NEW BUSINESS STARTUP IN RETIREMENT: plan well

New Business Startup In Retirement

Business Startup for a retiree requires careful evaluation before implementation. Change is constant and it is no different even for the retiree.

Retirement ought to be a time of rest from active work but what we see these days is a change from being a paid employee to becoming an Entrepreneur. In some situation retiree return back to paid employment when the business attempt fails. It is good to adjust to life dictates but if you are a retiree you need to apply wisdom as you venture into something new.

It is necessary to start a  business in order to keep busy and be productive. Idleness of the body and brain is not good in the long term. In addition to the expected financial reward embark on a business that you will find fulfilling which should be worth while.

Take These Steps For Your New Business Startup

It is important to follow some steps for a New Business Startup so as to prevent financial loss. As a retiree you face some peculiar challenges. Many retirees were confined to the office for decades and have lost touch with lifestyle of people outside the office.

Retirees are prone to falling victims of dupes because they are too trusting. As such do not expect the people you meet in the outside World to act with decorum hence be on your guard and protect your investment with great care. The anxiety and eagerness to commence business and start making money make retirees lose their investment very fast. Avoid this pitfall.

Retreat And Meditate

Take time to rest and meditate on your objectives for the  business startup. Prayerfully consider your options,  your chances of success is higher when you allow God to guide you.

Proverbs 19:21(AMP)

Many plans are in a man’s mind, But it is the Lord ’ s purpose for him that will stand (be carried out).

The needs of retirees going into business will usually be one out of the three below:

Primary income

For retirees that left job prematurely either voluntarily or by compulsion and dont have any reasonable benefit to sustain them. Hence they require a business that will generate enough income to cater for their financial needs and obligation.

Secondary Income 

This category of retirees have income coming in; that caters for their present needs but a little extra will sustain and improve their standard of living. They need businesses that are not too demanding but at the same time generating returns.

Financially Sufficient

These ones are not motivated by the expected money from the business but rather need a place to expend their energy and experience.

Identifying where you belong is critical in determining your choice of business.

Vision For Your Business Startup

Taking in to consideration the factors already discussed you need a clear vision of the new business startup you have settled for.

Preparedness For The Business Startup

Starting a business without adequate preparation is an invitation to failure. It is better to delay starting by ensuring every important aspect has been addressed rather than being hasty.

Undertake a thorough feasibility and Market Survey  to ensure there is demand for your proposed line of business in the location of your choice.

Access Your Capability And Passion

Be certain that you have the capability to run the business or at least have enough resources to enlist the help of capable people.

Luke 14:28-29(NLT)

“But don’t begin until you count the cost. For who would begin construction of a building without first calculating the cost to see if there is enough money to finish it? Otherwise, you might complete only the foundation before running out of money, and then everyone would laugh at you.

Many retirees lost their retirement benefits to unscrupulous Consultants that present them with non viable impossible business proposals; which they gullible accepted.

For example some retirees have paid heavily for production machinery which turned out to be equipment that were already phased out in the country of manufacture hence no support or availability of replacement parts.

Some of these businesses closed up without the retiree recouping the original investment. Following which some died in frustration because there was no way of raising new funds and neither were they able to get new employment. You can save yourself from this type of loss by not being too hasty in your decisions. 

Training And Skills Acquisition 

Some business are viable if you know the nitty-gritty of it. You therefore need to go for training or acquire the necessary skills.

I remember chatting with a trader in Trade Fair selling Baby wears. She relocated from the North and changed her line of business but she still had to undergo training from an established trader of baby wears. The training was not cheap. Probing her further she revealed that each business has its secrets. Through the training her trainer registered her with the direct suppliers that were giving her goods at a discounted price.

At the end of the training she was also privileged to travel with the boss overseas where she was introduced to the Manufacturers. This saved her from trial and errors and from time to time the boss gives her support.

Ecclesiastes10:10 (NIV)

If the ax is dull and its edge unsharpened, more strength is needed, but skill will bring success.

A new entrant jumping into the trade with out guidance will get frustrated because of inability to offer competitive prices. Be knowledgeable about the business you are going into and be humble enough to go for apprenticeship if that is what the business demands.

Registration

It is good to register your business properly. Each business has some registration requirement. Find out what is applicable in your location. There are businesses that require special Government permits like NAFDAC . Then you have Local Government trade permits and even trade Association levy. Failure to have all the registrations will expose you to embarrassments, losses or even closure of the business. Guide against this by ensuring your Business is properly registered. 

Ready For New Business Startup

If all the aforementioned have been taken care of my advise is for retirees to start small. The temptation to put in all your resources is great especially if you are aiming for the high standard in your last  place of work.

• Exercise caution and allow the customers demand to determine how much more you need to invest.
• Set up accounting records from inception as this will make it easier for you to monitor progress.
• Be accountable. Have a trusted person that can audit your books from time to time who will also be able to advise you on how the business is faring. 
• Business requires some risk but it will be foolishness not to calculate the risk beforehand to know if you have the strength to carry through.

You may consider reading some related  post on Small Business Growth and Staying Focused.

I wish you success in your new venture. Relate your experience and add more points that I may have missed out.

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