Just because you've retired from the job you've had for years doesn't mean you have to leave the workforce entirely. In fact, many people find retirement to be the perfect time to finally start their own business. Just like businesses in general, some will succeed, and some will fail, but if you consider the following advice, you may be able to have a successful second career.

1. Choose an entrepreneurial path that matches your passion.

You're more likely to have a successful venture if you are passionate about the field you've chosen to enter. If you choose something you're not as interested in, you may lose the will to continue as time goes on. If you're already retired, and not doing this purely out of necessity, you may choose to view your efforts almost as a hobby, albeit one that can help you financially.

2. Align your new business with financial feasibility.

While passion is important, so is being able to afford your new venture. Your financial situation will, in many ways, play a significant role in what you're able to pursue. Are you investing in a guaranteed money-making idea? Do you have the means to support it? Do you have the means to support yourself if the business fails? Only pursue a venture that is financially feasible at this stage in your life.

3. Accept that the venture simply may not work out.

You have to be willing from the beginning to accept that your venture simply may not be successful. This is why financial feasibility should be a major consideration in your decision on what to pursue. If the venture is a necessity to your well-being, have a backup plan. If not, do your best to make it successful, but know when to cut your losses.

4. Make friends with technology and the Internet.

Technology (particularly the Internet) can be a major help to your post-retirement venture. Depending on what path you have taken, you may be able to do most of the required work from the comfort of your own home, or even while traveling around the country/world enjoying your retirement the way many envision it.

These days, many websites and applications can help you get an online business up and running, meet new people, find new business, market your goods/services to a very specific audience, and maintain a successful venture. Spend some time researching the options that apply to what it is that you want to do.

5. Seek help when you need it.

It's a good idea to familiarize yourself with aspects of running a business that you're not used to, since you'll now be wearing a variety of different hats. Still, even if you put the effort into learning more about less-familiar business functions, there will likely still be areas where the best route to take is simply to seek outside help. Get a sense of what you can and can't do effectively, and go from there.

6. Put your experience to work.

While your new business may or may not be directly related to the job you've retired from, there's no question that you've built up a great deal of experience in the workforce over the course of your career. Look for ways within your new venture to put that experience to good use. This could be directly applied to your own operations, giving talks to help others in earlier stages of their own careers, or mentoring less experienced workers/entrepreneurs.

7. Remember that you're retired.

While starting a new business venture in retirement is a great way to occupy your time and bring in some extra income, don't forget that you did, in fact, retire. Allow yourself to enjoy the freedom that comes along with that and give yourself time for recreation and relaxation. Not only have you earned the right to do so, this should help you avoid burnout.

 

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC