Being an entrepreneur means doing things your own way, starting your own thing and creating your own structures and methods. So if this is the case is it any surprise that an entrepreneur would see how to retire differently? It’s difficult to shake the bug of wanting to create and build something so we can see entrepreneurs remaining active in many different ways.
What To Do With Your Businesses
The first decision when considering retirement is what to do with your businesses? You could simply cease trading and close the doors but if you really have the entrepreneurial spirit then this would seem an unlikely course of action unless you had problems in the business. You could leave the business running and appoint a management team or new directors, this is tempting as if things go well you’ll still receive dividends from the profits but would you be satisfied not being involved and how tempted would you be to step back in? Of course, you can simply sell it on as a going concern and be done with it receiving all the proceeds from the sale.
Should You Start A New Venture In Retirement?
Once the dust settles and you are fully retired are you not going to be tempted to start again and try out another business? You may have had an idea that was risky or a passion project and never had the time, now might be the perfect moment for that sort of venture. You could always use your business expertise to hire yourself out as a consultant to others in the industry.
Ways Of Funding This
You may be wondering what is the best way to fund any new ventures at this time? Well obviously if you have cash sitting around form the sale of your businesses then that’s a clear obvious option, but it’s a well-known fact that entrepreneurs often are well off on paper but have their funds continually tied up in investments. So how can you finance this? Well, loans are one option or releasing equity tied up in your property, which is easy to find out how using Key’s equity release calculator.
What Size Of Venture Should You Take Up
Now if you have retired with the view to a quieter life but just can’t bear to be doing nothing then why not consider starting a really small business? Something you can do from home can be really rewarding, perhaps using some of your skills you can work creating and selling home-made products or advisory services using your business experience.
Is It Really About The Money Now?
You may well still have the drive and notion to be successful and see things you’ve done successfully. But is it about the money anymore now that you’ve reached retirement age? You could put your skills to good use in a charity or social venture and having all the skills to build something that will benefit others.
