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Are you thinking of buying a business later in life? Here is some useful information on how to own a business but still enjoy your retirement.
We are living for longer and this means that we need our pensions and savings to last for more years than previous generations. There are also, often, market circumstances beyond our control that might push us into retirement before we are ready- financially or personally.
Therefore, there are a lot of people that are looking for ways to keep earning money into what were previously thought of as retirement years.
One way that is a great option for those with an entrepreneurial spirit is to buy a business that will give you the balance to enjoy retirement while still earning an income. Read on to discover how this is possible.
In the UK, it is becoming more and more popular for those over the age of 65 to become their own boss and run their own business. One of the reasons for this is the longer life expectancy. This isn’t something that will change any time soon and, instead is a trend that is set to continue.
There are also many people who are forced out of their jobs before they are ready for retirement. For example, through redundancies or due to ill health. If it was not your choice to retire, you may be especially keen to take your future into your own hands by running your own business.
Running a business is not all roses and this will be true even in your retirement. If you are going to enjoy your retirement and run a business, you should make sure that you choose something that you have the skills for.
Doing something that you have no experience in will mean you spend a lot of your time trying to get to grips with the industry. If you find a business to run where you are able to do something that you have the knowledge and know-how for, you should be able to do it without as much trouble.
You have had years to master your skills and gain experience in certain fields. Now is your time to cash in on this. Use your years to your advantage and run a business that requires the skills you have to make it a success.
If this is a business that you are running during your retirement, you should probably also choose something that you are passionate about or that brings you joy. Your golden years should be spent doing something you enjoy, if possible, so carefully choose a business that you can love.
Buying a business will also give you the opportunity to take over an operation that is already up and running with systems in place. Starting a business from scratch will take a lot more time and energy. If you are hoping to have a more balanced life, this might not be the option for you.
Buying a business will, however, require a larger capital investment. It is not advised that you spend all of your retirement savings on a business venture so think about your options carefully. If you are able to, consult a financial advisor on the matter.
A route to business ownership that you could take is to buy a franchise. If you choose the right one and you are confident about the relationship that you will have with the franchisor, you can run a business and still have support from a larger company.
As a franchisee, you will have the support and training from an established brand. This can allow you to jump into running a business without the same hassle that comes from trying to build a brand from scratch.
You need to know what you are hoping to achieve from becoming a business owner in your retirement years. How long do you see yourself running the business for? Will you sell the business when you are ready to move on from it? Will you pass it on to your children?
Depending on what your end goal is, you may run the business in different ways. It is vital that you have a clear plan in place before you embark on this journey. There, of course, plenty of business opportunities for you choose from that you will be able to enjoy in your retirement.
By Jo Thornley, Head of Brand and Partnerships at Dynamis. Joining in 2005 to co-ordinate PR and communications and produce editorial across all business brands. She earned her spurs managing the communications strategy and now creates and develops partnerships between BusinessesForSale.com, FranchiseSales.com and PropertySales.com and likeminded companies.