Should I start my business? Your suggestion?

JJSC

JJSC

New Member
After a few years I will be fully retired, besides traveling, I will pursue art and music creation.
Another idea is to build Balinese-style spa resort.
Life is too short, should I give time for myself?
Should I build my career, and get busy again?
 

That depends a lot on your age and general health. It is best to stay busy in retirement, but do not over do it with stress of a new career. It is a fine line and different for all of us.
 
Not enough info. Like where would the spa resort be located? What is the customer base supposed to consist of? Will you finance this yourself? How many years would you expect to dedicate to operating a spa?

Art & music are always in demand. IMO retirement is for not putting in mega hours trying to build a business if you already have enough money to live comfortably on.
 
Lawrence00 said:
I vote art and music creation, easier to control the risk.
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Creating music doesn't pay much, especially if JJSC doesn't perform and tour, unless he can hook up with a paying contract for ads, shows and/or movies. My music is streaming globally on several platforms. I literally only get a penny or less per stream, according to the platform. Downloads can be a dollar or less, again, according to the platform and even the country (some pay a little more than others). Since I'm not a performing musician, I don't have enough fans to generate a livable income.

JJSC...keeping what I've written in mind and that starting a new business will take hours of hard work, plus you'll have to find and pay just the right employee(s), if they are needed, it's best to have a plan B in case the business doesn't do well. You'll need to decide if you want to spend so much time and likely money as a retired person. As far as the money aspect...if you have a very healthy nest egg and will have more than adequate income to help sustain the business if necessary, that may not be a concern.

@Knight...music is certainly always in demand, but there are thousands, if not millions of very talented artists out here, all hoping to make it. Unless an artist/composer knows someone on the inside that can get them steady work, it's a tough business in which to earn a living.
 
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Do what makes you happy.

My only comment about starting a business is that too often people invest a great deal of time and money only to buy themselves a job that they could have gotten without any investment or risk at all.

Does the world need a Balinese-style spa resort. 🤔
 
Frankly, I'm not really sure what a" Balinese-style spa resort" entails. But it doesn't sound like something you do while the TV commercials come on. Do you have the background, or expertise to make this a go?
It seems to me that you are viewing retirement as getting up, chopping a cord of wood, then getting down to really doing some hard work. That idea usually last a few months. Sooner or later, you will realize you're not 50, thinking you're still 40, anymore. There is a reason for retirement, and it's not something bingo card manufactures made up. I don't want to squelch your dreams, but when you actually retire, take a couple of months off. Then figure out what will make you happy and how to go about making that happen.
 
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It all depends! Do you have enough money to fund this start-up over the long run (As start-ups frequently struggle for a time before they begin to reach a break even or become profitable)? I read that 80% of start-ups fail in the first five years. Could you financially survive this worst-case scenario? If not, I would not do it...
 
JJSC said:
After a few years I will be fully retired, besides traveling, I will pursue art and music creation.
Another idea is to build Balinese-style spa resort.
Life is too short, should I give time for myself?
Should I build my career, and get busy again?
Click to expand...
I imagine the spa you have in mind would be based on Hindu and Buddhist beliefs offering holistic and well-being treatments and massage?

Have you thought of combining your two ideas? A sanctuary which offers a spa-like experience with treatments, massage, yoga etc but also has music events. If you just wanted to dip your toes in and see what interest and business you might attract, you could perhaps look for local suitable hotels who could offer packages - stay at the hotel and have day spa and/or musical days at your place? If it took off, you could then think bigger and look to build your own all-inclusive resort. I am thinking a sanctuary would be a more outdoor experience than a resort so not as much expense involved in creating it.
 
BTW since you will be dealing with clientele, you will need insurance coverage not only for the spa facility but to cover you In case a client has a mishap,
 


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