Starting a Home Business in Retirement – Is It Right for You?

More people than ever are starting what we call encore careers once they have retired. Some do this almost straight away, but most have a bit of a break first. Some seniors choose to start a new career because they need the money, and others do it because there’s something that they’ve always wanted to do and didn’t have a chance to pursue in their working years. Others start an encore career because they feel like they have more to give. A lot of people do it simply because they are bored and lonely without the routine of work. 

One option that many retirees enjoy is starting their own home business. This allows them to work flexibly and still enjoy the pleasures of retirement. But it’s not easy. Starting a business needs time, passion, and hard work. If you are wondering if it’s the right thing for you, here are some questions that you should ask yourself.

Are You Tech Savvy?

Starting a business nowadays often means a lot of time online. You’ll need things like a Lenovo I7 Laptop, headphones, a good internet connection and perhaps other technology depending on the nature of the business you hope to start. 

But you’ll also need to know how to use them. It will also help if you can start a website, manage social media accounts, and understand digital marketing. You can learn as you go, but it helps if you have at least a basic understanding of digital marketing and technology before you start.

Are You Willing to Learn?

You might feel as though you are an expert in your field if you are looking to start a business in the same industry that you worked in for your whole career. But when you run a business, there’s always going to be plenty to learn. If you want to do well, you need to be committed to constant learning, which can be harder to accept in retirement. 

Do You Know What You Want?

What do you want from your home business? Are you looking to make a lot of money? To become well-known? To change something in your industry, by providing a solution to a problem? Do you just want a side-hustle that makes a little cash and keeps you busy? These are all valid reasons to start a business, but as a retiree, you might not have time to figure it out along the way. Knowing what you hope to achieve will give you focus. 

Do You Have an Idea?

Perhaps one of the most important questions to ask yourself is, do you have an idea for a business? Once you’ve got an idea, spend some time researching your competition before asking yourself why customers or clients would come to you instead of them.

Have You got Everything You Need to Get Started?

There’s no set list of things that you need to start a business, and the good news is, if you are planning a home business, you might need less than other people. But you could still need money, a workspace, materials, and connections. Write a list of things that you need to get your business started, and if you don’t already have them, think about where they will come from.

Are You Prepared to Work Hard?

Starting a business takes a lot of effort and hard work. You’ll need to commit your time, money, and energy, which can be harder in retirement, especially if you’ve been out of work for a while or you are struggling with your health or mobility. Ask yourself if you are prepared and able to work hard. 

Do You Still Have the Right Connections?

Starting from scratch can be tough, and as a retiree, you might be keen to hit the ground running. You might not want to waste time building things up. One of the best ways to get a head start is using your connections. Have you kept in touch with people from your working life, and would they be willing to help you now?

Do You Have the Support of Your Family?

If your family have been looking forward to your retirement, they might not be keen to see you start something new. They may even worry about your health and wellbeing. But you’ll need their support if you are going to succeed. Make sure they understand what you are doing and why, because you’ll need all of the support you can get. 

Starting a home business in retirement can improve your mental health, boost your mood, and even improve your relationships. It can give you focus, and new passion. For many people, an encore career is a new lease of life, which can improve both life expectancy and quality of life. If you’ve answered all of these questions and are keen to get started, what’s stopping you?