19 Jul 2016
Many people over 50 are putting their skills and experience to work in their own businesses.
Retirement is no longer the destination it used to be. If you’re like many Aussies who are heading
into their later years after a lifetime of developing skills and expertise, you undoubtedly have more
to offer, not less.
If you’re thinking about starting your own business or considering how you’ll keep sharing your skills
and experience in your later years, you’re not alone.
Many Aussies are blazing the trail into self-employment after retirement. And one of the effects of
the increasing number of people venturing beyond retirement is the rising number of groups
forming to provide guidance and help for older Aussies as they navigate through change in the digital
Many older Aussies are far from ready to retire into the armchair just yet. Life after work can be a
time for harnessing passions and creating new ways to help others or generate income.
If you’re thinking about going out on your own, you may be aiming to find your true purpose — what
you really want to do. Are you inspired by ideas about getting involved in an area that interests you
personally, creating something new or just giving back? New ventures can give you fresh energy and
a renewed sense of purpose.
Here are some things for you to consider if you’re thinking about foraying into the world as a senior
1. What do you love doing?
Find ways to be involved in doing the things you love. Follow your passion and aim to reap rewards
on all levels: financially, mentally and emotionally. Working on something that interests you
personally can be more sustainable and rewarding because a labour of love doesn’t feel like work.
2. Find like-minded people
Find people who share your interests regardless of any age differences. Discussing ideas with people
experienced in the areas you may not be familiar with can lift your ideas from the drawing board
into reality, without you having to pay for expensive mistakes. Communities like Hub Australia
provide co-working services for small businesses.
3. Start small
By following in the footsteps of other successful people, you can start with small steps and test your
ideas and decisions along the way without it costing you dearly. You’ll be able to see if an idea works
or not — and adapt quickly as you learn what your market wants. Because there are no guarantees
in business, it can be costly to risk everything on one idea.
4. Get financially organised
The most valuable thing you can do to help yourself is to get on top of things financially. If your
savings are on the line and the way you’ll earn money is changing, come and have a chat with us.
You don’t have to do it all alone — together we can make sure everything’s arranged so you’ll be
better off, not worse.
Help is at hand
If you’re aiming to go out on your own, consider contacting organisations like the SeniorPreneurs
Foundation or Elderberry — groups like these can help you connect with other people who are
forging ahead to become their own bosses and continue sharing their invaluable skills and
experience on their own terms.
As you’re weighing up the pros and cons or wondering if or how you can become a senior
entrepreneur, come and see us. We can help you manage the financial implications of being in
business and any impacts on your government entitlements.