Written By: Jim McKinley There are many different reasons for starting a new venture after entering retirement. Maybe you want to pursue a business idea you never had a chance to realize before, or maybe you miss putting your knowledge and skills to work. No matter what’s driving you, your first priority needs to be keeping your financial future secure and intact. Check Your Perspective Your first step toward developing a successful business during retirement is developing a realistic fiscal outlook. As Inc. explains, thinking in terms of the financial future is a must. Even if you retired at a young age, are currently economically sound, and are in great health, you need a strategy oriented toward long-term success on all fronts. According to some statistics, nearly a third of all retirees must dedicate 40 percent of their retirement income toward existing debts, and if you have a situation where you’re starting out your business barely making ends meet, you are more apt live with stress and financial struggle instead of making good headway. Examine Debts Acknowledge any debts you have, including your mortgage. If you already owe money to creditors, make it a point to become debt-free as soon as possible. It might be a good time to downsize your home, and you should examine what you have in your retirement savings. Also, take a hard look at your credit report and examine it for any accounts that don’t belong to you, clerical errors such as incorrect dates, or old debts which should be removed. According to ConsumersAdvocate.org, investing in a credit repair service can mean entering into your new business venture with solid financial footing and better peace of mind for your golden years. Solidify Your Plan Once you have a good feel for your financial position, take an earnest look at what you expect to be doing. US News notes the largest part of success for small business owners is making a solid business plan, which includes recognizing an existing need and then finding a way to meet it. Are you offering the right product or service at the right time? Do you already have the abilities to fill that niche, or do you need to invest in special equipment or training? Some retirees turn a hobby into a small business, such as making handyman repairs, landscaping, or selling handcrafted items online. You might decide to be a real estate agent, in which case you should check the requirements where you live. Resources for Funds According to the Muse, if your business idea requires a substantial investment, you might decide to take out a loan or find investors willing to help finance your endeavor. You could reach out to friends and family members through crowdfunding, or connect with specific people you think might be as passionate about your idea as you are. Think about the need you intend to meet as well as who will be impacted and how. Be creative in your outreach, be ready to pitch your idea, and you might be pleasantly surprised at the outcome. Pathways and Exits How long do you plan to work at your new venture? Depending on your objective, you might only intend to work for a set number of years. For instance, some people work until they reach a particular financial goal or a specific age, while others develop their businesses with the intention of passing it along to someone else later. Have a plan in place for how you will later exit your business. Your business’s legal structure can help determine your exit strategy as much as your goals, and certain formats can also help protect your personal finances. You may wish to explore the AARP’s entrepreneurial resources when deciding how to proceed. Taking on a new venture during retirement is a big step. So, weigh your situation carefully to ensure your financial well-being. With some careful planning, you can start a new business without risking your future.

Mark Zuckerberg is generating a lot of headlines. It’s too early yet to know if the old cliché “there’s no such thing as bad publicity” will eventually apply. But, what we definitely know is this is a company with too much going on at one time. Now, the merits of the scandal are in hot debate. On one hand, it’s a new practice but some marketers have come forward to explain this is just business-as-usual. Regardless, it’s started a conversation about privacy, advertising practices, and personal information security. However, this only touches the surface of the real problem — Facebook is too big. The Facebook-Google Duopoly Example Over the past few years, there’s been a lot of talk about the Google-Facebook duopoly. Now, it’s more apparent than ever these two companies are the center of the internet. Even more important is what this teaches us. Both companies are currently under heavy scrutiny — a result of their massive scales. Each company is far more than their core missions. Google is part of Alphabet, a huge conglomerate. As for Facebook, it owns Instagram, WhatsApp, Oculus, and more. Getting bigger means that you need to get more organized. Working fast and loose may have been fine for your small team of superstars, but it won’t work as well with a bigger group. As your ranks grow and positions that were filled by individuals transform into teams of people, the need to stay organized becomes amplified. —Inc.com The point here is Google is not just a search engine. Nor is Facebook only a social media network. Both are a lot more. Now, let’s distill this down to the world of small business. It’s only natural to grow and expand into new territory. The question is, when does that compromise the company’s core? In other words, growth isn’t always a good thing. How to Get Back to Business Basics One critical lesson here is the fact that when a business grows, does it grow to meet the needs of its customers? Or, does it expand to other areas for the sake of chasing profit. Of course, there’s nothing wrong with adding new revenue streams. But, there is something very wrong about letting it harm core competency. Here’s a few suggestions for how to get back to business basics: Listen to your customers. More customers are one sign that your business is growing. As your customer base increases, it becomes more and more difficult to stay in-touch. So, start listening in earnest again. There are several ways to do this beyond personal interaction, if necessary. Surveys, email, and more are valuable resources. Give your team a real voice. Just because your business is larger doesn’t mean that you need to only rely on a few key people. Chances are excellent, there are team members under management who have valuable input. Solicit from them periodically and take their insight to heart. Purge all the extra stuff. When a company grows beyond its initial offerings, it breaks its old parameters. Which means often journeying out to untested waters. Problems inevitably ensue. So, stop trying to force what’s not working and let it go. Get an outside perspective. Companies can easily lose sight of their identity. If a random person can’t immediately identify what your company does, or names off a bunch of things confusingly, that’s a bad sign. Bring in an experienced business coach to give you that much-needed outside perspective. Have you experienced a time when you needed to get back to basics? What other advice would you offer? Please share your thoughts and experiences by joining the conversation! Interested in learning more about business? Then just visit Waters Business Consulting Group.