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.