Retirement planning can be exhilarating especially if you are still paying your house and car loans. The mere thought of retiring without any backup income can be scary at times. When we think of growing old and not having any constant work to support us, it would immediately make us think of an old person that may go homeless and hungry anytime!
The fear of running out of money during our golden years is not overblown. It is a fact that the pension we may have would not be able to help us with our medical expenses later.
One of the biggest concerns about retirement and growing old and feeble is truly running out of money, especially if we contracted two or all of the major chronic diseases such as high blood, diabetes and heart illness, not to mention having to develop vertigo.
The best way to combat fear is to start a side hustle as early as we can do it. Side gigs have a higher potential to become full time businesses later on depending on our efforts and consistency. Invest a part of your money in a mix of stocks and bonds. Consider diversification.
Entrepreneurial ventures help generate additional income. It has the ability to improve standards of living and drive change due to innovation and improved products or services.
Unfortunately, we do not know exactly what our monthly income would be. Business income is not fix unlike a salaried person. This means that managing the finances and planning for retirement can be a real challenge for entrepreneurs.
Here are 8 ways entrepreneurship can help you retire with ease:
Entrepreneurship triggers creativity in a practical environment. While being creative is not a requirement in running a business, it does force you to develop skills such as preparing marketing campaigns. How you apply creativity is entirely up to you. Doing some social media marketing or even creating banners as side gigs after retirement can be a good source of income.
Reaching our golden years while still living a lifestyle we want can be truly a blessing. With that age, we all have stood the test of time and experience life’s adversities in many ways.
Failures can be a test of patience but it is through failure that we learned about managing a business better. As we experienced more failures, we also grow more confident in facing them.
This experience can make us a consultant for the young entrepreneurs. Working as a consultant after retirement can be a lot of help for the startups. Consultancy helps generate income without so much stress after retirement.
All we need to do is to slowly build our name and brand before we actually retire. Accept small jobs as consultant and take everything from there. Use the social media to connect with people as well as to increase awareness about the service. Let us rely on our wealth of experience to see what they cannot see and teach them how to mitigate business crisis and avoid failures!
Focus on profitability
Entrepreneurship never lose sight of the bigger picture and that is making profit for the long term. As an entrepreneur, we always think of new ways and strategies that is both innovative and feasible. Everything must complement with each other especially the tools, people and processes. When we retire, we do not have to worry about where to get additional income. The business would be already established and profitable after retirement.
Optimizing processes for profit
Consider new technology and optimizing current processes. Learn from other business owners and stay on top about what they are doing to stay ahead of the industry.
One of the most effective ways is to make sure each process or area of the business supports one another. Another way is to invest in talents towards a successful venture. One cannot scale individual effort. Build a team!
When the team is ready, retiring can be such fun. All we have to do is check the performance using KPIs and balanced scorecards. Just put the ideas out there and let the team understand the goal and the processes.
A reliable process and team can be helpful especially if you do not want to really undergo much stress setting up the business. Entrepreneurship can simply be picking up the phone and telling what to do while you enjoy your retirement and additional income stream.
Outsourcing and finding resources
Keeping up with the rapid developments can be stressful. The least you can do is outsource some of the task and just monitor the progress. It can be a struggle what technology to invest and use at retirement age.
The best way is to outsource some of the job and add a specific talent to the team. Makes things easier. Don’t get stuck in the old ways.
Use technology and be open to new things. As a senior entrepreneur, we do experience some limitations but don’t let it define us. Eventually, limitations catch up during old age, but there is still the outsourcing solution that can efficiently help run the business.
Leverage from the talents outside the pool of people we already have and earn from it. This can increase help augment our income even in our senior years.
More quality time with family
Entrepreneurship allows us to spend more quality time with the family. We do not want to succeed in business but fail with family, right? We can maximize productivity by simply working at home and taking calls anywhere home.
Better outlook in life
As an entrepreneur and earning well after retirement, we have better outlook in life and are happier. When you are happy, your health is better.
Manage budget well
Entrepreneurship after retirement definitely brings food to the table. Many people find starting up a business after retirement as the perfect time to go for their passion.
We do want to work on what makes us happy. The efforts could well be viewed more as a hobby rather than work.
Because this hobby helps us financially, our situation could very well improve our golden years in many ways such as buying vitamins and maintaining the right diet.
We all know that maintaining the right diet can be costly at times. Paying the gym every month can be expensive too. Because we have the means to support a healthy lifestyle, we are more comfortable growing old.
It is unbelievable not to see entrepreneurship as a retirement solution. What can make us see the feasibility of entrepreneurship after retirement? Fear?
The only thing that is stopping us can be our very own self. Let us stop limiting ourselves. Let us try to be confident in pursuing our dreams and stop being afraid.