5 Tips On How To Become Your Own Boss After Retirement
Do you want to become your own boss after retirement? You’ve started thinking about retirement and there is one big question looming — What am I going to do every day? For some, the answer is simple — they want to do nothing. For others, living a full and active life after retirement is tantamount to their happiness.
I am part of the latter group, I need to be productive and busy, it gives me joy. I am entering my sixth year as a freelance travel writer, my personal retirement business and I still happily traverse the globe as a digital nomad in search of bucket list destinations.
When you start to crave ditching the 9 to 5 grind, I have a few ideas for you to consider before you quit your job. Below are my 5 tips on how to become your own boss after retirement.
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Become Your Own Boss After Retirement: 5 Tips
Let’s go through these top five tips to help you prep for retirement business ownership.
1. Plan Your Retirement Side Hustle
If you are still reading, then you are the type of person who wants to be busy in your retirement years. Now is the time to consider what a successful business in retirement looks like for you.
The planning typically starts before you retire, even subconsciously. Do you daydream of having your own business? You have a unique set of skills and strengths from your day job you can apply to any number of business ideas.
The questions you need to ask yourself — What are my passions? Interests? What makes me happy? What do I want my retirement to look like? Can I retire early? What does my personal retirement financial independence require if I’m self-employed?
Starting a successful business venture takes time and planning. Test the waters. Find something you love! Start your side hustle before you retire. Give yourself time to tweak your retirement business ideas until they align with your dream retirement job.
Consulting opportunities, independent contractors, and freelance writing are popular avenues for side hustles to explore. They can be applied to many fields and afford a flexible schedule.
My career was in Marketing and Fundraising, I spent most of my day writing stories and meeting with donors.
My comfort level was in storytelling so freelance writing was a perfect fit. My desire to travel drove me to travel writing. I spent two years working my freelance travel writing side hustle before I made the switch and retired early to become my own boss.
Now that I am at full retirement age, I still love traveling, however, I have confined my freelance work to dealing only with editors I love. As small business owners, the freedom to choose your own hours and potential clients is liberating. I recently made the switch to writing for my own website – Travel With Sandi.
2. Transform Your Business Idea into a Real Business
Whether you retire into a freelance business or open a shop, you need to create a business plan. It is critical to have a plan for your retirement business. As you grow your side hustle into a viable business, you need to set goals — financial, production, marketing, etc.
Operating your business may require a license, permit, or registering as a sole proprietor, LLC, and S-Corp. Consider marketing strategies necessary to gain a customer base ensuring a steady income stream.
Taxes, payroll, and other business expenses need to be researched for your new business venture to be successful.
Transforming your business idea into a real live business can be daunting, but with planning — it is doable. It is important for you, as a self-employed individual, to consult with experts in your field. Learn as much as you can before you abandon your full-time job.
PRO TIP: Learn why you need a LLC Operating Agreement for your business to protect you legally and financially.
3. Perfect Your Online Business Knowledge
Websites and social media play a key role in many business endeavors. Navigating the ever-changing online marketplace can be a daunting task for non-techies. Determining what you can handle and what you need to outsource is important.
Seek out training and classes online that will enhance your technical skills.
You want to avoid spending all day simply keeping your own website up and running or diving deep into market research. Find your strengths and spend fewer hours on tasks that you can outsource.
Too much self-inflicted stress will upend the joy of navigating your personal retirement business.
| RELATED: How To Start An Online Business – A 6-Step Guide
Learn how to start your retirement side hustle online:
4. Create A Work-Life Balance
One of the best advantages to owning your own business is the ability to create a personal work/life balance. You can prioritize self-care and family time within your work schedule.
Remember, you entered into a retirement business to immerse yourself in pursuing your passions and interests, not create a stressful environment.
One pitfall of owning your own business is burnout. Many entrepreneurs need to constantly fight the work-a-holic urge. I get it, this is your business baby and you want to watch over it.
It can be difficult, but you need to set boundaries with the self-employment lifestyle. Having a routine is key to mitigating stress and embracing joy.
5. Financial Planning For A Retirement Business Owner
As you make the transition to becoming your own boss, enlisting your financial advisor and exploring your retirement business ideas simultaneously is key to financial success.
You must carefully consider your financial obligations, retirement income, health insurance premiums, and future financial needs before launching a fledgling retirement business.
How much extra money you will require as a small business owner and what social security benefits will add to your income are important pieces to the retirement planning process. It is imperative to seek professional investment advice to ensure your financial wellness aligns with your retirement plans.
Crushing Your Own Business During Retirement
Embarking on a retirement business can be a fulfilling and lucrative path as you navigate your golden years.
Your retirement is your second act, it is a chance to fulfill your dreams and explore what makes you tick. There is abundant joy and satisfaction when you have a purpose that fulfills your desire to be relevant. Not to mention, the extra income is nice for your bank account.
Take time and consider what your retirement looks like, what you can bring to the table, what makes you happy.
As you ruminate over the wide array of options to become your own boss after retirement, remember to add in time for family and self-care. With careful planning, your retirement can be filled with pursuit of your dreams and passions.
About The Author
Follow Sandi on Instagram at Travel With Sandi as she explores her bucket list travel writing adventures.
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