Financial Wellbeing: Building Your Brand

The message is out there that the world of work has changed and that we all should work longer. In many cases this may mean becoming an entrepreneur and building your own brand. The best way to tackle your current situation, if you have not saved enough, is to try to clear debt, decrease your expenses and clutter, live simply and work longer. The longer you can allow your investments to grow, and live off what you earn in a simplified life, the better chance you have of a positive financial longevity plan.

Here are six lessons on becoming an entrepreneur:

1. Passion and drive are key ingredients in the world of entrepreneurship. Take the time to work out what skills you have, what the world needs, what you love and what you can get paid for, and you will normally find your passion. Converting this into a business plan is key to success.

2. You need resilience and a “can do” mindset to make it. The road of entrepreneurship has many valleys, but also mountaintops. Do you have tenacity? Are you able to push through and persevere?

3. Your mindset needs to be about seeing a world of opportunities.

4. Part of financial success is failure. We learn most of our lessons along the journey. An entrepreneur needs to take calculated risks at times, and not all of them work.

5. Build your brand on social media and any channel that may help to spread the message.

6. It takes time and money to build a business. It can take up to three years to earn enough, so take this into account when planning.

The best advise is to plan three to five years in advance, where possible, so that you start the process while you are still working. Work on your business in small ways so that, by the time you need to transition from full-time work to working for yourself, you are ready and cash-flow positive. Your second career may look very different from your first. That is okay. The world of work has changed. These years ahead may be the time when you have the most fun and also improve your chances of living younger for longer.

Click here to find out about the digital revolution and how it can potentially unravel your finances – and how to prevent this from happening.

This article was written by Lynda Smith. She is a South African retirement and career transition coach. Her company, Refirement Network, tracks how longevity is changing how we work, live and play.