Starting an offline business in retirement

It’s a big decision to opt for an offline business as the route to a profitable retirement pursuit and it’s one that you should not make rashly. For a start, would you be fit for it? It will take up a huge chunk of your time (perhaps take over your life for a while at the outset) cutting severely into other retirement interests. Would you have the finances for it? Might you find it stressful dealing face to face (perhaps for the first time in your life) with your prospective clientele? Perhaps most importantly, are you willing to learn? (Incidentally, if you read my book Your Retirement Masterplan you may already be familiar with much of the substance of this post. That’s okay; one more reading won’t hurt. It will only serve to refresh your memory…)

Here are crucial questions that need answers before pursuing the offline route.

HOW STRONG IS YOUR COMMITMENT?

Personal commitment is germane to success and it calls for certain disciplines. Now that you are retired you have time on your hands to pursue leisure interests that you only ever dreamed about while you when you were working; time to take a holiday whenever you want, to visit the grandchildren on the spur of the moment.

Do you really want to impinge of this free time by contracting to the full-time dedication that running an offline business will entail?

Or is your disposition such that you could comfortably couple freedom and commitment with equal dexterity?

WOULD YOU BE CAPABLE OF MAKING YOUR OWN DECISIONS?

You can listen to advice from other people of course but when it comes to making crucial commercial decisions affecting your own business, you will be out there on your own.

Does the prospect faze you or are you capable of taking it all in your stride?

COULD YOU PLAN AHEAD TO COPE IN ALL KINDS OF WEATHER?

Success comes sooner when you develop the practice of creating individual strategies for every eventuality: good times, bad times, in between times; rewarding and problematic situations.

How do you rate yourself at planning ahead?

Does it come easy to you or is it something you would need to work at?

DO YOU POSSESS GOOD INTERPERSONAL SKILLS?

You may be the most personable person you know but how does your personality stack up in commercial terms? You will be dealing with people on a regular basis at all ends of the spectrum: staff, suppliers, customers, creditors, debtors, etc.

Can you be objective yet affable in your dealings?

Can you learn to put self interest on the back burner when required?

WOULD YOUR SPOUSE/PARTNER SUPPORT YOUR DECISION?

Having the unconditional support of your significant other is essential if you are to make a success of running an offline business in retirement.

Will he/she feel left out or play an active part in the endevor?

Will there be arguments or agreement over finances?

On the other hand, if like me you are now alone in your third age journey you may quickly discover that entrepreneurship compensates in some small part for the loss of a partner.

CAN YOU AFFORD TO INVEST IN YOURSELF?

Perhaps for the first time ever you will be facing up to the prospect of investing not in tangibles such as a home or a motor car - but in yourself.

Can you afford it at this time in your life?

Even if you can comfortably afford it, do you really want to even if the required investment is modest, or would you rather keep the money in the bank?

As with most things in life you have choices but only you can decide what’s best for you.

HOW ARE YOU AT HANDLING SETBACKS?

What happens when you meet the odd inevitable setback?

Will you wonder what on earth you’ve let yourself in for in what should be a less stressful time of your life?

Conversely, do you possess the steeliness to convert apparent stumbling blocks into opportunities?

Do you have the grit and enthusiasm to persevere and overcome in temporary adversity?

WHAT ABOUT THE FINANIAL SIDE OF MATTERS?

If you were an employee during your working life, do you really have a thorough enough understanding of the financial side of running your own business? To bring yourself up to speed, would you be prepared to take advantage of the abundance of free tuition that exists on acquiring commercial nous?

ARE YOU READY TO CAPITALISE ON MAJOR CHANGE?

Your entry into the third age is a major change in its own right and for some, a culture shock.

Are you ready to consider the implications of adding to your altered circumstances by starting a demanding offline business in retirement to make the most of change?

Would taking this route cause you anxiety or would you be confident about turning the transformation to your advantage?

DO YOU HAVE SPECIAL SKILLS?

Do you have special skills that would distinguish your business from the run of the mill? If so, consider yourself fortunate. Skills that are rare are always in demand and constitute the lynchpin for a successful enterprise.

Rate yourself and if on balance you feel you have what it takes to succeed, go for it...

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