#5: When retirement is on the horizon. You may be looking forward to retirement because finally you’ll have no boss breathing down your neck and no set schedule. You’ll be free to travel, pursue your hobbies, sleep in, and more. But before you know it, you might miss feeling challenged and purposeful. Moreover, you might be constrained by a tighter-than-anticipated budget. The solution: Start a business while you’re still at work and carry on running it (all part-time!) after you say “see ya!” to your old job.
“Once again, it’s best if you can get the small business ball rolling three years from your walk-away date,” Castrina says. “But what if you’re planning on moving somewhere new to spend your retirement? In that case, I recommend living off of your retirement income, whether it’s a pension, savings, and/or Social Security, until you can set something up in your new location. Even before you move, you can start researching your future home to see what types of services might be needed there. With the right preparation, you can use your natural strengths and passions, never work more than 20 hours per week, and enjoy the retirement you’ve always dreamed about.”
“Believe me, I know that the idea of becoming an entrepreneur is intimidating—especially if something big is looming in your life,” Castrina concludes. “But if you’re smart about it, set up a business that fills a need in your area, and follow a specific set of rules, your company can be the solution to your problem instead of causing you more stress. So stop procrastinating. There’s no time like the present to start becoming your own boss!”
Sean C. Castrina is the author of 8 Unbreakable Rules for Business Start-Up Success (Champion Publishing, 2013, ISBN: 978-0-989-10456-2, $14.87, www.newbizcoach.org) and the soon-to-be-released 8 Unbreakable Rules for Small Business Dominance. He is also founder of newbizcoach.org. A successful business coach and a true entrepreneur, he has started over 15 successful companies over the last 18 years. His companies have ranged from retail, direct mail marketing, and advertising to real estate development and home services. Sean is a sought-after speaker and can speak with authority on what it takes to start, sustain, and grow a business.
Sean offers a two-day seminar in Charlottesville four times per year that will take an aspiring entrepreneur from dreaming to leaving with a business ready to run. His staff qualifies potential service businesses in your area that offer the most profit and lack competition. See www.newbizcoach.org for more information.