QUESTION ON Starting a Business After Retirement
In February of this year I fell in love with painting. Started taking lessons at a facility that 3 women rented. One taught dance, one piano and the other, of course, taught painting. The facility was less than desirable and on a second floor with a steep flight of stairs. I have been looking for something to do after my retirement, about 12 years away, and thought how our community really needs a place that would provide activities for children as well as retired people. I would like to set up an “Academy” of sorts for the purpose of providing the activities above. Classes for children, crafts for the retired, perhaps a craft store for supplies and consignment sales. Eventually expanding to sewing for ladies crafts and perhaps acting theater for children. The problem is I don’t know a thing about how to start a business. Of course, financing is the biggest stumbling block. Any suggestions?
What an inspiring and fun idea! Determine right now that you won’t let it slip away from you. This is the place that so many people get “stuck”, and quit looking for answers. Since you have 12 years to make this happen – and I congratulate you for starting early — you have plenty of time to work out a plan that can be practical and yet keep you moving in that direction.
Here’s my advice:
1. Write down 3 specific goals that will take you in the direction of your dream.
These goals need to be very specific. For example, instead of just *thinking* that you need to save some money for this venture, write down “Save $100/month for the next 144 months (12 months x 12 years) using the automatic savings withdrawal plan of my employer for a total of $14,400. Invest for additional return”. Start the savings account TODAY, with whatever amount you choose, even if it’s $1/week in an envelope in your underwear drawer! Write out 2 more goals related to your dream just as specific (write and re-write them until they say exactly What you are going to do, When, and How.) They might include researching where you want to set up your Academy, or what other people have been doing, or learning additional skills that you will need, etc. You get the idea.
2. Constantly remind yourself of your goals
Next print them out in big letters and post them where you will see them every day — on the refrigerator, in your car, on your computer.
3. Track your progress
It will also be important that you track your actions. Because you have a long lead time — which is great — it may be harder to keep up your momentum every day. Sometimes a Dream Board can be beneficial in helping you do this. Just get a piece of poster board or foam board, and start to collect pictures, words, etc. out of magazines that resemble what you see your life like in retirement. Let it come to life! Take it out of the *wishing* category, and create some concrete actions that will take you slowly but deliberately in the direction you want to go.
Recommended Resources Starting a Business After Retirement
- Start Your Own Home Business After 50: How to Survive, Thrive, and Earn the Income You Deserve!
- Best Home Businesses for People 50+
- Encore Entrepreneurs: The Baby Boomer’s Guide to Reinventing Your Life (The Reinvention of Your Business Pedigree)
- 100 Best Retirement Businesses
- Second Careers: New Ways to Work after 50
Article originally published in July 2002. About the Author:
- Book: The Last Chance Millionaire
- Retirement Plans as a Source of Business Capital
- How to Find a Job After 50
- Self-Employed 401K: Retirement and Tax Savings Tool for Small Businesses
- Four Ways to Protect and Enlarge Your Nest Egg