Starting a different type of business
If you’re no longer relying on your self-employment as your sole source of income, it gives you the freedom to try out other business ideas. Later in life you may have settled any mortgage, and now have your pension to cover some of your costs.
It could be the perfect time to pursue a hobby or interest, which could also earn you some additional money. You may have built up a legal or accountancy company, but always dreamed of selling paintings or photography, for example.
The income from your pension and any other investments will also mean there’s less pressure on you to turn a profit immediately. Which means you can spend more time enjoying the process of starting a completely different kind of business from those you’ve created or worked in until now.
You could also turn your skills to starting a charity, non-profit or social enterprise to make a positive change in the world.
Becoming a mentor
You might decide you want to share your advice, guidance, and feedback with other people in your retirement, without necessarily receiving any payment for your time. While advisors are usually compensated in some way, mentors often offer their support for free (although the reverse can also be true, and the topic of paid mentorship can provide some heated debate).
What you get in return is the chance to help someone through their professional career, and hopefully sharing in their success. Mentoring can also help you to improve as a listener, promotes continuous learning, and your mentee might also teach you some new things.
A stereotypical example might involve an experienced marketing director offering insight into traditional routes to customers, while a young mentee teaches them about the opportunities offered by new technology.
On a personal level, it can also provide the mentor with the chance to socialise and grow their network, and give you the satisfaction of seeing your experience used to help someone else.
Growing your business?
Whatever growth means to you - whether it's gaining more clients, charging more, taking on employees, upskilling, or something completely different - IPSE has everything you need to take your business to the next level.
Explore our roadmap for successful business growth, and take our questionnaire to find out what your next business steps are and how to break through whatever is holding you back.
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