Live the Life You Want
Daunting as the current environment may be, time is too fleeting to allow it to delay you from taking the steps you need to live the life you want. For those who want to start their own business, history shows that it’s not only possible to start a great new company during challenging times, it might be ideal. Shining examples are Netflix, GE, Trader Joe’s, Microsoft, Disney, and FedEx. They were all started during economic downturns.
Even if your vision for your own dream company might not be on the same scale as those giants, let me offer four reasons you should consider starting your dream business now. These reasons are especially true if you have an idea and some capital that you’ve earmarked for starting a new company once you’ve retired, even if you’re not ready to retire.
1. Stay busy.
No matter what stage of your life and career you’re at, it’s likely that Covid-19 and quarantining have given you a little extra time at home. If you’re struggling to fill those hours, ask yourself, “What am I going to do when I’m retired, and I have EIGHT extra hours to fill every day?”
One reason that many seniors put off retirement is that working gives them something to do and a sense of purpose. When retirement rolls around, many of them struggle to create a new schedule that provides that same sense of structure.
A silver lining of contending with shelter in place is the foundation you lay today for your new business while killing time in quarantine could grow into a structure that will make your retirement more fulfilling. And you don’t need to wait to begin taking advantage of this foundation to live the life you want.
2. Put your experience to use.
Many retirees look back on their careers and think, “If only I knew then what I know now, I would have …”
What would you do differently? What pitfalls would you avoid? What risks would you take? Which ideas would you chase, and which would you leave by the wayside? What strengths would you focus on? What weaknesses would you improve, or offset by creating a key partnership?
There’s so much more to your career than the skillset you’ve developed. You also have the benefit of all your experiences, the good and the bad. Use that lifetime of learning to build a better business.
3. New realities and new opportunities.
It’s very likely that the home office will soon just be “the office” for many people. That’s one example of how Covid-19 has changed how, where, when, and why we work.
But the best entrepreneurs find opportunity in disruption. Your new company might not be a brick-and-mortar operation. Instead, you might be able to invest the money you’ll save on things like rent and utilities by upgrading your technology infrastructure or building a remote support team.
Of course, the global marketplace has been disrupted too. But many professional services can survive or even thrive during disruption. Accounting, virtual administration, and expert consulting are always in demand. Other services, such as home or auto repair, landscaping, or graphic design can be provided without breaching social distancing recommendations. Your dream restaurant concept could be adapted into a cost-efficient food truck. Children who are struggling with learning at home could benefit from virtual tutoring.
Somewhere there’s a new niche that you are uniquely qualified to fill. Find it and be the first to set up shop.
4. It’s not work if you love doing it.
Retirement is when many people finally focus on the passions and interests they didn’t have time to pursue when they were working full time. Aspiring entrepreneurs have that same opportunity. Hiring yourself as CEO of your new company will allow you to focus on the parts of your work that truly inspire you.
You could also develop your talents and hobbies into an entirely different career. Open an online store and start selling the pies your friends and family go wild over. Post pictures of your latest woodworking project and see if there’s a potential customer base.
The Covid-19 pandemic has made each of us reflect on what our lives were like before and what we want them to be like going forward. If you think that dedicating some of your time and financial resources to starting your own company could put you on the path to living the life you want, schedule a meeting or virtual call with us.
I hope you find this article helpful and welcome the opportunity to discuss how we might make it a little easier for you to live the life you want with the money you have.
As always, please share this information with someone who might want to hear a grounded voice of reason provide a 2nd opinion about their financial situation and let them know that I will be happy to meet with them at no cost or obligation.
Stay safe, stay healthy, and keep washing your hands,