The Best Time to Start Your Retirement Consultancy? While You’re Still Working!

Source: rocket50

By: Janet Peischel rocket50 Contributor          

Date: June 14, 2023

You know how they tell you it’s easier to find a new job while you already have a job? Well, the same thing is true for starting a new business. If you’re still working, but planning to start a consultancy when you retire, it’s going to be a lot easier if you lay the groundwork now, while you’re still working and generating revenue.

What we can learn from a college admissions consultant 

Jonathan was a college admissions advisor with more than 20 years experience directing processes and evaluations at prestigious colleges and universities, including Harvard and UC Berkeley. 
Getting into good schools is fiercely competitive, but schools also are competing for great students who will go on to have successful careers and become donors. Jonathan was passionate about helping students find schools that are not only good fits for their career paths but have financial packages that make college affordable for their families. 

Today Jonathan leads college/career workshops at area middle schools

Jonathan regularly leads college and career workshops at area middle schools, with a focus on low-income families who want their kids to go to college. Jonathan wants to start working with those kids and their families now and outlines the steps to get started. Jonathan is fueling his retirement consultancy now so he can step into a thriving business when he retires. 

Senior professionals are just not ready to retire!

Jonathan’s not alone. Many of us retire, but we want to keep working in some capacity. According to the Harvard Business Review, “the vast majority of America’s senior professionals don’t want to retire. They have interesting, fulfilling work that they’d like to continue — just not at the frenetic pace of top corporate jobs. That’s why so many, lured by the promise of flexible hours, higher rates, and location independence, are intrigued by the idea of becoming consultants or coaches when they retire from their official careers.” 

Are we coached out? 

One of my colleagues, a career coach, insists that we can never have too many coaches. And anyone who’s done any serious networking knows that there are coaches for just about anything these days. Besides career coaches that can help people find or change careers, there are coaches for executives, families, relationships, birthing, dating, health and wellness, fitness, mental health, spiritual, etc. We also have retirement coaches who help people find direction in this new phase of their lives. 
Those who have worked in an industry for 30+ years have accumulated a significant amount of knowledge and experience. Many seniors are ready to put that knowledge to work. If you have any doubts about your own expertise, remember that you don’t have to be an expert; you have to have more experience and knowledge than the person you will be coaching or the business for whom you will be consulting. 

What you can do right now

Start recruiting clients while you’re still working. Don’t waste time on administrative tasks like creating a logo and building a website. These are details that are easy enough to address. It’s all irrelevant if you don’t have any clients. 
If you’re interested in coaching, you’ll need to get certified. Google “coaching” and you’ll be presented with a wide range of programs. To gain experience as a coach or consultant, take on a few volunteer clients while you’re still employed. Debrief at the end of the project and ask for feedback. Learn from this. If this was a positive experience, ask for testimonials and future referrals. Talk to coaches and find out about training and getting more experience. 
As a seasoned professional, you likely have a network of other senior leaders and business owners who may be able to hire you or refer business. As you approach your retirement date, start letting your existing contacts know about your future plans–these people will become part of your network. Make sure that you don’t leave your corporate job without getting everyone’s email address and cellphone number. These are the essential building blocks of every small business.  

Marketing your new business

It well may be that you don’t have to do much marketing at all. In Jonathan’s case, he fully expects his business to be self-sustaining by the time he is ready to begin his next career. Depending on the amount of consulting work you want to take on, your existing network may offer up all the work you need. After a lifetime of managing teams, balancing deadlines and stress, many seniors are looking for part-time work and the ability to work virtually. Career goals are different this time around.   

• A logo will distinguish you from the competition. It’s not a requirement; rather, a nice-to-have. 
• Business cards. While many firms have done away with business cards as they go virtual, I believe there’s still an important place for them. If you intend to do any networking or meet new clients, it’s pretty important to be able to hand off your business card. Follow up with that person when you get back to your office and add him/her to your list of contacts. Jonathan makes sure that everyone in his workshops walks away with a business card and a handout. You can bet that he also adds every potential client to his database and stays in touch.
• A website validates you. It can be a single-page website that details your experience, education and how you work with your clients. As you gain experience, include a case study with results. It’s very easy to create simple, professional-looking and cost-effective websites these days on platforms like GoDaddy, Wix and Square.  
• Social media. You don’t have to become a slave to social, but it’s a good thing to at least create a profile on LinkedIn and start posting. If you’re blogging, you can post your entire blog to your LinkedIn page. You can have both personal and business LinkedIn pages. Don’t create a social media account if you don’t intend to keep it current by posting regularly.
• CRM system. You’ll want to track and manage your contacts and contact interactions. There is a wide range of CRM systems at a range of price points. In many of these applications, you can send newsletters and emails and upload documents so that all of your activities are encapsulated within one system. 
• Ongoing communications. You’ll also want to be sending out a regular newsletter to your contacts. It may be that a quarterly communication is enough. Remind people that you’re out there and how you’re helping your clients. 

Taking care of yourself
Take time to recharge. According to a Merrill Lynch study, 52% of respondents took time off between retirement and ramping up to their new businesses. But as a long-time business owner, you’ll find that you’re always thinking about your business!
Networking. Join a networking group. Not only is this a source of potential leads and new clients, but this will become a source of friendships and support. I joined a networking group in 2009–during the recession. We were all looking for work, so this group became an important support system for all of us. 

Conclusion
The best time to start your retirement consultancy or coaching business is while you’re still working. You’ve got 30+ years of experience and contacts of other senior professionals that well may be the source of new leads or new business. Start now with a “volunteer” client. Work with that client now on a well-defined project. Debrief at the end and learn from that project. If successful, get a testimonial and potential referrals. Before officially retiring, let all of your contacts know about your plans, then stay in touch. Plan to do a monthly or quarterly newsletter to remind people that you’re out there. Share your success. Keep your marketing simple and streamlined: You’ll need a business card, a website and a CRM system. Plan to join a networking group, then start looking for opportunities to meet other professionals. This is how business grows!  

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Janet Peischel is a rocket50 writer and the Owner of “Being Top of Mind” marketing consultancy. She writes about  lifestyle issues, products and trends of the  50+ population. “We represent a huge market that’s vocal, active, and determined to stay active and involved!”

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