The Ins and Outs of Starting a Home-Based Business After Retirement
Thank you to Carla Lopez of boomerbiz.org for this fantastic guest post!
Whether you’re finding that retirement doesn’t suit you or you need to earn some extra income finding work may be just the ticket. For many seniors, working a regular job with little flexibility is unappealing. The better option for many is to start a home-based business, which allows you to use your existing knowledge and experience. With some self-discipline, time and a computer, you can earn money either by working for a company or for yourself.
Brainstorming
If working from home sounds attractive to you, the next step is to find a home-based business idea you’re interested in. Put pen to paper and make a list of things you enjoy doing, as well as the experience, knowledge and skills you have. Your list may reveal the following:
● Maybe your experience renders you an expert and you could work as a consultant for other businesses. For instance, if you worked in sales or productivity, you could remotely review business plans, marketing, websites, and material to provide feedback for owners struggling with sales and productivity.
● If you have a wealth of knowledge and enjoy storytelling and writing, blogging or other types of writing may be just the right fit.
● Perhaps your skill set shows that you can offer bookkeeping, pet sitting, or marketing services. If so, you could provide those services without ever having to leave the comfort of your home.
● If you’ve accumulated a lot of stuff that you don’t need or enjoy finding rare gems that others would love, you could start a second-hand store, selling the items through third-party providers.
● Maybe you have a talent for creating beautiful handmade products that you could sell online or through local craft fairs.
How to Begin
Starting a home business has a lot of perks, but it can be challenging to begin. Consider taking it slow and not rushing to start your own business right away until you can get the lay of the land. Dipping your toe in the freelancer water as a retiree could be the best way to gain some insight and determine whether working from home is right for you. Check out a job board to find a gig that matches your skill set, availability and hourly rate preference. You can also look to job boards to hire freelancers for developing your website or any other help needed to boost your business. Web designers can get your website up and running quickly, graphic designers can take care of images and logos for your website, and writers can post content on your web pages.
If you’re starting a home business, it’s essential that you designate a space for work. Set up an office in a room away from high-traffic areas of your house and then consider which type of equipment you’ll need. For instance, an ergonomic chair and desk can reduce the likelihood of joint pain if you’re working long hours. Also if you need to upgrade your desktop computer or laptop, you can find discounts if you purchase directly from the manufacturer.
Do Research
While there are many legitimate business opportunities available that will allow you to work from home, there are also plenty of scams that aim to steal your information. Whenever an opportunity rolls around, obtain as much information as you can, such as:
● Physical address of the company
● Phone number of the company
● Name of the CEO
● Mission or purpose of the company
● Whether they are registered with the state’s Secretary of State
● Whether the company actually pays their freelancers (you can search for consumer complaints)
If a company asks for your bank account, Social Security number, passwords or money upfront to receive information, it’s time to move on. Be wary of unfamiliar companies offering advances, because it may be a scam to get your bank account information.
Practice Makes Perfect
Take the time to perfect your new work. If you decide to go into writing, spend some time perfecting several writing samples or start your own blog before you apply. The more you practice the skill, the quicker and more efficient you become. If you want to act as a consultant for businesses, develop a presentation that best reflects what you can bring to the table before you apply for jobs. If there’s a service you want to perform, develop a solid resume, list of references, and a creative sales pitch or cover letter that will sell your customer on choosing you instead of someone else.
Retirement is the time to do work you enjoy. Whether you’re looking to fill up your time or make some extra cash, in order for your home-based business to be successful, you’ll want to choose something that interests you. Take time to self-reflect on what opportunities will bring you happiness. Utilize online job boards to match your skills and interests to available opportunities or to hire freelancers to take daunting tasks off your plate. Finally, check out the companies to make sure they are legitimate, and then sell them with the pitch you've worked so hard on. If your plan to work from home is in the infancy stage, know that this article is just a launch pad; there are plenty of more considerations to take into account. But as long as you do your research and are prepared to learn, you’ll be setting up shop in no time.