Employee to Entrepreneur: A Big Retirement Transition

In this new stage of your life you can make an exciting retirement transition from being what you’ve always been to creating an interesting, exciting and profitable new life as an entrepreneur. You can generate your own wealth, and the steps to achieve your goal are simple and easy to follow.

Man saying We Can Do It about his Retirement Transition

The world of business today

It has been estimated that half of the world’s population will be accessing the internet from mobile devices by 2020 compared with 34.9% having any access to the internet in June 2012. That is a huge increase in less than a decade. Worldwide there were over 2.41 billion monthly active users Facebook users in June 2019, with around an 8% increase each year.  The impact of technology on our lives is a dynamic force that can’t be ignored.

The internet is a major part of our life in so many ways. You can shop online, book tickets, see inside houses for sale, chat live to your friends and family across the road or across the globe, do your banking online; and of course it’s possible to run a successful business from your computer at home or even your phone.

Just think about these Internet facts for a moment.

  • It’s a marketplace which never closes
  • Billions of dollars of business are transacted every year
  • The technology makes doing business so much cheaper and simpler
  • The World Wide Web is constantly growing and expanding.

Many business models

Many people, when considering a business, automatically think of using the expertise they have built up through their lifetime of work and that is a great way to make a smooth and profitable transition to retirement.  Promoting your services as a consultant or coach may be the obvious choice for you if you have high-level skills.  But if you decide to pursue any business you will need to learn how to market your services online or be prepared to pay someone else to market your services for you.

You may want to do something completely different from your past occupation. There are so many ways of operating an online business that you are spoilt for choice.

A huge variety of business models exist, with many of them requiring little or no start-up costs, few overheads and advantage of being able to be run successfully from home.

But while the opportunities exist, not every opportunity suits every person.

This is all about being the person you want to be, creating the lifestyle you want to live. Whatever you decide to do has to complement and allow you to live the life you want to live.

Starting a business is major career change and must be thought through just as you would do if you were considering a new job.  If the thought of having your own business brings you out in a rash, then this is probably a good time to stop reading this and plan the lifestyle that you want in the future, completely forgetting about the business side of things. If you are more interested in employment then there are many helpful blog posts to assist you at BoomersNextStep Career section.

Employee to Entrepreneur: A Big Retirement Transition

Does the thought of being entrepreneurial interest you?

If you are interested in considering some sort of business as part of your transition to retirement then you need to give some thought to these ‘career’ questions.

  • What skills, experience and interests do you have?
  • In what environment do you work best?
  • When is work fun for you?
  • Are you an expert in some area of knowledge that interests many other people?
  • Are there people or businesses that would benefit from your experience?
  • Do you have a passion that can be shared with others?
  • This is your opportunity to bring these ideas together, to recreate the way you work.

Before you start anything it is good to think the whole idea through.  Have a clear plan and be focused on what needs to be done.

But I’ve never done anything like that!

Now some of you may immediately point out that you have never been an entrepreneur, let alone an online wizard, so how on earth can you be expected to take the plunge? That’s a very good question. The simple answer is to find someone who can educate and guide you.

And therein lies a potential problem. As in all walks of life there are the good guys and the crooks. Sadly there are people who are quick to charm and slow to deliver. You must avoid the scams and be sceptical of the exaggerations of potential income.  Sadly I’m speaking from first hand experience!

Guidelines to keep you and your money safe

  • Understand that the internet is the world’s largest marketplace
  • Be aware that knowledge will save you time, money and anguish.
  • Only trust companies and individuals with integrity, who are renowned for delivering what you want
  • Choose a business model that suits your personal work preferences, your skills and your interests.
  • Avoid gimmicks and great promises that are not backed by genuine assistance.
  • Recognise the difference between sparkle and substance.  Avoid ‘bright shiny objects’!
  • Learn from the successes and mistakes of others.

Keep a very open mind.  It is so easy to dismiss opportunities that seem outside your current reality.

Be cautious but don’t be afraid.

During your retirement transition you will be gathering information, planning and learning who to trust. Just like any form of business there are people you don’t want to get involved with but there are also very genuine good people working online who are keen to help you and have the knowledge and systems that you need.

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Jenni Proctor