Many people over 50 are putting their skills and experience to work in their own businesses.
Retirement is no longer the destination it used to be. If you’re like many Aussies who are heading into their later years after a lifetime of developing skills and expertise, you undoubtedly have more to offer, not less. If you’re thinking about starting your own business or considering how you’ll keep sharing your skills and experience in your later years, you’re not alone.
Many Aussies are blazing the trail into self-employment after retirement. And one of the effects of the increasing number of people venturing beyond retirement is the rising number of groups forming to provide guidance and help for older Aussies as they navigate through change in the digital age.
Many older Aussies are far from ready to retire into the armchair just yet. Life after work can be a time for harnessing passions and creating new ways to help others or generate income.
If you’re thinking about going out on your own, you may be aiming to find your true purpose—what you really want to do. Are you inspired by ideas about getting involved in an area that interests you personally, creating something new or just giving back? New ventures can give you fresh energy and a renewed sense of purpose.
Here are some things for you to consider if you’re thinking about foraying into the world as a senior entrepreneur:
1. What do you love doing?
Find ways to be involved in doing the things you love. Follow your passion and aim to reap rewards on all levels: financially, mentally and emotionally. Working on something that interests you personally can be more sustainable and rewarding because a labour of love doesn’t feel like work.
2. Find like-minded people.
Find people who share your interests regardless of any age differences. Discussing ideas with people experienced in the areas you may not be familiar with can lift your ideas from the drawing board into reality, without you having to pay for expensive mistakes. Communities like Hub Australia provide co-working services for small businesses.
3. Start small.
By following in the footsteps of other successful people, you can start with small steps and test your ideas and decisions along the way without it costing you dearly. You’ll be able to see if an idea works or not—and adapt quickly as you learn what your market wants. Because there are no guarantees in business, it can be costly to risk everything on one idea.
4. Get financially organised.
The most valuable thing you can do to help yourself is to get on top of things financially. If your savings are on the line and the way you’ll earn money is changing, come and have a chat with us. You don’t have to do it all alone—together we can make sure everything’s arranged so you’ll be better off, not worse.
Help is at hand
If you’re aiming to go out on your own, consider contacting organisations like the SeniorPreneurs Foundation or Elderberry—groups like these can help you connect with other people who are forging ahead to become their own bosses and continue sharing their invaluable skills and experience on their own terms.
As you’re weighing up the pros and cons or wondering if or how you can become a senior entrepreneur, come and see us. We can help you manage the financial implications of being in business and any impacts on your government entitlements.
You have some great ideas, but have a few more questions?
We are always here to help guide you on your financial journey. Contact us for advice on how to get started or have your current situation reviewed, call us on 02 9328 0876.
General Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Please seek personal financial advice prior to acting on this information.