10 questions to ask yourself before you start your own business
It will take more than a good product or service and hard work alone won’t always be enough. Perhaps most importantly, are you willing to learn? You should not expect to know everything from the start and you won’t get everything right. But providing you learn from your mistakes, recognise your weaknesses and capitalise on your strengths, success will be that much easier. 1.Are you committed to running a business in retirement?Personal commitment calls for certain disciplines. Retirement means you have time on your hands to pursue leisure interests that you only ever dreamed about while you when you were working.
Do you really want to limit this freedom? Your own business will require enormous amounts of time and effort. 2. Are you capable of making decisions on your own?You can listen to advice from other people, but when it comes to making crucial commercial you will be out there on your own.
Does the prospect faze you or are you capable of taking it all in your stride? 3. Can you plan ahead for all eventualities?Success comes sooner when you develop the practice of creating individual strategies for every eventuality: good times, bad times, in between times.
How do you rate yourself at planning ahead? Does it come easy to you or is it something you would need to work at? 4. Do you get on well with people?You may be the most personable person you know but how does your personality stack up in commercial terms? You will be dealing with people at both ends of the spectrum: staff and customers.
Can you be objective yet affable in your dealings? Can you learn to put self interest on the back burner when required? 5. Will your spouse/partner be behind you and your decision?Having their unconditional support is essential if you are to make a success of running a business in retirement.
Will he/she feel left out or play an active part in the endeavour? Will there be arguments or agreement over finances?
If like me you are now alone in your third age journey you may quickly discover that entrepreneurship compensates in part for the loss of a partner. 6. Can you afford to invest in yourself?Perhaps for the first time ever you will be facing up to the prospect of investing not in tangibles such as a home or a car - but in yourself. Can you afford it at this time in your life?
Even if you can comfortably afford it, do you really want to - even if the required investment is modest? Or would you rather keep the money in the bank? 7. Can you handle unexpected setbacks?What happens when you meet the odd inevitable occasion when things go wrong? Will you wonder what on earth you’ve let yourself in for at what should be a less stressful time of your life?
Conversely, do you possess the steeliness to convert apparent stumbling blocks into opportunities?
Do you have the grit and enthusiasm to persevere and overcome any temporary adversity? 8. Do you understand the financial side of running a business?If you were an employee during your working life, do you really have a thorough enough understanding of the financial side of running your own business?
To bring yourself up to speed, would you be prepared to take advantage of the abundance of free tuition that exists on acquiring commercial nous? It’s there but it does take time and you are unlikely to survive without it. 9. Are you ready to consider and make the most of change?Your entry into the third age is a major change in its own right. You need to consider what will be the implications of adding to your altered circumstances by starting a business in retirement? Would taking this route cause you anxiety or would you be confident about turning the transformation to your advantage? 10. Do you have expertise that would set your business apart?If so, consider yourself fortunate.
Skills that are rare are always in demand and constitute the lynchpin for a successful enterprise.
Rate yourself now as an embryo third age entrepreneur and if on balance you feel you have what it takes to succeed, go for it. Written by Jim Green
Earn Money in Retirement How to draw on a lifetime of experience to supplement your pension by Jim Green. Published by howtobooks
This article was created: 25 July 2006.
This article was last edited: 14 November 2006.
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