Should I Start Another Business?

Should I Start Another Business?

I have run a number of businesses in my life. Some of them have been more successful than others. My medical practice is one of the main reasons I have reached financial independence today. Believe it or not, some of my greatest experiences have not been the biggest money earners. I like to sell things. My first shot with baseball cards fell a little short. My short time as an art mogul was a bit more fruitful. But I enjoyed both these ventures greatly. After recording one of our recent podcasts, I have begun to wonder if I should start another business.

The benefits far outweigh the risks. Especially in today’s lean start up environment,

What do I have to lose? What are the benefits?

Challenge

Just because I have opted for half retirement doesn’t mean I don’t crave challenge in life. In fact, I might be even searching for it more. It’s just a different type of challenge. When forced with the drudgery of everyday work, the challenge was to make it through the day without hating it too much. It never hurt if I made a few bucks at the same time.

Now after reaching financial freedom, I can be a lot more selective about what challenges I choose. I can eschew responsibility and the economics, and search for much different goals. I can focus on growth and learning. I might even pursue an idea for the pure joy.

The point is that the idea of have to is swapped for that of want to. I want to pursue another business for whatever good I feel can come out of it. I am not being forced into anything.

Joy

Have you ever owned an online business and felt the rush when you sold your first product? I will never forget the first painting I sold on Ebay. I convinced a wholesaler to give me a great deal, and then flipped it a few days later for a $100 profit. A measly hundred dollars. The amount I was making for less then one hour of seeing patients in the office. The amount of money I made spending fifteen minutes reviewing a medicolegal case.

Peanuts.

Yet the pure excitement and thrill of my first sale will never leave me. Neither did the next fifty big sales. At some point the actual amount of money made no difference. It was the lust to sell. The feeling of accomplishment when the buyer said yes.,

Often when I think about starting another business, I remember those feelings. It wouldn’t be so bad to start again.

Growth

Although it may be a cliche, I can’t help but feeling that when we stop growing we die. Intellectually, half retirement is not a time to let my mental faculties lapse. In fact, free from the bonds of daily servitude, I am more ready and energetic than ever.

I still crave growth and learning. I want to be a different person in 5, 10, 15 years. I want this life change to be a new beginning and not a final ending.

Growth can be about book learning, but in the real world we learn by doing. Starting another business would place me right back into the school of hard knocks. Sink or swim.

Downsides?

I can only think of one. Given my personality, it is easy to turn a fun hobby into a hardcore side hustle. There is always the risk that the fun turns into stress, and the joy turns into obligation.

I am not immune to this. I have been a victim of the achievement treadmill far too many times. Starting another business could return me to all the obligations that I have tried so hard to shake off.

It is a slippery slope.

Final Thoughts

Should I start another business? It is a good way to pursue challenge, joy, and growth after one early retires. On the other hand, if I am not careful I might just end up with another job.

I have the luxury to contemplate for awhile. We’ll see which direction I choose.