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.

For more information about our Half-Retirement courses or to get started, get in touch with a member of our team. We can give you further details about Half-Retirement, a deeper insight into what we can achieve together, and confidence in your ability to create a clear plan for your future.

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There’s good news. You don’t need to flip a switch and radically change who you are or how you run your business in order to Half-Retire. It can be a gradual process. All you need is a desire to change and to follow the process.

For business owners who are struggling to conceive Half-Retirement, we suggest “1/10^th Retirement,” that is, taking off one tenth of each week or four hours. There are several benefits of starting Half-Retirement by 1/10^th Retiring first:

• Four hours a week away from your business will not kill it, regardless of how stressed it makes you feel to consider doing it.
• Creates a built-in “stress test” to find what people and systems are not working as well as you need them to.
• Shows you which employees will step up in your absence and which ones won’t.
• Opens your eyes to the possibilities that exist away from your business. This is the primary reason we suggest 1/10^th business owners are so immersed in their businesses, they simply cannot imagine a new paradigm.
• Demonstrates your level of commitment to Half-Retirement to your staff.
• Gets you into action and movement toward Half-Retirement.

We suggest a few rules to follow if you start 1/10^th Retirement:

• Think of your Half-Retirement journey like -a rubber band. Stretch the rubber band just a little, so it does not break. After a while, the rubber band relaxes and takes in the stretched position as the new normal, so it can be stretched further.

• Schedule your time off. Ideally, pick the same day and time each week. Monday mornings or Friday afternoons are popular with many Half-Retirees.
• Stop caring what your employees think. Did they sweat payroll? Did they put in the late nights? Did they bet everything they had on the business? Treat your people well, and it will be fine. More importantly, treat yourself well regardless of what your employees think.
• Avoid becoming frustrated over the things that go wrong. Things will go wrong. Be thankful. It’s a sign of what needs to be fixed, so you can progress to the next level of half-retirement.
• Fix problems permanently. You must find a way to systematically fix flare-ups caused by your absence,or you will become a prisoner of the business.
• Expand your “willingness to let them fail.” This is tough for business owners. Your people do not do it exactly like you. They don’t think exactly like you. That’s not the issue. No two people think exactly alike. The  question is, do you trust their business judgment? If you don’t, do not let them make decisions. Of course, you will need another way to get decisions made in your absence. If you do trust their judgment, let them decide. It’s that simple.
• Most importantly, enjoy your time away. Plan something you normally cannot do during your time away. Here are a few activities we have heard from Half-Retirees:
  • Long-weekend getaways
  • Volunteering
  • Woodworking or other hobby projects, sleeping in
  • Reading the newspaper at a cozy coffee shop
  • Going to a Friday afternoon movie
  • Catching up on reading
  • Writing a book

If you are considering Half-Retirement,  1/10^th Retirement can be a great starting point. Take the plunge now! We are here to help.

Learn about Methods of Half-Retirement – Method 1: Gentle Glide

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