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Business is one of our four pillars to a successful cash flow retirement- the others being retirement income, investing, and real estate. Many people are afraid to start a business because of the complexities of running a company.
I am here to tell you that your business can be anything that you want it to be. If you’re going to work one hour a week, then that is what you can work. You do not have a boss or a limit to your minimum or maximum workload.
As we increase in age, we lose our desire to put in long hours and take risks. Of course, these feelings are understandable, but let’s look at the benefits of starting a small business. For the purposes of this article, our company will generate $500-$1,000/month.
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Extra income. The best part of starting a business is the extra income. My favorite part of having an extra income stream is the ability to turn up the amount when necessary. For example, if you are making $500/month doing woodworking, you can make more products if you need extra money.
Diversify. If you are older, chances are you are living on a fixed income. Nothing steals freedom more than fixed income. Bringing in $500-$1,000/month can be a life-changer for most retirees. And, having diversification from the stock market and real estate is vital to long-term survival.
Job satisfaction. I can tell you from experience; nothing satisfies you like building a business from the bottom. I started my Kindle business, and it has been my shining light over the last few months. No one is too old to have something they can be proud of and enjoy.
Heirs. Anything you start may be able to be passed on to your children or grandchildren. The hardest part of starting a business is discovering what works and doesn’t. If you do all the legwork, you can pass this information to your heirs. They also can assist you with your projects, making the family stronger than ever.
Now that I have your attention, I can already hear the next question, “But what kind of business can I start?” Yes, it might seem complicated to start a business, especially if you are not computer savvy. But there are lots of things that do not require much internet use.
Online business. If you are computer savvy and would prefer to work from home, online is a viable option. Some online companies are selling products on Amazon, Esty, or Shopify. If you like making trinkets that are something local to your hometown, they would probably do well. Ensure you do market research first.
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Physical business. You would want to do this type of business from home. Check your zoning and local regulations before you begin. It can be something like woodworking, welding, glass making, artwork, or pottery for a home business. The key here is to build a larger audience outside of your immediate area. My recommendation would be to start a Facebook Group. You can gather a following and make sales to a broader audience.
Social media business. I consider YouTube, Blogs, etc., as social media businesses. These media businesses are great because they can be in addition to your other companies. For example, you can do woodworking and make a YouTube channel about your woodworking adventures. The knowledge gap can be intense in the beginning, but the financial upside is unlimited.
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Consulting. You did something throughout your life to make money, and others want to go into this profession. Consulting would be a healthy option, especially if you loved what you did during your working days. Remember, you can combine this with social media businesses as well. Also, you can leverage prior relationships to build an instant client base.
Don’t just run out there and start a business. Business is a mindset. You have to become an entrepreneur to run a business. Most of us were not naturally born to be entrepreneurs, but we can convert our perspective.
I’ll give you some quick advice. Entrepreneurs only get paid when they provide value to others. Ensure you leverage automation to maximize your business and minimize your workload. It takes time to build an audience; there is no magic formula to success- just hard work, consistency, and providing value.
Resource. Here are some articles that I wrote on business.
6 Traits of a Successful Entrepreneur
New Business? How to Identify, Target, and Memorize Your Audience
Automation and Your New Business
Here are some influential books that I have read on business and the entrepreneurial mindset.
5 Takeaways from “The Practice.”
5 Takeaways from “Ca$hvertising.”
5 Takeaways from “Company of One.”
5 Takeaways from “The 4-Hour Work Week.”
5 Takeaways from “The Millionaire Fastlane.”
Hopefully, I provided you a little value. This article wasn’t the end-all-be-all because there are too many variables to starting a small business. The most critical constraint for me is time. I want to ensure I have time available for my kids and grandkids. Everything else is secondary.
I recommend finding your constraint and working around it- whether it is time, money, or ability to perform work. As we move into retirement age, having multiple income streams, diversifying, and staying busy is of utmost importance. Starting a business can assist you in all these pillars of freedom.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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