5 Tips for Entrepreneurship Following Retirement

January 03, 2022
5 Tips for Entrepreneurship Following Retirement

After years of work comes a time that its mere mention scares some: retirement. However, these days it is increasingly common for recent retirees to want to continue working, but for themselves. They use the knowledge and relationships established over decades in the workforce to venture out and start their own businesses. While pursuing the business ideas that they have dreamed of over the years, they are also creating jobs and contributing to the development of the island. They also remain productive while supplementing their income and increasing their capital.

If you are close to retiring, consider these recommendations that can help you start working on your own, and successfully, following retirement:

  1. Find the necessary support

After years of contributing to the success or vision of your employer the opportunity has arrived to be the leader of your own business. But doing it on your own, without any support, can be an uphill struggle. A good first step is to become a member of the Puerto Rico Chamber of Commerce and take part in the events it organizes regularly. During these events, entrepreneurs network and become aware of the different opportunities available locally as well as the options for marketing and developing work teams.

  1. Set your hours

Now that you are the leader of your own business you have the freedom to set your agenda and work schedule. It is now up to you to decide how many hours to work and under what terms.

  1. Select the right industry

Developing a business sounds very nice but it is important to know whether there is demand for your idea and what your competition is. After that, you should analyze whether you have the financial capacity on your own or if you need a loan to launch your business.

  1. Surround yourself with the best when creating your team

Some business ideas simply need your presence and labor. However, you will usually have to surround yourself with employees or collaborators to make your entrepreneurial dream a reality. Recruiting a good work team is key for success. When picking the members of your team, select professionals who are trained to be up to the challenge and know how to work in a group. It is also important that they are enthusiastic and believe in your business idea.

  1. Make an impact with your business

Develop a business idea that adds value to others. For example, new businesses emerged amid the COVID-19 pandemic to meet current needs: restaurants, cleaning services and food-delivery businesses. Find a niche that interests you that also contributes to the development of Puerto Rico. That will surely inspire you keep striving as an entrepreneur every day.

To learn about more tools to grow your business ideas visit our Business Education Center.

This article is for informational purposes only and does not constitute an endorsement or guarantee of accuracy or applicability for any particular purpose. Neither Popular nor any of its affiliates, subsidiaries, or related companies shall be liable for any special, direct, or indirect harm stemming from the information contained in this article. Should you require further information or guidance on the subject of this article, you should always seek the advice of a competent professional of your choice.