Essential Business Plan for Twenty-first Century Retirees – The population of seniors are growing faster in this twenty-first century. Many are retiring yearly and joining this group. Therefore, more seniors need business plan before venturing into the start-up business world regularly. They want to know home based business ideas for retirees, jobs to do after retirement and lucrative businesses for retirees
Launch Your Own Business in Retirement!
If you are about retiring, you have to learn how you can launch your own business in retirement. Starting a business in retirement can be a way to pursue a passion, enjoy an intellectual challenge or simply boost your income. How do you turn your passion into profit venture? This is what this article wants to address.
Essential Business Plan for Twenty-first Century Retirees
Table of Contents
Perhaps you’ve done some official engagements that gave you some business ideas, and now you want to leverage on them and start your own business. With a wealth of work experience and good-sized nest eggs, many seniors are well positioned to succeed as entrepreneurs. But they are not all you need to succeed in this venture. You need also a good business plan. You need to do the following:
Take Stock of Yourself:
To start with, you need to take stock of yourself now. This stock taking will emphasis on your health, time available for you and the cash you have in hand or would soon have. What is your age? How stable is your health? In this condition, how many hours can you afford to manage this business?
What Time Do You Have?
The answers to these questions will determine the type of investment you will get into. If you are still physically strong, then you can be active in running your business. This is one start-up process you have cleared.
In relation to this is the amount of time you can afford. If you can afford about six hour daily, then you can do well. Otherwise, you have to hire a manager who will run the business for you. By the way, what else do you do with your time? Ensure that such things are good enough to account for what you will be paying the manager. That is what economists call the ‘opportunity cost’ of your decision.
Essential Business Plan for Twenty-first Century Retirees
What Cash Do You Have?
I didn’t forget availability of cash. The cash you have will determine the type of business you can get into. So that you can start big or small. Yea! How much cash do you have? Can you get more cash from other sources? Do you need an investor? May be you can go for a partnership. At this juncture, I wish to advise that you look for a business coach. Cash matters – matter a lot. Get a consultant to help you out here. The earlier you do this the better for you.
What Business Ideas Do You Have?
Did you say, you have good business ideas? Did I hear that you acquired a lot of experience while at work in the area of the business you want to get into? Oh! You are one of those who say, let me get the cash I know what to do? The time has come. You have to decide on the business line you want to deal on.
Remember to look at the supply and demand chain side of the business you are interest in. These inter-linked processes called Value Chain should be able to accommodate your business. If you don’t find your business in a lucrative part of this operational chain of the industry you are interested in, you can’t survive in it. Let’s go on!
Can You Do Without a Business Plan?
Do a business plan for the business. Many have abandoned their dream business ideas after the business plan, because, the business plan revealed that the business is not feasible for him with his official experiences, time and cash availability.
You can do an elaborate business plan. Such plan will look at your business for the next three years at least. Others could go for five years or more. It will also look at your capital outlay, turnover, and running expenses and suggest if the business can go on or not. Business plan will give you the Break-even point of your business.
Essential Business Plan for Twenty-first Century Retirees
You can also do a simple business plan. Simple business plan will manage you the way you are now. It’s not going to go far in future. It can be for one year or six months.
You can also do a one page or a two-page business plan. You can manage this by yourself. It’s a quick one that tells you what to do from time to time. As you finish one, you update by stating the next assignment.
Don’t Ignore the Business Plan:
Whichever one you are able to do, use it as your travel compass. Set a time line for all the activities, and time line to pause and assess performance. Therefore, review and update your business plan periodically. Remember, the business plan will not do the business for you. It will only guide you.
Again. If you forget the business plan in your operations, that is, you ignore it while doing the business, it will also ignore you. It could be so late that by the time you refer to the business plan you find out that you have made grievous irrevocable mistakes.
First Year Assessment:
After one year, take stock of your operations so far. Where are you heading to? Did you keep proper business records? Were you able to separate your business from you domestic affairs? What are the special features of the business you now know? Any business secret? How do you intend to handle this?
There are still more questions to generate from your one year operations. This is meant to equip you to start off with the second year smoothly.
Essential Business Plan for Twenty-first Century Retirees
The Second year Assessment:
Did the first year experience help you? Any growth signal? What are your strength, weakness, opportunities, and environmental threats? Is this business still ‘okay’ for you?
Business Review:
The above review process is good for all type of business plan – one-page, simple or elaborate business plan. Do you always do your financial reports – Audited financial statements yearly?
As a retiree who had spent about 35 years working for salary, the above processes are necessary for you. Please it’s not like the official things that are never taken seriously. If you do that here, you fail.
Related to Essential Business Plan for Retirees are:key components of a business plan, components of business plan in entrepreneurship, Smart Business Ideas for Retirees, Retirement Planning Tips for Small Business Owners,Retirees, Turn Your Passion Into a Business.
I know many of you know more about official tactics than business tactics, this is business. If you take your official behaviour into your business, you may fail.
Credit Instruments:
You may not know how to go about measures that could sustain business, you may need a coach. For instance, I know that many of you do your business 100% in cash, if you do that in business you may fail also. You have to know about certain credit facilities/instruments that will help your business grow.
Credit Financing Instruments:
Bank letter of guarantee, letter of comfort, irrevocable letter of credit and standing order payments are some of the instruments you need to learn about. You also need to learn about purchase credit facilities and the terms attached to them. A good arrangement will ensure your stock is always updated. You must also know how to keep or honour credit/trade arrangements.
You also need to know when you need an investor and the type. Do you know anything about angel investors? What about debenture holding? Can you give out a certain shareholding of your business to another partner?
Twenty-first Century Retirees
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Twenty-first Century Retirees
I have raised a lot of questions in this article that you may not be able to answer all. Don’t worry. I can help out. Just let me know your need. I will give you free business coaching for one year.
Finally on Twenty-first Century Retirees, Endeavour to share this with your friends and well wishers. If you are an organised cooperatives, I will be pleased to address you on how to manage your retirement businesses. Just keep in touch with this web site through our Facebook, tweeter handle and other social media platforms for your business plan, registration, coaching, and other business tips.
Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
