Picture this; you’re a retiree, fresh out of your 9-to-5 career, sitting at home, preparing orders for your online business. The click of a single button transfers your money from A to B, as you prepare yourself and your family for a successful future.
If this is something that appeals to you, perhaps entrepreneurship should be on your radar. With entrepreneurship, boomers have the possibility to supplement their retirement savings, and live a bit more comfortably.
As of recently, baby boomers are becoming more motivated to grow as entrepreneurs. In fact, people above the age of 50, typically perform better, and have more effective entrepreneurial activity than millennials.
Having the upper hand with life experience and leadership skills, are qualities that should not go unused. If you have not yet considered the idea of starting your own business and building your popularity, now may be the time.
Why is Entrepreneurship as a Retiree Important?
As baby boomer, you may leave a well-paying job, and transition into retirement. Unfortunately, retirement may not always provide for our desired lifestyles. Entrepreneurship provides additional income if you want to supplement your retirement.
Often times, people consider millennials to be the future of entrepreneurship, on the grounds that they are typically better with new technology and can bring fresh new ideas to a niche market.
However, it is salient to note that age naturally equals experience. And experience is a great foundation for a successful business.
Starting a business as a baby boomer or retiree also presents an opportunity to create more jobs in the business world. You’ve started generating more jobs for millennials, rather than attempting to replace them. Having the opportunity to educate and train future leaders is huge!
Becoming an Entrepreneur
Even if you are just at the beginning stages of starting a business, you have opened a new window of opportunity for yourself. If you are ready to take the first step, consider these few new business options.
- Online Sales: Let’s be realistic, online marketing is everything right now. As long as you understand the ins-and-outs of ecommerce, you will be successful. There are several platforms available to you, such as: eBay, Amazon, and if you consider yourself crafty, Etsy! If you are looking to have a remote startup, online sales is likely the best option for you. You can skip the hassle of traveling to and from an office, and stay in the comfort of your own home.
- Teaching Online: This type of business is one that requires more training in a particular niche. People who are seeking instructors for a certain subject will look for someone well-educated and experienced in their field. Platforms like Teachable or Udemy, are dedicated solely to providing educators the ability to create their own courses.
- Blogging: Content is king. You’ve heard it before, and will likely hear it again, should you choose to dedicate your time to content writing or blogging. Becoming a content writer for other businesses is a great way to earn extra income, especially if you have a talent for generating an audience with your writing. Additionally, blogging is a great way to develop more sales for your personal business.
- Life Coaching: Have you owned your own business or do you have years of experience in an area that requires the need for coaching? If so, this is would be the most helpful way for you to produce income. Whether it is through video chat, emailing, in-person sessions, there is always opportunity in this domain.
- Or simply, just investing in a company. Although it is typically a riskier option, this one may be the most effective, especially as a retiree. You have the option available to keep gaining profit, while making minimal efforts. However, it is important to invest in something you believe in. If it is not your company, ensure it is a company that you have done research on and thoroughly trust.
Steps for Getting Started
Once you’ve decided which direction you are going in with your business, it is time to start coming up with a game plan. Starting a business can sometimes sound intimidating, but it is beneficial for both the consumer, and business owner, to have an effective strategy in place. If you’re not sure where to do next, here are some worthwhile steps to take.
- Create your business plan.
- Build your online presence.
- Educate yourself.
- Invest in useful equipment.
- Expand your business on social media, or in person.
Following these steps and placing heed on each requirement, will significantly add to the framework of your success.
Networking as a New Business Owner
Success doesn’t just come from working hard and being knowledgeable. It is also about who you know and your experience. Following the decision on what type of business you open, your last step should be networking your business.
First things first, you need to discover your who your target audience is. General targets are good, but determining a more direct audience is the best. This is most effectively done by simply doing your research, and seeing what your competitors are getting noticed for, and on which platforms they are operating. After successfully conducting your research, it is time to start properly networking your new business.
At this point in time, social media is the most successful outlet for most businesses to network. Whether it is Facebook, Twitter, LinkedIn, etc., it is crucial to have a good social media presence. However, if you are not the social media type, don’t panic. Networking in person, instead of online, gives you a face-to-face chance to present your business or product directly.
Boomers becoming successful business owners are on the rise, and there is no better time than the present. Find your niche, create your business, and follow the necessary steps to transform your life after retirement.