Tips for Seniorpreneurs: How to Turn Your
Home-Based Business Into a Success
According to data collected, more seniors are using their retirement years not to relax and golf their days away but rather to start their own businesses. Today, the self-employment rate among workers aged 65 and up is higher than that of any other age group, at 15%, and senior-founded businesses currently represent one-quarter of all new enterprises. Combine these numbers with the fact that home-based businesses are also on the rise, and you have the ideal environment in which to start your own home-based venture. To join the growing ranks of successful seniorpreneurs, use these tips courtesy of Expos USA.
Identify Your Most Marketable Hobbies
First things first: Identify what you love doing and what you do well. Though at this point in your life, you may have more than a handful of skill sets and passions, Money encourages you to think carefully about what a specific job will entail and to be realistic. Ideally, you will be able to start up your new business with little more than what you already have on hand in terms of talent, materials and space. You should also consider the marketability of your hobbies. Some ideas of money-making hobbies include gardening, flipping garage sale finds, writing and editing, catering, woodworking, and coaching.
Consider Your Business Model
Once you identify your most marketable hobby, plan out the logistics. How will you deliver your products or services? Will you open a storefront, sell your products or services online, or go to clients’ homes? Will you operate on a freelance basis, or do you plan to form a business structure? If you choose the latter, consider forming an LLC, as LLCs offer ample flexibility, protection from liability and several tax advantages. You can also file an LLC on your own with the help of an online formation service, as opposed to having to work with an attorney.
A few other questions to consider when devising your business plan are as follows:
- How much time do you want to invest?
- Do you have other commitments that will suffer?
- Can you afford to add the stress of owning a business to your life?
- Will your continuing to work interfere with your interpersonal relationships?
Plan for Startup Costs
One of the biggest perks of running a home-based business is that home-based businesses come with few overhead costs. However, you will likely need some working capital to take care of the initial upfront costs, such as LLC filing fees, the cost of materials, marketing costs, equipment and other expenditures. While your savings may help to cover some of the expenses, you don’t want to dip too much into your nest egg. Instead, consider alternative means of funding, such as crowdfunding, grants, Incubator and Accelerator programs, bank loans, and government programs.
Have Fun With It
At the end of the day, remember that you started your business out of a desire to stay busy rather than necessity. This is a luxury many people don’t have but one you shouldn’t hesitate to take advantage of. Don’t rush into a business. Instead, take your time to find something you truly enjoy doing. And, if your business becomes more stressful than enjoyable, permit yourself to try something new.
Seniorpreneurs have a lot to gain from their home-based businesses. To enjoy the most success in your golden years, use the above tips to guide you.
Home-based business expos from Expos USA present a great opportunity for seniors looking to start an at-home business. Call 305.390.8375 to learn more.
All Expos USA exhibitors are invited to submit contact names, along with an email address, for any business that exhibitor thinks may be interested in exhibiting at an Expos USA event. For each referral received from an existing exhibitor that reserves and pays for an exhibitor booth, at any Expos USA event, exhibitor making said referral will receive $35 cash referral fee, which will be paid within 72 hours of the day that referral reserves and pays for an exhibitor booth. Email referrals to: firstname.lastname@example.org.
Exhibitor “No Fee” Application – Universal
All Expos USA Events
Application is for exhibitor space at any of Expos USA events. Exhibitor space booth is 10′ wide X 10′ deep, with one 8′ high backdrop drapery, and one 3′ high side-divider drapery, including one 8′ skirted table, 2 chairs, one booth identity sign, and 2 exhibitor badges.
The regular exhibitor application fee is $50; however, the application fee is currently waived through March 30, 2019. Submitting an application is non-binding, on the Applicant, but the date of submission does determine and preserve Applicant’s status and priority ranking, as to any “first-come, first-serve” purchases, and/or exhibitor booth locations.
Pending approval of Applicant’s application, Expos USA will generate and email an invoice that documents the exhibitor space reservation. Buyer will be instructed to print, sign, and snail mail invoice to Expos USA, Miami, FL office.
Expos USA will also email to Buyer options for making payment (Check, Credit Card, Debit Card, Etc.). Buyer will be required to make payment, upon receipt of invoice, or forfeit “first-come, first-serve” position.
Exhibitor Application – http://exposusa.com/product/exhibitor-application/
Expos USA has immediate need for entrepreneurial-type, sales-oriented, individuals to partner-up to promote and produce Expos USA events in Sarasota, Tampa, St. Petersburg, Orlando, Jacksonville, Tallahassee, West Palm Beach, and Miami. Ideal opportunity for anyone that enjoys business-to-business activity. Event coordinator, event planner, event management experience helpful, but not required. Part-time, okay. Conversion to full-time, okay – anytime. $7,200 inventory purchase required. Outstanding return-on-investment. Start immediately. Details: email@example.com.