Northwest Arkansas Democrat-Gazette
Retired, not tired
For some Americans, the best part of life starts at retirement. In a perfect world, this new stage of life means no more answering to upper management, battling a 40-hour work week or being stuck in rush-hour traffic. Retirees can come and go as they please.
While spontaneous trips to the shore and the relaxing mood of an empty house may be a draw for some people, for others, the novelty of retirement wears off quickly, and there is an undeniable void. These seniors feel a need to get back to work, and they often become entrepreneurs to balance the desire for independence with their passion for success.
Contrary to popular belief, entrepreneurship is not just for the millennial generation. In fact, people over 50 are one of the fastest-growing groups of entrepreneurs in the U.S., according to a recent Gallup study. But what does this booming sector of the country need to know before making the leap post-retirement? Here are four tried-and-true tips for a successful entrepreneurship later in life.
PICK YOUR PASSION
Make sure your new business is something you actually love to do. This is true at any age, really.
Whether you want to start your own consulting firm, become a furniture craftsman, open an art studio or run an action-adventure tourism service, the possibilities are endless. Why waste your time and money starting a business you’re going to hate in two years?
Did you know that 70 percent of Americans are unhappy about their jobs? Don’t become a statistic. Instead, become happier and healthier doing something you love.
BE REALISTIC
Sure, you might have a strange affinity for dressing your cats up in wacky outfits — but does that mean there’s a huge demand for kitty couture? Probably not.
Before moving full steam ahead on your business idea, start by asking a group of colleagues, mentors or advisers if your idea has weight. Friends and family can help, too. You can even form a focus group or utilize crowd-source market research to test your concepts and get feedback.
If you discover that nine out of 10 people would shell out beaucoup bucks for a feline fedora, you just might be onto something. Otherwise, it’s back to the drawing board.
STAY FRESH AND CURRENT
Social media and technology’s influence on businesses aren’t going away anytime soon, so make sure you brush up on your digital skills.
Whether you need to develop an app to better communicate your service or product to consumers, or you simply want to keep your finger on the pulse of the marketplace through Twitter and Facebook, it’s wise to embrace all platforms and keep up to date on what’s out there.
PLAN AND PROTECT
Starting a new business can be, well, risky business. It’s important to protect the nest egg you created prior to retirement, in addition to safeguarding your new business venture.
When making the decision to exit retirement and enter the workforce, be sure to get all your paperwork in order.
“New business owners in their later years should always be prepared for the unexpected,” said Leo Heintz, vice president and product manager of commercial insurance for Erie Insurance.
“The right insurance policy is a musthave,” he said. “It can help support your family if something happens to you. It can also ensure your business can continue to operate, which benefits employees and their families. Everyone benefits.”
It’s essential to have the right kind of business insurance to protect against personal and business liability (think lawsuits), as well as damage from storms, fires and other natural disasters. It’s also worth considering coverage for owned, rented or personal vehicles you drive “on the job,” along with workers’-compensation coverage for any employees you bring on board. If you are underinsured or uninsured, these types of unwanted situations could leave you with empty pockets and full of regret.
While starting a new business can be an exciting and rewarding endeavor, it’s essential to talk to an insurance agent and find answers to all your important questions. Your agent can make sure you’re financially covered and protected.
Finally, don’t forget to surround yourself with supportive friends and family members as you enter this new, thrilling stage of life.