3 Essential Tips for Opening a Home-Based Business as a Senior

Not all retirees want to spend their golden years sitting around and watching the time pass by. Many seniors look for ways to work, either for financial reasons or because they’re not ready to give it up. While working after retirement comes with benefits, it can be difficult to get a 9-to-5 job as a senior, and most seniors aren’t attracted to the idea anyway. That’s where starting a home-based business comes in.

Running a business from home can provide seniors with the flexibility they deserve, and it’s a great way of making a concentrated use of particular skills and knowledge developed over the course of a long career. Plus, it often doesn’t take a lot of capital to start a home-based business, and it can accommodate those with limited mobility. If you’re a senior who wants to keep working, here are three tips for opening your own business from the comfort of your own home:

1. Make a plan

One of the first things to do when starting a home-based business is to come up with a solid game plan. This plan includes making a checklist of actions to take that will help your business get up and running:

● Determine what your business will be, including the name, products/services offered, and branding ideas.
● Research industry trends and potential competitors so that you can strategize how to set your company apart.
● Write out a three- to five-year plan of steps you will take to open and grow your business.
● Estimate the startup costs, and decide how you will finance the company. Will you use cash, take out a loan from the bank, borrow from friends and family, or use multiple methods of financing?
● Register your business name if necessary.
● Apply for any licenses and permits you need.

Once you map out these tasks, you can start with the fun stuff, like developing your products and/or services, planning how to bring them to life, and determining how to market and promote them.

2. Consider freelance

If you would rather work alone, grow at your own pace, and skip many of the financial and legal paperwork and loopholes that come with being a small business owner, going freelance may be the thing for you. Even if you want to start a small business, freelance work can be a good starting point. Fortunately, finding a freelance job that lines up with your knowledge, skills and experience is pretty seamless if you use a job board like Upwork, which works to connect businesses with freelancers who best fit the project. What’s more, Upwork also allows you to chat and share files, either through your PC or mobile device.

3. Try your passion

When you’re starting any kind of business, it’s important to discover what your passion is. If you’re doing something you’re passionate about each day, it will motivate you to stay focused and pursue your goals over the long term. For some, this may be the easy part. Perhaps you’ve always loved giving advice to people on diet, exercise, and decision-making, and you’ve garnered experience and knowledge over the years; perhaps now is your chance to try your hand at being a life coach/mentor. Maybe you’ve pursued your passion through a hobby like woodworking or sewing for the last 30 years; consider selling your items through sites like Etsy and eBay.

For others, their passion may not be as clear. That’s OK. Spend some time thinking about something you can envision yourself doing on a daily basis and that you would find fulfilling. Then, turn that idea into a game plan so that you can give it a good shot.

Starting a home-based business can be a great way to spend your golden years. Remember to develop a strong game plan, look into freelance work, and pursue what you’re passionate about. Running your own business can bring joy to everyday life and give you the opportunity to accomplish new goals, and it will be more enjoyable if you plan and prepare.

Photo Credit: Pexels

Blog brought to you by our Guest Blogger Carla Lopez

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