Should You Start A Business in Retirement?

Updated: Oct 15, 2020

Retirement is being reinvented. It's no longer just retiring and doing some travel, but it's about a new phase of life! A phase that can be a dream, or a nightmare.

Some retirees may choose to start, open, or buy a business and run it as their preferred way to spend their retirement years. That can be a dream, or a nightmare, particularly if you are using your retirement funds to pay for the start up costs and payroll for a period of time.

I don't watch a lot of "reality TV", but I do enjoy some of the business reality shows and I have learned a lot from them. Travel Channel's "Hotel: Impossible" with Anthony Melchiorri, Food Network's "Restaurant: Impossible" with Robert Irvine, and Fox's "Kitchen Nightmares" and "Hotel Hell" with Gordon Ramsay are all shows we can learn various business lessons from.

I have watched most of these shows, and there's a bottom line that I can point to for success: If you've never been in that business, don't assume that it's going to be easy to do. Underestimating the risk and the job of running these businesses is how people become unfortunate or reluctant business owners with plenty of resentment.