, everything is still fluid as of now so I have many years to learn the business that would fit my personality. I have already scratched selling but it always surfaces when we talk of our business plans. One colleague had suggested that I get for partners those who have an experience but my husband suggests to get a partner who is lucky in business.
     
    Nancy likes this.
  7. pwarbi

    pwarbi Entrepreneur

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    I think when it comes to a business in your retirement, then only you can decide what that would be. What interest you is a key question because although with any business the making money part is important, because this is a business your doing after you retire, you also want to try and base it on something you enjoy aswell.

    You've worked all your life, so you deserve to enjoy your retirement. Opening a business will provide you with the necessary funds to do that, but don't let making money be the only thing in your life, don't forget the fun aswell.
     
  8. remnant

    remnant Entrepreneur

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    The best thing is to do market research and identify a gap for a product or service. Then start small as you learn the ropes. This will confer economies of scale. Launching a product or service should not be a copy and paste affair therefore study the competition and differentiate yourself from the market through a unique selling point that will confer an edge over the competition. For example, if it is a small restaurant, you could sell food prepared from produce purchased from organic farms. Hope this helps.
     
  9. ReadmeByAmy

    ReadmeByAmy Entrepreneur

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    You had been working hard for so many years that is why when you retire if you are planning for a business choose the one that is not stressful like what had been said already in the above posts. Like my parents when they both retired the separation pay they got they put it in a time deposit. Then their monthly pension is the one they are spending. They did not think of doing business anymore because they said they are already old and should enjoy their life now. You are lucky if you had children who are still there to support and give your needs. It just happened that me and my siblings see to it that we are still there to take care of their needs financially that is why my parents are very happy. It is just a token of appreciation for all the love and good life and good education that they had given to us their children that is why in return this is one way of showing our gratitude to them. But if you still want to be physically active when you retire then find a business that you are interested and will love doing in your old age.
     
  10. deniafe

    deniafe Entrepreneur

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    If you are doing your research based on fears, then you would never arrive at a definite conclusion for what you want to do when you retire. The best way is to approach it with a heart of adventure. See it as a new phase of your life filled with experiences you have never had before.
     
  11. pwarbi

    pwarbi Entrepreneur

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    I think a lot will also depend on the reason behind starting a business in retirement. If your doing it because you think you'll need the extra income, then it's obviously going to have to be more business orientated than if your just looking for a hobby to keep you occupied.
     

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