Being entrepreneur after retirement is a process of great change in our lives. Change the habit of working as an employee who is always associated with regulatory and corporate culture for decades. After retirement and filling, the rest of life is not easy. We must make choices anyway.
One option that many take is being entrepreneur after retirement. There are sniper tactics in dealing with new life as entrepreneur after retirement. Being Entrepreneur after retirement absolutely needs to changes the ways of thinking (mindset). A worker who used to hang the income from the company such as allowances, salary, and bonuses now must be able to manage existing funds. It is either from savings during the period of employment and severance pay, to provide for the rest of life. It means that any business must have good hopes, and will create a revenue (income) replacement.
How do we start being entrepreneur after retirement?
The first thing to do is strengthen your courage. Many people become discouraged employers from not being able to overcome fear to start being Entrepreneur after retirement. Fear of failure (bankruptcy), and many fear fooled fears the other.
Started being Entrepreneur after retirement by developing original ideas and unique. Most important How unique and original your idea. If you do not like it, you will do it half-heartedly. Something that we do with half a heart, the result cannot be maximizing, and create the difference of your business products. It is what makes lasting difference to your business. After that, your business plan well.
Being Entrepreneur after retirement started with personal financial planning after receiving severance pay from the company. This severance pay to ensure the financial maintained after retirement. Once our defense is personal financial well planned. The rest of the remaining severance utilized as the development of capital assets we have. Less wise if all available funds are entirely as capital utilized. There should be a reserve fund to deal with the possibility of our efforts are not going well.
Set aside the cost of living. Being Entrepreneur after retirement there are two things will happen, you do not profit or loss. Early efforts are beginning the process of learning. Of course, the risk cannot print large enough profit and have no routine income. That is why, we need putting aside our living expenses for at least 6 to 12 months. Living costs calculated based on the average spending our routine every month. Funds for living expenses can be save in liquid financial instruments (liquid).
Form an emergency fund. Age who are not young anymore usually require a relatively larger funds to maintain health than when we were young. Set aside some funds for this purpose before Being Entrepreneur after retirement. Minimum 3 months fee equivalent of our lives. The Emergency Fund can be stored in a relatively liquid instruments, but possess the capability development is quite good value.
There are still dependents of Education Child? Set aside as needed in the form of education insurance funds, funds of children education or other instruments. Make sure the numbers available are in accordance with actual needs to meet current and future value (future value) until the child has finished college. If not enough, set aside some of severance pay to meet those needs.
The ratio between reserve funds and venture capital suggested are as follows:
Take 70% advantage of reserve funds to be able to grow through investment. Placement of the instruments can reserve fund investment instruments that are conservative, moderate, given the risk profile of investment as a retired. Instruments can be selected include deposits, mutual funds or fixed income mutual mixture.
The working capital is Thirty percent. Why venture capital for ‘only’ 30%? Start Being Entrepreneur after retirement that is actually a relatively new activity for you. You will face the worst possible risks, which failed. Failure in Being Entrepreneur after retirement is one of the learning processes. Experience of failure is what will make you more astute in business. This means getting closer to your business success. Remember, the success of Being Entrepreneur after retirement determined by how many times he was able to rise from its failures. With the reserve fund, your ability to bounce back the financial side is still wide open.
The ideas of entrepreneur after retirement
Well now, the defense of your personal finance has been forming. You can focus your efforts to continue planning Being Entrepreneur after retirement.
Your ideas as the main capital you can synergize with the power of financial capital available. Try to use own capital used to start Being Entrepreneur after retirement that your path. After running the business in line with expectations, the additional capital in the form of business loans from banks worth considering.
The next plan entrepreneur after retirement
The next plan is dependent on the type of business you are going to run. Make a detail plan as possible. The more detailed your plan, the easier it will address the power (strength), weakness (weakness), chance (opportunity) and threats (threatens) of Being Entrepreneur after retirements. This will greatly assist the management of the business you are always on the right track and the right direction. Enrich your intellectual ability to read the relevant literature.
You have dropped the option Being Entrepreneur after retirement. You be the head not the tail. No matter your body is large or small, it is depending on how you manage Being Entrepreneur after retirement. Do not worry science and technology business management today is very advanced and easy. You just apply it.
The business world can be analogous to the queue. Who came first, will get a chance first. So do not delay your intention Being Entrepreneur after retirement. Manifest immediately.