Starting Your Own Business After Retirement

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When many of us think about successful home businesses, we imagine a young Steve Jobs starting Apple out of his garage, or a twenty-something-year-old Mark Zuckerberg building Facebook out of his college dorm room. According to a 2017 report from the Global Entrepreneurship Monitor, or GEM, older adults are becoming more and more prominent in major entrepreneurial fields. In fact, in many countries, adults over the age of 50 are more likely to be self-employed than their younger counterparts. Starting your own business can be challenging, especially after retirement, but it’s also a rewarding experience that can redefine your golden years.

The Pros

Working from home is more than just a way to earn money. It’s both a job and a lifestyle, allowing you to become your own boss and take complete control over the trajectory of your career path. There are plenty of reasons that baby boomers are choosing to start a home business, from experienced consultants to online entrepreneurs.

A Healthier Lifestyle

Working past the age of retirement helps to keep you active, engaged, and sharp as you age. The decision to keep working at least part-time past retirement age has been shown to be beneficial to the health of senior citizens. Working allows you to use your mind and your body on a regular basis, staving off both mental and physical decline as you grow older.

Social Connections

Isolation is a widespread problem within the senior community, with many older adults having limited social contact as they grow older/ Working after retirement can help to keep you in touch with the rest of the world, putting you in touch with clients and other professionals in your field. A strong social network can help to keep seniors healthy as they age and provide support in the event of an emergency. One way to create such a network is to become a resident in a care home, where thanks to technological advances and widely available Wi-Fi connections, it is also still possible to work remotely.

Financial Independence

Continuing to work after retirement gives seniors an active influx of cash that they can use to cover living expenses as they age. Starting your own business means that you don’t have to rely solely on benefits or limited savings to make it through retirement. Instead, you can use your monthly income to cover rent, food, and healthcare costs.

The Cons

While starting your own business can be a lucrative endeavor, it’s not the right path for everyone. Working from home can prove to be a challenge, especially after retirement.

Isolation

While working from home puts you in contact with clients and other professionals, depending on your field, you may not experience much face-to-face contact throughout the day. Unlike a desk job, you won’t see bosses and coworkers on a regular basis. Many home businesses communicate solely through emails, phone, and video chat software.

Stress

Starting your own business can be a lot of work, and it can take its toll on senior entrepreneurs who are struggling. Many rely on their business for financial stability, and if it fails, they and their family may not have a backup fund to cover future living expenses. Before deciding to start your own business, you must decide if you can handle the challenges you may face in making your endeavor a success.