Act 2: Starting a Business in Retirement

senior business

Many seniors decide to launch post-retirement businesses as a way to capitalize on their skill sets, connections, and professional history. If this is something you’re considering, in addition to determining what product or service you’ll sell, identifying your target market is a critical pre-launch step. Freelancer Mum Blog can offer insights and inspiration as you get your venture off the ground and moving!

Benefits of Starting a Business

For active seniors, retirement may mean ending one job, but it doesn’t need to mean the end of professional life. You may find personal satisfaction passing your knowledge along to a new generation in the form of consulting, or of going in an entirely different direction and monetizing a hobby. It can be a way to work on your own terms, doing what brings you the most fulfillment, and it can help you augment your retirement accounts by boosting your income. Starting your own business can become a family venture, allow you to travel, or even find creative ways to solve business-related problems others in your industry have not yet identified.

Where to Start

The first step in building your business is narrowing the focus of what you’ll do. Some managers zero in on holes they see in their industries and find novel ways to fill them. For example, maybe you envision a new way of managing accounting for small businesses, or you have an idea for a new approach to employee motivation that will help companies retain staffers and improve morale. Once you identify the problem you want to solve, consider the potential target market for your business. Is it individuals? Companies? Consultants? Recruiters? Determining your market will allow you to custom design outreach strategies to put your products and services front and center. You’ll also want to study your competition to find ways to set yourself apart.

Develop a Marketing Strategy

As part of operational planning, you’ll want to write business and marketing plans. Business planning guides the day-to-day functions and long-term financial planning of your company, while a marketing strategy zeros in on how best to reach potential clients. According to Social Media Today, an easy-to-navigate website, promotional materials, and a social media presence can all help ensure you have the tools in place for marketing your business. Make a point to join industry and business associations, which can open the doors to partnering and collaborating with other small business owners and help amplify your messaging. You might also look for ways to volunteer in your community as a way to raise your image and establish a reputation for being a good corporate steward.

Use Your Network

You likely have an even greater network of potential customers, clients, and collaborators than you know, and according to USA Today, this is the time to reach out and capitalize. Start building connections on platforms like LinkedIn, get in touch with former colleagues, friends, and family members, and ask them all to help you spread the word about your new business. Offer special deals during the early months, like discounts on certain products or services or freebies for those who refer new business your way. As your company gets up and moving, ask for regular feedback from customers so you can continually improve your services and your offerings. Providing a superior customer experience can help keep people coming back to you on a regular basis.

Starting a business as a senior allows you to capitalize on your years of experience, your knowledge, and your connections. It can allow you to create an ongoing revenue stream while you share your expertise and build something of your own from the ground up! Careful preparation that includes market research can put you on the road to success.

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