Passion

Expertise

Focus

So, you want to start a business to supplement your retirement income.If you look online, there will be no end of information about how to start a business and how to start a business in retirement. That very fact is part of the problem. There is so much information available, if we start to digest and research it all, we will quickly get to information overload. We will come to a screeching halt. We will be a trembling bowl of confused jelly.I offer the following three key issues to solve the problem:1. Passion2. Expertise, and3. Focus.Let’s look at each step in turn.Passion will be your first filter that will help you wade through the mountains of information that will confront you. This step is simple. Take 20 minutes and a blank sheet of paper to a quiet place and start listing all the things that arouse your passions. Don’t stop until you reach at least 20 items on your list, then set it aside and turn to the next concept. I hesitate to use examples because my example will be a limiting factor in your one-person brainstorming session. One easy example, however, is a favorite sports team. It’s ok to start there but don’t end there. Another thought starter might be the question what you would do this Saturday afternoon if you didn’t have any prior commitments? What kind of Facebook groups do you belong to? Hold out for the full 20 items. This step may require a second session. There are two rules of brainstorming whether in a group or by yourself. One, you’re going for volume. Two, there are no bad ideas. Write it down.After you finish the assignment above – and only after you finish it – you can turn to examining your talents and expertise. Your first reaction might be that you don’t have any expertise in anything. Faux humility is not your friend now. Again, you’re shooting for another list with 20 items on it. Start with what you did for your life’s work. Many times, a skill you acquired in a job you hated for 40 years will transfer to something you really enjoy. What are your hobbies? How do you help your neighbors? What have you been asked to do in your church, synagogue, or service club? Again, you need to hold out for a full 20 entries. When you finish, set this list off to the side as well.In your focus session, lay the two lists you created above side by side. Look for over laps, connections and similarities. At those intersections you will find your personal business opportunities. Now it’s time to make another list. Maybe a list of the top five you’ve discovered as you’ve gone through this process. I am a big believer in lists even if I’m the only one involved. Writing lists makes it real. Otherwise, you’re just daydreaming. The physical act of writing it down writes your thoughts into your brain better. Don’t argue. Just make the list. Now, the final step is to make a sheet for each of your top five and focus on each one in turn writing down ways you can make money from this option. This time shoot for at least three or four ways you can make money on each page. Then, go to bed. Sleep on it. Let your subconscious do the heavy lifting for a while, while you sleep.When you reconvene your personal brainstorming, your new business will start to take shape. As always, write it down. Put the work papers you’ve generated in a note book. You may need to revisit them later.