Business Owner Retirement Escape Plan
You’ve made it!
You’re finally at the stage in life where you are considering removing the hard work from your time and replacing it with nothing but pleasure. This is what you have worked for your entire life – the fruits of your labor and the time to really enjoy yourself. First things first then: How do entrepreneurs actually retire?
Entrepreneurship can be a whirlwind and take up a large portion of your time. Therefore, it is no easy task to plot your escape route. However, it IS possible.
How to make Half-Retirement part of your business owner escape plan
With Half-Retirement, you need to plan ahead, so your previous efforts don’t deteriorate, and you can keep up the quality of life you are used to by protecting your investments. You can do this by educating yourself, preparing yourself, and putting it all into action.
What does Half-Retirement consist of ?
There are a number of things you can do to begin your Half-Retirement. Some of these things you will have done a million times before, whereas others may be new to you. Regardless, this can be an exciting process for entrepreneurs, as you are beginning to take back control of your life.
Here are just a few of the things you will encounter when getting ready for Half-Retirement:
Systematizing and automating
Refining your processes, so they can become self-sufficient or easier to delegate is essential when you are thinking about Half-Retirement. This is one of the easiest ways to transition your workload into becoming a part of your business that your presence is no longer essential for. Doing this means it is easier for you to capture more spare time and keep it, because your business will be prepared to handle your absence.
Delegation
Finding the right people, with the right skills, to handle any tasks you want to handover is another big factor when wanting to work towards a successful Half-Retirement. It is not wise, nor advised, to leave any of your essential tasks in the hands of people who are going to do them wrong, resulting in more damage than good. Finding the right person or people for the tasks will make your life easier and keep your business healthy, so you can continue to reap the benefits of what you’ve built. Eventually, you may even want to think about appointing a mini-me or successor. You can learn more about doing this here.
Filling skill gaps
As you consider the tasks you need to get rid of in order to achieve Half-Retirement, you may discover there is a skill gap that you need to bridge to prevent problems when removing your presence from the business. Here are a few things you may need to consider:
Will your staff require training?
Can you automate or systematize your work so that you can share the tasks between several people or make it easier for someone who doesn’t have your skills?
Should you consider making tutorials for your work?
Regardless of which skill gaps may exist, being prepared for this possibility is essential, so you do not leave your business unprepared for your absence and increase your likelihood of experiencing a financial loss.
Preparing your workforce
As you are an integral part of your business, it is highly unlikely your workforce will be 100% prepared for your transition into Half-Retirement without you making an effort to help them adjust. You will need a strategy in place in order to achieve this. Your business has been under your guidance for a long time, so to help your staff move forward, you may want to consider the following:
Empowering staff members to start making their own decisions
Encouraging people to lead in your absence
Inspiring commitment to business objectives
Your workforce will thank you for anything you do to make this change easier for them, and furthermore, you will be less likely to encounter problems or financial losses.
Preparing yourself for change
If you are comfortable with the concept of taking a step back from your business and allowing someone else to take the reins, fantastic – you’re halfway there!
Others may not find it quite so easy to digest. This is why you need to prepare yourself in advance to enjoy the transition that you are about to make and pump yourself up enough to put it into action. View Half-Retirement as a chance to focus on your objectives and dreams and reconnect with what you enjoy about your work, rather than as a loss or sign that you are getting older. The more comfortable you are with this mindset, the easier you will find it to let go of some control of your business while trusting others to take care of things on your behalf.
Want to know more about Half-Retirement?
You can learn more about Half-Retirement by doing your research or by seeking advice from experts. If you do choose to seek help, we have a range of useful courses, resources, and tutorials that you can take advantage of to increase your ability to make this transition. You do not have to approach Half-Retirement on your own. By the end of our course, we are confident you will be both empowered and prepared to take back your spare time without a negative impact on your business.
