How Are You Planning For Retirement?

Some of us are very passionate about our hobbies and get a great deal of enjoyment out of them. When we retire, we may want to consider turning those hobbies into something more.

But running a business, no matter how passionate you are about the industry brings with it a lot more than just spending time doing something you enjoy,

If you have never run your own business before there may be a considerable learning curve.

Some aspects can be hired out, while others may require consulting with a professional. For example building a website or social media management can be hired out to people who enjoy doing that work. Consulting with an attorney and CPA will help avoid any legal or tax issues when creating a business entity.

Beyond the nuts and bolts of creating a new business there are other important aspects to consider before taking the leap.

Enjoyment

Nothing sucks the life out of a fun activity more than having to do it when you don't want to. I love to write and have done a lot of freelance writing in a variety of formats over the years. But I don't always 'feel' like sitting down at the computer and banging out an article or a chapter for my latest book. But freelance writing often comes with a deadline, and I may not have a choice about when I get to write.

Another reality is that there is a lot more to running a business than doing the fun thing you enjoy.

I have spent a lot of time finding clients and jobs over the years. This is going to be a fact of life for any new business - how much time are you willing to spend on the marketing and business development aspect? What about the financial side - keeping track of expenses and following up to get invoices paid?

Some things can be hired out, but you will still need to understand the basics.

Time Commitment

The nice thing about owning your own business is you can decide exactly how much time you are willing to put into it. I am a big fan of online businesses because they cost less to set up and you have more control over your time. If you are thinking of opening a brick-and-mortar business there will be a lot more involved.

As a freelance writer I was able to pick the platforms I used to find jobs and create a schedule that worked for me. There were years when I didn't write anything at all because my life didn't allow for it, but other times when I was writing every day. I can also write anywhere - so when I am traveling, I can still work as my schedule and desire allows.

Coaching and consulting are another area where you can set your own hours and be very flexible.

Support System

As someone who has built many online businesses over the years, I can tell you that having a support system in place is essential.

If you have some business background or experience, there will still be hard days and having people around you who support what you are doing can keep you going when you want to quit.

If you have never built a business before, finding mentors can make the process much easier. You won't even know the right questions to ask, let alone the answers that will work for you. Building a network of other entrepreneurs is a great way to help your business succeed.

Success

Speaking of success, it will be important to define what that means for you. Building a hobby into a business because you really enjoy it is entirely different than launching a side-gig because you need the money.

Success may be a specific dollar amount or number of clients or products shipped. But it could also be feeling a sense of purpose, providing meaningful social interactions or creating structure in your life.

Don't limit yourself to what the 'world' says should be important to you. This is your retirement, and you can build the future you want.

Practical Steps

In the interest of being completely transparent I used to do some coaching for online entrepreneurs and have a book available on Amazon, Success Guaranteed: 9 Lies Online Entrepreneurs Need to Know (if you are a Kindle Unlimited subscriber I think you can read it for free) If you happen to live in the United State and want a copy, let me know - I have a box full in my closet and would be happy to ship you one. (First come, first serve.)

Now having said that here are a few practical tips to get you started:

1. Identify your ideal client and target audience - do some research to determine if there is a market for the business you want to start. This can be as simple as realizing the number of people who come to you for help.
2. Create a business plan - develop a detailed plan, including goals so you know what you need to do and the order in which it should be done.
3. Start networking - In today's world business success is built on relationships. You can start building them long before your official business launch - yes even introverts should do some networking
4. Go Slow - WARNING - the first time you search for anything about building an online business you are likely to be overwhelmed with people who offer to help you for a fee - there is an entire industry around online entrepreneurs and there are a lot of sharks. Take your time if you are going to hire people - do your research and make informed decisions.

Turning your hobby into a business can be very rewarding, providing a lot of satisfaction and filling some of those empty areas that are created when you retire. However, it is important to approach it thoughtfully to ensure you are adding value to your retirement.

Deciding if you should turn your hobby into a business is only 1 question to ask when thinking about your retirement. There is so much more to it than making sure you won't outlive your money.

Click the link below to request your retirement checklist and find out if you are ready to retire.