Retirement doesn’t always mean the end of a career. Sometimes it’s the beginning of a new one. Many retirees need or want to go back to work, either for fulfillment or productivity.
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If you’re interested in embarking on a bold new path after retirement, consider the journeys of people who became successful entrepreneurs after retirement. Learn what steps they took, how they make money now, and why they may be more thriving than ever before.
From doctor to author to podcaster
Jordan Grumet, author of “The Purpose Code” and host of the “Earn & Invest” podcast, said that after he retired from medicine at age 45, he started several small businesses that are now successful and have created a life of purpose and joy. “Those businesses also happen to make a little bit of money,” he said.
“My first business was book writing, public speaking, and purpose coaching,” he explained, “After retiring as a physician, I realized I had a lot of experience working with people at the end of life and at the worst point in their lives. This helped me transition to using this knowledge to help people.”
Grumet said his other venture is the “Earn & Invest” podcast. “My newfound passion for personal finance led me to realize I could retire early at 45,” he said. “This led me to create the podcast where I interview people about business, real estate, financial independence and life.”
He’s still in the medical field, “and after I retired, I finally realized there were parts of medicine I still loved, so I started a small consulting firm, helped run a nurse practitioner clinic and acted as a part-time hospice medical director,” he said.
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The pros and cons of starting a business
Gurmeet said the joy of starting a business after retirement is that it removes the pressure to make money and gives you the freedom to pursue interesting and challenging business ideas.
“I make money from all of the above businesses and would probably continue to do them even if there was no compensation, so it makes starting a business less stressful and a lot less frustrating,” he said. “The only downside I can think of is that I’m not as driven to succeed as I was when I was concerned about making a living. I’m not as hungry as I was before.”
From Executive Vice President of Marketing and Sales to Company Owner
Sean Clough served as executive vice president of marketing and sales for Penn Startups before retiring.
But in 2011, he founded Harmony Lab & Safety Supplies, seeing an opportunity to meet the growing demand for specialized equipment in the healthcare and research sectors.
“The need for high-quality, reliable laboratory and safety supplies was becoming critical and I saw a gap in the market that I knew I could fill with my extensive experience in marketing and sales,” he explained.
The pros and cons of starting a business
Clough said that as an entrepreneur, he has the freedom to set his own schedule, which allows him to balance his work and personal life more effectively.
“This autonomy has given me the opportunity to pursue my passions, spend time with my family and engage in the activities I love, all while continuing to keep my business thriving,” he explained. “Plus, I get to see firsthand how my hard work and efforts have impacted the company’s growth and success.”
But being an entrepreneur comes with its own challenges, Clough said.
“Starting and running a business involves a significant amount of risk – financial, personal and emotional,” he says. “As the sole decision maker, I constantly have to make tough choices and take calculated risks. There is also a great deal 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.”
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This article originally appeared on GOBankingRates.com: How I became a successful entrepreneur after leaving my job
