07 Mar A HOME-BASED BUSINESS RETIREMENT OPTION
Did you know that over 25% of new business last year were started by people between the ages of 55 and 64?
Entrepreneurship abounds in that age group because, finally, they can do what they’ve always wanted to do! Once the kids are grown and on their own and once the “job” is packed in, the question looms: Now what do I do?
We all dream about the time when we can retire from the rat race; we think of all the things we could be doing if we were retired while we are stuck in traffic or confronted with unruly co-workers. We could be golfing, windsurfing, travelling, etc. And yet, when the time comes, people are not really prepared for the long days of doing nothing. So like everything else, retirement has to be planned for. And many choose to run a business of their own.
The reasons they do vary, but the top two are:
- They need the money. As many near the retirement age they begin to see the light….the financial light. They may think they have enough money to retire on, but when they put pen to paper and flush out the numbers, it just doesn’t work. By starting a business that can be operated from home, another source of income is generated and highly appreciated.
- They are bored. Research has shown that new retirees often start out with a bang….they clean the house and garage from top to bottom, they visit every relative and friend (and often outstay their welcome!), they call their kids 6 times a day, they set up an exercise program at the local gym, etc. And then one day, they skip the gym, they get up later and later and often do not get out of their pajamas at all, they park themselves in front of the TV all day and into the night. The lucky ones snap out of it by motivating themselves into action, by giving themselves a purpose.
In the 20+ years I have been teaching others on how to start and operate a home-based business, my classes have had at least 40% of the students who were seniors. Some knew what they want to do; others were checking things out. Some were alone and some come in with a family member and/or a friend who was their business partner. These people amazed me. Energetic, bright and focused. They have chosen to do something with their lives and more often than not, it is geared towards helping others. Retired teachers and nurses, set up non-profits for kids and other seniors; experienced mechanics and carpenters put together after school programs to teach young people these skills. Some created a business so they can pursue a lifelong hobby. Some “always wanted to” spend more time in the garden, grow their vegetables and sell them at the local outdoor market.
What these entrepreneurs have learned is that all skills are transferable. They twist, turn and tweak them into another shape or form and build a business around it. They are not intimidated by all the forms that need to be filled out for registration and licenses, they don’t overthink their website design, they don’t waste time with their business planning: they roll up their sleeves, make a list of what needs to be done and then go for it!
These seniors have learned how to Love What You Do and Live The Life You Love!
The Home-Based Business Expert