Navtej Kohli Business Blog

Navtej Kohli an established businessman speaks on how to start a new business at your retirement age.

Starting a new business in your early age is easier than starting a business in your retirement age when there is a lot to lose including your all time life savings. When you are young, there is a lot of zeal and energy and if your idea is good then you can succeed easily.

Not many people at later stages have the courage to start a new business and are scared of the circumstances. But if planned properly and thoughtfully it is not that difficult to succeed. The challenge is figuring out what to do and how to do it, without betting the farm on a venture that might not pan out.

John Smith spend his entire life painting houses of others when at the age of 50 he realized it was not something he wanted to do. He opted out and voted for retirement. Soon he started his own company giving consultation to budding and established companies for general contracting and painting. Today he has lot of work, a job that is very satisfying and with flexibility of hours.

The question arises that why John was so successful and was able to accomplish so much.

1. Find niche and untapped market in the business that you have experience. Sometimes the best way to determine what business to start is to identify a loophole that was left at the place where you worked.

2. Consider turning your hobby into a business. One can only gain success if he/she does what they enjoy the most. If pleasure is mixed with work then your mind is at peace and you get success.

3. Use your connections and social networking. Over the years the network of people that you make always helps you in the long run. These people will help you to get ideas and develop and grow your business.

4. Do not invest a lot initially.  Plan your investments wisely, as it is a new business; do not spend a lot in developing the infrastructure at a very early stage.

If you plan your moves right, you’ll find a way to be productive and make money even after your core earning years are behind you.

I’m Navtej Kohli, an established entrepreneur of a budding oil exploration company Granox. When I’m not working, I like to help others start their own business and grow it. Contact me if you need help on developing your company.