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Is the Ultimate Retirement Business a Plant Nursery?

A retirement business is something many think about and for us a plant nursery was like a dream that could come true. Should you start a retirement business. Should you think about starting a backyard plant nursery? What determines if you will be successful? Many want to be their own boss, often tired of years of working for others. Some people have decided to finally take a chance at running a business. Others have done well accumulating a good size nest egg and have the financial freedom to start a small business but want to run one that they love. We are big fans of the Shopify company and this is a good general article on Starting a Business.

What determines if you will be successful in a retirement business?

I worked in bank lending and spent 10 years as a business advisor as a buy/sell intermediary. In addition we also have over 30 years of marketing experience and have started other businesses that were successful. Over the year we were able to observe a lot of business successes and some unfortunate failures. As a general rule and some what in order, these are the factors needed to have some level of business success.

  • A never quit work ethic. Good business owners work pretty hard and never consider failure as an option.
  • Understanding what customers want or need and communicating how you provide this product or service. This is the cornerstone of marketing.
  • As with #2 above you have to reach customers in some effective way. A business is nothing without paying customers.
  • You have to know your numbers, costs, expenses, overhead, revenue and bottom line. If this isn’t currently your strength, get some help and take some simple courses.
  • Overall you also need some vision which should include a plan. The plans should be written and be as specific as possible about your expected numbers. Plans need flexibility as every plan will change as you learn and grow your business. See our example 10 year plant nursery plan.

The beginning of our little retirement business

What does it take to start a retirement business?

A plant nursery retirement business, like most any business will generally require some initial investment. If you wanted to be an Uber driver in retirement, you might need to purchase a suitable vehicle. If you start a small plant nursery in retirement you will also make an initial investment.This does not have to be a huge some of money.

Assuming your retirement business isn’t terribly capital intensive and you have a good nest egg saved your investment should not be too concerning. A plant nursery can be started for $1,000 or you may choose to start with much more. We started with a plan of investing up to $20,000 before seeing a lot of revenue. We ended up investing more but have expanded our expectations for income as well.

Retirement business Plant Nursery

What else will you need to start a business?

Certainly you want to have a plan in mind. Maybe you love cutting firewood and want to make an income doing this. From art to woodworking there are many possibilities. We offer this checklist of general advice.

  • We recommend you start a business before you retire or work at it before you need to rely on the income. Nothing beats experience.
  • Investigate any zoning, legal or licensing requirements before you start.
  • Make an estimate of your start up costs/investment before you start.
  • Take a good assessment of all your resources and use them to your advantage. With our nursery we knew a few things, we had 11 acres on a busy road in an affluent area. Zoned for residential use or a farm we couldn’t open something like a garden center but we could start a farm that grew plants.
  • Also take an inventory of your available skills. You might be a great accountant but you may need some help with needed marketing efforts. Be honest and see where you may need a friend or family member to lend you some help.

Forming a new business

Starting a new business also requires some thought of the formal formation of the business. Will you be a sole proprietor, form an LLC, or be a partnership? Speak with a CPA or attorney about what is advisable for you and the business you want to start.

Start a full or part time retirement business?

Being realistic you have to ask yourself some questions about your expected retirement lifestyle.

  • Will your really want to work full time after spending 40+ years working.
  • Do you have the stamina and desire to be starting a backyard plant nursery? Will you need to hire some help?
  • Are their obligations or expectations of your time from your spouse or family? Do you want to travel? Who will water your plants? Do you need to watch your grand kids?

Don’t talk yourself out of your dream retirement business but do consider some what if’s. Health can be a bigger issue in our 60’s and beyond. While operating a plant nursery business is good for your health, what if your health changes? You should plan for an injury or downturn in health. Always have a plan B or make sure you work with the size plants you can handle.

When to start your retirement business?

Now, ideally before you retire. Read Start a business before you retire. Do not put it off, if you really have the desire you can test your ideas as a side hustle. Don’t sweat every detail at first but do some testing and be sure your expectations can be accomplished. More people fail from not starting than any other reason, start now!

If you are hoping to start a plant nursery as your retirement business nothing could be easier to start as a part time side hustle. Propagate a few dozen plants during the weekends and see if you can sell some. Maybe you order 50-100 easy to sell Green Giant Arborvitae seedlings. Grow them out for 12-18 months and see if you can sell them. If you don’t sell them quickly you can always sell them for more next spring. When you are ready keep reading, How to make money with plants in your retirement.

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