Not ready to retire? This could be for many reasons. Actually, I found it difficult to let go and retire from my main career because I enjoyed it very much, but I desired the time to pursue other activities.
In order to supplement my income on a semi-retired basis, I planned and prepared to build an online business in order to stay engaged in life and earn money as well. Whether it is money or other reasons for not being ready to retire, there are steps that can be taken to prepare for and create the proper time to retire.
The Entrepreneurial Adventure of Semi-Retirement
Let’s first get an understanding of what this means. According to the Godfather of Entrepreneurship Studies at Harvard Business School, Professor Howard Stevenson, entrepreneurship is a strong and definite focus on an opportunity regardless of current resources. So this does imply dealing with a good amount of uncertainty in pursuit of one’s goal.
An article by Tom Eisenmann of Harvard University, “Entrepreneurship: A Working Definition”, will provide greater clarity along these lines. His definition may surprise you a bit, but most definitely it will extend your overall understanding.
Now let’s address semi-retirement. Since I have already written quite a bit on this subject, I refer you to an article I wrote not too long ago called “What Is Semi-Retirement? Let’s Find Out”. In that article, I give you a pretty good idea of what to expect given your individual desires and circumstances.
In any event, semi-retirement can provide the needs resources to be able to retire and enjoy a balanced life of work and fun activities. As through all stages of life, there will be certain levels of uncertainty but that’s what adds to the excitement of the adventure.
Now let’s explore a few entrepreneurial pursuits to generate income as well as challenge us to expand and grow. Some of the keys to being an entrepreneur are as follows:
- doing the right amount of research,
- having or obtaining the needed financing if it is a business you are looking to build or acquire,
- developing the idea,
- managing the process,
- and last but not least taking some risk.
Not Ready To Retire? — Getting Proactive
Now we can all prepare for retirement in the best way that works for us. Incorporating an entrepreneurial pursuit along the way can speed up that process and add some real zest and vigor to our lives. Creating an additional income that can be carried into retirement is ideal for many.
It is never too soon to get started on a project of interest that is not only interesting and enjoyable but that provides a nice extra stream of income. This is possible for everyone given the right mindset and willingness to follow through on what needs to be done to make this happen.
It may require learning some new skills, or brushing up on some old ones, but this is just part of the journey. Having the patience to take things one step at a time will soon provide the desired result. Not ready to retire will no longer be an issue.
Now for a few strategies for entrepreneurs whether just beginning or having been on the journey a while:
- Create an initial plan — it is rather important knowing where you want to go and having a few initial steps outlined. Of course, things will change along the way as you gather more experience and data.
- Organize your ideas — create a picture in your mind of how you desire things to go
- Continual education — spend time each day learning more on your main area of focus. Become more and more of an expert and the go-to-person in your niche
- Networking — get out there and meet people remotely and/or in-person through forums, networking events, workshops, seminars, and any other venue you can think of
- Strong commitment — if this is something you really want to do “never quit”. If someone can succeed in this area anyone can. Success is a process that takes a lot of energy to get started, gets messy in the middle when we are tempted to give up, and brings great rewards at the end of the journey in terms of money, growth, and self-development.
A proactive approach is what is needed to generate the flow of income as an entrepreneur. For many, it is easier to get a part-time job or stay working in a current job for as long as possible. That’s perfectly fine. We are all different people with different needs. It’s a matter of choice.
How We Retire is Our Choice
Many people are not ready to retire for one reason or another. Each of us has different situations as well as different needs and desires. It is our choice where we go from here.
Regardless of age, this type of contemplation and planning is valuable. The important factor to keep in mind is that there are options available. Many more than we can currently imagine.
By doing some research into areas of interest we will not only gather valuable insights but meet new people who have already achieved what we desire. What initially appeared to be an unrealistic dream, all of a sudden becomes an attainable reality.
For instance, some may want to start a particular type of business but are reluctant because of a lack of financing. A little bit of research will reveal many sources of loans, grants, and equity investments that are currently available and for which you may be eligible.
The whole point here is not ready to retire right this moment is okay as preparation is the key. When you find something you really want to do the inspiration and motivation will kick in. Many viable ways to get it done will suddenly appear. Anything is possible once we let go of limiting ideas, and expand our thinking in unlimited ways.
It just takes on new insight or idea that makes sense to you, and that you believe has the potential to set you in a new exciting direction. This one new idea will take you into uncharted territory and lead to many unexpected treasures and rewards.
Whether you are ready or not ready to retire, I look forward that these previous few paragraphs stimulated a few ideas for you to take action in the direction you most desire to go. Always remember that with proper thought and application anything is possible.
All the very Best,
Joseph William
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Thanks so much for sharing a good article to read to learn more how we all can prepare to retire, whether is for a reson or another, there is much yet to learn about this new life. I like your idea of getting prepare for when this new stage of life comes, and getting something to work on will help many to get the money they need to make a good living, as in many countries there is a good pension plan but in some other countries there is not, I think the internet is helping many to learn more about how to create an online business based on what people love to do and make some money from it, your article will help many as it helped me.
Thanks Alejandra. I appreciate your comments. Online marketing has opened up many retirement options. Being semi-retired while building different income sources is fun and profitable. All the Best.
I am not ready to retire yet but I am preparing for it! As you mention preparation is one of the keys! There are so many ways to earn extra income and for many of us, a little extra at retirement is most welcome to be able to do the things we want to do without worrying about the money! I chose to start a blog and affiliate marketing because it is still the best way to make passive income while enjoying life at retirement ! Thank you for your helpful advice and rich article!
Thanks so much for your thoughts and insights on my article. Affiliate marketing is a great way to go to earn additional income and even speed up the retirement process to transition to semi-retirement. All the Best.
I am a long way off from retiring, but it is never to early to plan for it! I hope to make a passive income from multiple different streams of income but I am not there yet! I am a big fan of continuing education!
Thanks for your thoughts Brianna on my article. Much appreciated. All the Best.
Your article is great, Joseph! It’s clean and precise and one that makes it easy for someone like me to share. I recently turned 51 and will admit as I’m on short-term disability at the moment, I have no desire to go back to the job that injured me in the first place. I’ve been making the most out of my “temporary semi-retirement” as a means to exercise as many options as possible so that I can keep myself working, but on my own terms.
Thanks, Millie. I appreciate your comments and thoughts. You have many options available once you connect your true desire with your heart. You will express yourself effortlessly in your endeavors from that point. You will address all challenges along the way. All the Best.
I believe that building a business especially when you reach these years is a great way to keep working. You can enjoy your golden years while building a lucrative business.
Thanks Norman. I totally agree. Building a business keeps us engaged in life as well as producing extra streams of income. All the Best.
Hi Joseph. I’m not ready to retire just yet. I know I have plenty to do to keep me occupied building my website, but in my heart I know I’m still not ready. Thank you for your post.
Thank you for your thoughts on this article Yvonne. Planning our ideal retirement lifestyle will bring it to us in the right time and in the right way. All the Best.
Currently, I’m on short-term disability and have been keeping myself busy between internet marketing, freelance writing, and a variety of other activities that have been generating a nice little income where I’m hoping I can catapult myself to a position where I don’t have to return to a job I really don’t want anything more to do with. I love working, but the job that got me injured to begin with isn’t one I’m anxious to go back to.
So, what you’ve shared here, Joseph is very helpful for someone like me. I’m 51 and would much rather be doing work that matches my niche more closely.
Thanks for sharing, Millie. I look forward that you are able to positions yourself enough not to return to an unfulfilling job. All the very Best.