How I Became a Successful Entrepreneur After Retiring
Retirement isn’t always the end of a career; sometimes, it leads to the beginning of a new one. Many retirees find they need or want to return to work, seeking things like fulfillment and productivity.
Read Next: I’m a Financial Planner: 5 Ways Not To Spend Down Your Savings in Retirement
Find Out: 6 Unusual Ways To Make Extra Money (That Actually Work)
If you’re curious about taking a bold new path after retiring, consider the journey of people who became successful entrepreneurs post-retirement. Learn what steps they took, how they are making money now and how they may be thriving more than ever before.
Wealthy people know the best money secrets. Learn how to copy them.
Medical Doctor Turned Author and Podcaster
Jordan Grumet, author of “The Purpose Code” and host of the “Earn & Invest” podcast, said that after he retired from practicing medicine at 45, he started several small businesses that are now thriving and creating a life of purpose and joy. “They also happen to make a little bit of money,” he said.
“My first business consists of writing books, public speaking and purpose coaching,” he explained. “After retiring from medicine, I found I had a lot of experience with end-of-life and dealing with people in their worst life situations. This helped me transition to using this knowledge to help people.”
Grumet said that another one of his businesses is the “Earn & Invest” podcast. “My new passion for personal finance allowed me to realize that I could retire early at 45,” he said. “This segued into the creation of a podcast where I interview people on business, real estate, financial independence and life.”
He is also still involved in the medical field. “And finally, after retiring, I realized there were parts of medicine I still like. So I was able to fashion a small consulting business where I help run nurse practitioner practices as well as act as a part-time hospice medical director,” he said.
Check Out: Retirement Savings: 4 Expenses Retirees Regret Keeping in Their Budgets, According to Experts
Pros and Cons of Entrepreneurship
Grumet said that the joy of entrepreneurship following retirement is that the pressure to make money disappears and you can find the freedom to pursue intriguing and rewarding business ideas.
“Although I make money at all the above ventures, I would likely do them even if I wasn’t getting paid. This makes entrepreneurship less stressful and much less frustrating,” he said. “The only con, that I can think of, is that I am not as driven to succeed as I was when I was concerned with making a living. I am less hungry.”
Executive Vice President of Marketing and Sales Turned Company Owner
Before Sean Clough retired, he was an executive vice president of marketing and sales at a pen startup.
However, in 2011, he started Harmony Lab & Safety Supplies because he saw an opportunity to fill a growing demand for specialized equipment in the healthcare and research sectors.
“The need for high-quality, reliable lab and safety supplies was becoming paramount, and I recognized a gap in the market that I knew I could fill with my extensive experience in marketing and sales,” he explained.
Pros and Cons of Entrepreneurship
Clough said that, as an entrepreneur, he has the flexibility to set his own schedule, which allows him to balance work commitments with his personal life more effectively.
“This autonomy has given me the chance to pursue passions, spend time with family and engage in activities that I enjoy, all while maintaining a thriving business,” he explained. “Additionally, I am able to directly see the impact of my hard work and efforts on the growth and success of my company.”
However, Clough said that being an entrepreneur also comes with its own set of challenges.
“There is a significant level of risk involved in starting and running a business — financial, personal and emotional,” he said. “As the sole decision-maker, I have to make tough choices and take calculated risks constantly. There is also a high level of uncertainty, especially in the early stages, as there is no guarantee of success. It’s a constant learning experience that requires perseverance, resilience and adaptability.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: How I Became a Successful Entrepreneur After Retiring
