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The wheels don’t stop turning in your head just because you’ve retired. In fact, some of the top entrepreneurs in the world didn’t get their start until later in life. American icon and KFC founder Colonel Sanders, for example, didn’t hit his stride with the fast-food chain until the age of 62. The company’s 2021 brand value was estimated at $5.4 billion. Source: Statista

In other words, to quote the famous adage: age is just a number. People still have great ideas well into their 60s and 70s — it’s up to you to decide what you want to do with them. They don’t have to be extremely grand in scope, either. If you’d like to become an entrepreneur after you retire, start by following a passion you’ve always wanted to pursue.

We know starting fresh with an entrepreneurial venture isn’t easy, but you must start somewhere. To help, we’ve compiled a few vital pieces of advice we want to offer retirees looking to become entrepreneurs.

Draw On Years of Workplace Experience

As a retiree, the primary advantage you have over a young entrepreneur is experience. You’ve seen it all. You’ve been through it all. Your years of work experience have helped you understand success and failure on a deeper level. This understanding can be your secret weapon when pursuing an entrepreneurial venture.

If you’ve worked in a similar industry to the one, you’re hoping to become an entrepreneur in now — you’re already ahead of the curve. You’ll know how that industry functions without ever opening shop. Everything that a previous employer did well or poorly are things you can use as a blueprint for success.

Make Sure You Follow a Passion

Great ideas are great ideas. With that in mind, do you really want to spend your retirement putting effort into an entrepreneurial venture you hate? Probably not. Even if you see big dollar signs emanating from this idea, it’s not worth pursuing. You’ll end up being miserable, and the potential money won’t bring you any extra satisfaction.

If you really want to be an entrepreneur in retirement — pursue a passion. Whether that’s finance or fishing, it must be your passion. As most successful entrepreneurs will tell you, chasing money alone will only lead to frustration and disappointment. You need to find things you already love doing and identify the sweet spot where you may be able to make your passion profitable.

Don’t Put All Your Financial Eggs in One Basket

No matter how excited you are about your new-found entrepreneurial vision, there’s no need to go all in. Even if you have a good pension and some solid investments, don’t bury yourself financially to pursue an entrepreneurial venture.

Some helpful hints:

Align your new business with financial feasibility

Accept that the venture simply may not work out

Make friends with technology and the Internet

Seek help when you need it

Remember that you're retired

If you’re serious about becoming an entrepreneur in retirement, the first thing you should do is sit down with a Certified Financial Planner (CFP) and talk about it. They will be able to tell you how much money you should invest in this idea without sacrificing the quality of life you currently enjoy in retirement.

Want to sit down with and advisor to find out how you can pursue your entrepreneurial aspirations? All you have to do is get in touch with us, and we’ll arrange an appointment with an experienced financial advisor who can help.

Our trusted team of experienced advisors can help you work out the financial details of selling your business with care and confidence. Contact us today!