It’s a big decision to opt for an offline business as the route to a profitable retirement pursuit and it’s one that you should not make rashly. For a start, would you be fit for it? It will take up a huge chunk of your time (perhaps take over your life for a while at the outset), cutting severely into other retirement interests. Would you have the finances for it? Might you find it stressful dealing face to face (perhaps for the first time in your life) with your prospective customers? Perhaps most importantly, are you willing to learn? (Incidentally, if you read my book Your Retirement Masterplan you may already be familiar with much of the substance of this chapter. That’s okay; one more reading won’t hurt. It will only serve to refresh your memory ...)

There are several crucial questions that need answers before pursuing the offline route.

HOW STRONG IS YOUR COMMITMENT?

Personal commitment is germane to success and it calls for certain disciplines. Now that you are retired you have time on your hands to pursue leisure interests that you only ever dreamed about when you were working; time to take a holiday whenever you want, to visit the grandchildren on the spur of the moment and much more besides.

• Do you really want to impinge on this free time by contracting to the full-time dedication that running an offline business will entail?
• Or is your disposition such that you could comfortably combine freedom and commitment?

WOULD YOU BE CAPABLE OF MAKING YOUR OWN DECISIONS?

You can listen to advice from other people of course but when it comes to making crucial commercial decisions affecting your own business, you will be out there on your own.

• Does the prospect faze you or are you capable of taking it all in your stride?

COULD YOU PLAN AHEAD TO COPE IN ALL KINDS OF WEATHER?

Success comes sooner when you develop the practice of creating individual strategies for every eventuality: good times, bad times, in-between times; rewarding and problematic situations.

• How do you rate yourself at planning ahead?
• Does it come easy to you or is it something you would need to work at?

DO YOU POSSESS GOOD INTERPERSONAL SKILLS?

You may be the most personable person you know, but how does your personality stack up in commercial terms? You will be dealing with a variety of people on a regular basis: staff, suppliers, customers, creditors, debtors, etc.

• Can you be objective yet affable in your dealings?
• Can you learn to put self interest on the back burner when required?

WOULD YOUR SPOUSE/PARTNER SUPPORT YOUR DECISION?

Having the unconditional support of your significant other is essential if you are to make a success of running an offline business in retirement.

• Will he/she feel left out, or play an active part in the endeavour?
• Will there be argument or agreement over finances?

On the other hand, if like me you are now alone in your third age journey you may quickly discover that entrepreneurship compensates in some small part for the loss of a partner.

CAN YOU AFFORD TO INVEST IN YOURSELF?

Perhaps for the first time ever you will be facing up to the prospect of investing not in tangibles such as a home or a motor car – but in yourself.

• Can you afford it at this time in your life?
• Even if you can comfortably afford it, do you really want to, even if the required investment is modest, or would you rather keep the money in the bank?

As with most things in life you have choices, but only you can decide what’s best for you.

HOW ARE YOU AT HANDLING SETBACKS?

• What happens when you meet the odd inevitable setback?
• Will you wonder what on earth you’ve let yourself in for in what should be a less stressful time of your life?
• Conversely, do you possess the steeliness to convert apparent stumbling blocks into opportunities?
• Do you have the grit and enthusiasm to persevere and overcome in temporary adversity?

WHAT ABOUT THE FINANCIAL SIDE OF MATTERS?

If you were an employee during your working life, do you really have a thorough-enough understanding of the financial side of running your own business? To bring yourself up to speed, would you be prepared to take advantage of the abundance of free courses that exist on acquiring commercial nous?

ARE YOU READY TO CAPITALISE ON MAJOR CHANGE?

Your entry into the third age is a major change in its own right and for some, a culture shock.

• Are you ready to consider the implications of adding to your altered circumstances by starting a demanding offline business in retirement?
• Would taking this route cause you anxiety, or would you be confident about turning the transformation to your advantage?

DO YOU HAVE SPECIAL SKILLS?

Do you have special skills that would distinguish your business from the run of the mill? If so, consider yourself fortunate. Skills that are rare are always in demand and constitute the linchpin for a successful enterprise.

WHERE TO LOOK FOR HELP ON INITIAL PLANNING

Contact your local branch of a mainstream bank that specialises in small business development. Arrange an informal interview with the appropriate executive, outline your personal aims and give an indication of your current level of commercial expertise; then close this exploratory discussion by requesting their literature pack focusing on start-up support. Undertake this exercise before you settle on an idea for your retirement enterprise; it will give you a feel for what lies ahead should you decide to proceed.

Online alternative for sourcing assistance

If on the other hand you consider that it’s too soon for a one-to-one dialogue, visit www.clearlybusiness.com (a Barclays Bank online initiative) where you will find reams of valuable free information on managing your accounts, controlling cash flow, raising start-up finance and much more besides. While you’re there you can also order a copy of Starting & Running Your Own Business which will be delivered to your door in hard copy format within days. This comprehensive information wallet will provide you with a thorough grounding on the basics of planning an enterprise.

HOW TO FIND AND EVALUATE IDEAS

Start with yourself: where you are, where you’ve been, and where you’d like to be. Here are a few suggestions to get you started.

Could your leisure interests provide an opportunity?

We covered this earlier but let’s look now at some hypothetical but practical possibilities.

• Perhaps you enjoy dressmaking and have a talent for design and the creation of exclusive patterns. Is there a market in your locality for producing made-to-measure garments for busy women who just don’t have the time to shop?
• Does your hobby interest revolve around artificial floral/plant making and arranging? If so, you might consider cashing in on the growing trend of servicing local retail outlets; plants for the exterior, floral arrangements for indoors – and weddings.
• Do you have nimble fingers and a flair for macramé, mosaic art, or both? You can make key rings, belts, planters or wall hangings – and using tiny pieces of glass pebbles, tiles, or seeds you can create imaginative designs. These are ancient arts that are once again thriving. Could you supply local market traders? Ask around and show samples of your work.
• If your passion is for woodwork you might decide to specialise in a particular item or items of furniture or offer to build fittings to customers’ own specifications.

Did you enjoy what you did when you were working full time?

Not everyone wants to return to the scene of the workplace but for some it provides the launch pad for a third age offline enterprise of their own creation. If you enjoyed what you did for a living you might derive some inspiration from these factual examples.

• Retired carpet fitters frequently set up in business to service retailers and consumers alike; the retailer saves on labour costs and the consumer on price.
• Service technicians in consumer electronics often create a steady retirement income stream by offering a maintenance/repairs service to both traders and the general public.
• Retired advertising executives set themselves up as catalysts for matching clients with agencies and/or introducing new business to ad agencies.
• Publishing employees can set up as a consultant advising would-be authors and/or offer a script reading service.

Look around and see how other retirees are doing it

Look around at what other retirees get up to in the way of operating part-time offline retirement businesses. You’ll find that some of them are involved in callings like ...

• Answering service
• Antique dealership
• Bed and breakfast
• Building
• Catering
• Consulting service
• Day care
• Desktop publishing
• Florist
• Garage sales
• Garden maintenance
• Home handyman
• Image making
• Import/export
• Information broking
• Insurance broking
• Interior design
• Online auctions
• Painting and decorating
• Photography
• Plumbing
• Sundry online ventures

Several of the small businesses listed here make ideal third age offline ventures because they offer flexibility in terms of how much commitment you want to make, and for most of them you can use your own home as the base. Let’s look at a few examples:

Bed & Breakfast

I have a friend in Colchester who runs a thriving B&B in retirement. He’s now in his 70s and, like me, widowed. As he owns his property, goods and chattels, his running costs are minimal, and apart from food his only operating expense is the hire of a part-time cook cum server and housekeeper. His own involvement is marginal allowing him plenty of free time to pursue other retirement interests. Why did he choose to run a B&B? Because he had occasion to stay in many during his working life and reckoned he could do a better job than most of the establishments he visited.

Consulting Service

If you were fortunate enough in your career to acquire a skill or skills that are always in demand you would do well to consider setting up as a part-time consultant in retirement. Expertise is at a premium in all walks of industry and commerce, and isn’t always available for full-time engagement. Start-up costs are minimal, operating expenses next to nothing, and you can commit to as much or as little time on the venture as you please. Calling on old contacts to begin with, you can gradually build up an income-generating clientele who will value the wisdom that accompanies greying hair.

Garden Maintenance

If you really enjoy looking after your own backyard, then garden maintenance is an ideal retirement venture. You can choose how many hours a week you want to work and you need virtually no capital outlay to start (you’ve probably already got most of the tools you’ll need). And as more and more households now have both partners out working all day and continually stretched for leisure time, you won’t have any problem finding customers. Add to that those people to whom gardening is an abomination: they all need your service. Moreover, if garden design and planning happens to be your forte, there are increasing numbers of new build homes that will welcome your expertise.

Home Handyman

If you were a tradesman or have always been a reliable DIY-er around the house, you could set yourself up to perform handyman services for those who can’t do it themselves or don’t have the time. Make it clear what you do and that you charge for your time. Save your customers money and build up a nice little income stream in your retirement years. If you already have the tools there is nothing to invest, and you can allocate your time flexibly. I have a brother-in-law (a retired colonel in the Royal Canadian Air Force) who runs his own home handyman business. He loves it – and reckons he’s found his true calling at last!