Remote Entrepreneurship After Retirement Offers Many AdvantagesFrom having your very first business credit card and all the benefits that that entails, to meeting people from all over the world, starting a remote company offers many advantages to retirees. Also, as you can probably imagine, your life experience is a big head start when considering entrepreneurship compared to when you’re young. However, there are many more benefits besides these.
- The benefits that life experience brings to business success
- The personal benefits retirees get from starting a new remote business
Benefits of Remote Entrepreneurship After Retirement From a Business Success StandpointWhen it comes to business, the benefits of being a retiree are numerous. With years of experience under your belt, you have a much better understanding of how businesses work and what customers need and want. In addition, you’re likely to have a large network of contacts that you can tap into for advice, mentorship, or even funding. And because a 9-to-5 job no longer ties you down, you have the freedom to work on your business full-time, meaning you can put in the long hours needed to get it off the ground.
#1 Financial LiteracyAs unfortunate as it is, most people only start worrying about their personal finance when they’re nearing retirement age. Yes, many do start investing early, but it’s not common to see someone in their 20s or early 30s breaking down their expenses into categories, tracking where their money is going every month and figuring out ways to make their resources last for as long as possible and to invest them as effectively as possible.
However, once you reach retirement age, you start worrying about where you’ll get your retirement income from, start taking a serious look at your financial health, start budgeting, and start making the decisions you need to make to secure your livelihood during your golden years. In the process, people learn a lot about how money works, taxes, mortgages, assessing risk when investing, keeping healthy credit, controlling debt, and much more.
#2 Retirees Usually Have Stronger FinancesOn a related note, another benefit of being a retiree is that you’re likely to have your finances in order. This contrasts with young entrepreneurs who are just starting and are still working on getting their financial lives together.
Additionally, if you plan well for retirement, you’ll likely have a good nest egg by the time you retire. You can devote part of that nest egg to your startup, which removes one of the biggest hurdles startup founders have to cope with: raising funds to launch their business.
#3 You Have Plenty of Experience in Your NicheWhen you’re young, you can be a successful entrepreneur in many industries because you have the time and energy to learn everything there is to know about the business you’re in. However, as you get older, it becomes harder and harder to switch industries or learn new things because you don’t have the time or patience for it. However, this can be a good thing when starting a new business.
If you’re starting a business in an industry you already know well, you have a big advantage over younger entrepreneurs. You know the ropes, what customers want and need, you know the competition, and you likely have a network of contacts that can help you get your business off the ground.
#4 You Have a Broader Professional NetworkYour professional network is usually limited to your immediate circle of friends, classmates, and colleagues when you’re young. However, as you get older and move up the corporate ladder, you have the opportunity to meet more people in your industry and develop a broader professional network.
This is important because when you’re starting a new business, it’s all about who you know. The more people you know, the easier it will be to find customers and partners, and the more likely you are to get funding for your business if you need it.
#5 You Can Leverage an Impressive CvWhile the previous four benefits are related to entrepreneurship in general, this one is more relevant to remote entrepreneurship. The thing about online businesses is that the lack of in-person interaction leads to a lack of trust from potential partners, backers and customers or leads. But if you retire after a long and successful career in any industry, you’ll have a strong CV that commands confidence.
#6 You Have the Freedom to Travel to Other Places and Meet Your Remote TeamSome remote entrepreneurs are tied down to a particular location for different reasons. Some are people who work for another company, either part-time or full-time and decide to launch their remote business to get some extra income. This is not the case with retirees.
If you’re starting a remote business after retirement, you have the freedom to travel wherever you want and work from any location. This gives you a big advantage in building your team since you can easily meet face-to-face with potential employees or contractors who live in other parts of the world.
#7 You’re More Likely to Stick to Your PlansA great business plan is completely worthless if you don’t stick to it and see it through. When you’re younger, it’s easy to get sidetracked by different things that come up in life. You might meet someone and start dating them, or you might get a great job offer and decide to procrastinate on what needs to be done to grow your business. On the other hand, if you’re retired, you’re more likely to stick to your plans since you don’t have as many distractions.
Benefits From a Personal StandpointBy now, you know that retirement makes it easier to succeed when starting a new online or remote business. However, besides the benefits from a business perspective, there are also many personal benefits of becoming a remote entrepreneur after retirement.
#1 You Can Finally Turn Your Favorite Hobby Into a BusinessDo you have a hobby that you’re passionate about? Perhaps you’ve always wanted to start a business that your field but never had the time or opportunity to do so.
#2 You Can Spend More Time With Your Family and FriendsLaunching a new business can be very time-consuming, and many retirees worry that it’s simply too much hassle. They prefer spending time at home with their grandkids and sharing the time they have left to live with their spouse or partner.
#3 You Can Fulfill Your Dream of Traveling the World While Making More IncomeOne of the most common things people want to do after retirement is travel. They finally have the time to visit all those places they’ve always wanted to see but never had the opportunity to do so.
#4 You’ll Feel Better and More ProductiveWhen you’re retired, it’s easy to feel like you’re not doing anything meaningful with your time. This can lead to feelings of depression and anxiety.
#5 It Forces You to Learn New TechnologiesThis can be a benefit or a downside, depending on how you look at it. Successful remote entrepreneurship involves leveraging all the communication and productivity tools you can use. Otherwise, it’ll be very hard to keep track of all the work that needs to be done and the people that need to be doing it.
Productivity tools like Slack, AirTable and Asana may be easy-peasy for your average millennial or gen-Z startup founder, but it’s unlikely that retirees are accustomed to working in these interactive online environments. This implies that there will be a learning curve to tackle when starting a remote company, but once you’re up the hill, it’ll all be smooth sailing the rest of the way.
The Cons to Remote Entrepreneurship After RetirementNothing is ever perfect, of course, and remote entrepreneurship does have its downsides. They do not outweigh the pros, but it’s still important to keep them in mind when starting a new business during retirement.
- You May Feel Isolated From Your Peers
- You’ll Need to Be Extra Disciplined
- You May Have Difficulty Delegating Work to Others