Great news for retirees! It has never been easier to start your own business.
Without risking your current assets like your built-up home equity or savings, you can start to make extra money each month. From concierging and puppies, to Ebay and house-sitting, there are plenty of ways to start a low-cost business when you’ve got a bit of time and ingenuity. Save for your dream vacation, or carry out major home improvements with your business profits. Find new enthusiasm and energy for life in your business idea — here’s how to make it happen.
Creating A (Loose) Business Plan
Even though you may not need a formal business plan, it does help to map out your ideas in writing. If nothing else, it will help give you clarity about your new idea and the potential commitment needed.
You may find that you just haven’t got the energy to take this on right now, or that you’d ideally need a business partner to take on some of the responsibility with you. Spend some time planning to help you prepare for any challenges ahead.
- Examine your skills and any prior experience within the industry (or any transferable skills). Think about the tasks you genuinely enjoy doing, and try to make the most of those
- Think about your business idea, any unique selling points, and points of value. Be clear on these to help you market your venture to others. Develop a mini ‘elevator pitch’
- Outline any business costs in detail and map out your service or product specifications. You may find that you’re missing piece of the puzzle, or that you need more time to develop your final iteration
- How you will make a profit, use your time effectively, and potentially expand your business in the future? Is this going to be a profitable venture?
To help you decide if you should risk a small amount (if any) of your retirement nest egg, speak a to a professional financial advisor. Alternatively, there are many ways to start a profitable business at ultra-low cost while you figure out whether this is 100% for you. Don’t buy up any stock, hire anyone, or sign any deals until you’re sure you’re ready to proceed.
If you’re lucky enough to have an extended network of business contacts, invite them over and ask for advice on your plans.
Consider taking a business class, or seeking out a business consultant. In some cases, you may be able to discuss your plans with a professional consultant for free.
Share Your Skills And Experience
If you have a particular set of specialized skills now could be an opportune time to share your talents and turn a profit. It’s fun to share knowledge for free, but it’s even more fun making money from your experience!
You could look into running a course at your local community center, tutoring, writing and publishing an ebook, or filming a series of video tutorials and placing them on a site like Skillshare. Those who are interested in honing their skills can subscribe for a fee and download your lesson plans; whereas you can just sit back and collect the money.
Becoming a mentor or re-training as a consultant or coach are great ways to give back to the community and make money at the same time. A business like this is something you could easily run from home, and you wouldn’t need a complex set-up to make it work.
Your Community Can Start You Off In Business
Amongst your friends and your wider social circle, there are plenty of people in your local community could use your help in getting their day-to-day jobs done.
For instance, if your friends are vacationing abroad, why not offer to house-sit for them while they’re away? You can also offer things like landscaping and dog walking services to help keep you active.
Advertising your new business in your local newspaper is relatively cheap. However, if you want to give your business a boost, set up shop on a site like Yelp and create a profile. Ask all of your customers to leave a review to help you draw in new clients.
Cultivate Your Creative Talents
A passion for crafting or antique-spotting can set you up with a steady stream of income, as well as an outlet for your creative talents. Selling things online and curating products is a fun way to channel your creative energies, or you can opt for the low-risk and low-cost versions of dropshipping or print-on-demand selling.
You can set up an online shop with no prior web design experience if you go for an ecommerce option like Shopify, WooCommerce, or BigCommerce. All of the tools and support you need to make collecting payments, displaying your products and processing orders are built into modern ecommerce systems. If you are looking to bypass the build of an online store, you could also consider buying a ready made business from a website marketplace. The prices of a fully-functioning website range from $0 right up to $50,000+.
Alternatively, you can use an online marketplace such as Etsy and Ebay to sell your goods. Using Amazon’s FBA (Fulfilment by Amazon) service is another viable option, thought it’s a competitive marketplace.
You Can Get Help Without Hiring Members Of Staff
You want to make sure you are also enjoying your retirement years, so you will need to pay careful attention to your work/life balance.
Outsourcing admin tasks and certain skill sets like design, development, and marketing make perfect sense.
Freelancer sites are literally packed with suitable professionals. You can even pay someone to conduct one-off research tasks for an agreed flat-fee, safely and securely.
Remember that your skills and experience have put you in a privileged position when it comes to starting a new business in your golden years. Additionally, your talents now have the time to flourish now that you aren’t stuck in the 9-5 lifestyle.
Don’t stress about raising any starting capital to get your new business dreams off the ground. Instead, start off small and think about ways you can lessen your time spent working. Concentrate more on how you can continue doing the things you love while adding to your retirement nest egg.