Moonlighting Your Way to Retirepreneurship

Many Boomers are actively employed, but they’re thinking about launching a business to take into retirement – either to stay engaged in work they enjoy OR to build another income stream for retirement.

Working a job while launching a business requires patience, persistence, and a bit of finesse. With the growth of online business, it’s very possible to generate meaningful income in your spare time, but you’ll need to be very disciplined in these early months and years. If you struggle with holding yourself accountable to other personal goals, you will likely struggle with holding yourself accountable to this plan, too.

Here are five tips for Moonlighting Retirepreneurs:

1. Do Your Homework: If you’re considering a direct selling (aka MLM, network marketing) opportunity, make sure you’re passionate about what you’re peddling. Speak with others in the selling channel to understand more about the company and income opportunity – and check the BBB and FTC for complaints, too. If you’re looking at starting something totally new, seek out trusted advisors who are working that market for advice and check out the competition.
2. Write a Business Plan: As Lincoln once said, “If I had eight hours to chop down a tree, I’d spend six hours sharpening my ax.” Not sure where to start? Check out this earlier Retirepreneur post: 5 Things – #5: Map Out Your Plan
   
3. Schedule Time Each Week to Work Your Plan: Take a look at your current job and the time investments needed to continue performing at satisfactory levels. Now shift your gaze to your home life and start keeping a log to understand exactly where you’re spending discretionary time. Identify things you’ll give up (TV?) or scale back to free up time for your business.
4. Scope Out Your Financial Picture: Have you figured out exactly how much income you’ll need in retirement? I was surprised by a recent Employment Benefit Research Institute survey that found only 53% of workers 55 and older have tried to calculate retirement income needs. Sharpen your pencil, set a target, save more, spend less, and adjust your forecast regularly. How much money will you need to invest in this business? Where will you find that money? CLICK HERE for funding ideas from an earlier post.
5. Set Deadlines and Milestones: I don’t know about you, but when I have tasks without deadlines, they tend to drag on indefinitely. Think about all that needs to happen to get your business going and map out deadlines for accomplishing each item. Instead of staring down a huge endeavor, chunk it down into more manageable pieces. Now, gaze 3-5 years into the future and set big-picture milestone goals for your business. Celebrate your accomplishments, stay focused, and you’ll be on your way to a more fulfilling retirement down the road.

In future posts, we’ll share success stories, especially for those Moonlighting Retirepreneurs out there.