According to a study by JP Morgan Chase, small businesses founded by entrepreneurs aged 55 and up are more likely to survive because, compared to younger people, older adults can better manage their finances. If you’re a senior who wants to launch a new business, don’t hesitate.
At the same time, consider doing it from home in New York, NY. Most home-based businesses don’t require large capital and are ideal for older people with mobility problems. Read on for some tips to get started.
Getting Started: Identify Your Strengths
The first step is to decide which product or service to sell. For retirees, starting a consulting or coaching business may be ideal. Just because you’ve left the workforce doesn’t mean you can’t share your experiences and knowledge. If you’ve worked as a journalist or a professional writer, you can offer your services as a writing coach.
Think of the skills you’ve acquired over the years and turn them into a home-based business. Going back to school for an online accounting degree or other business-related courses can also expand your knowledge and sharpen your entrepreneurial skills. You can learn more about how to manage business finances better, market the business, and conduct best business practices.
The next step is to write a detailed business plan to help you achieve your objectives. And it’s better to register your business as an LLC because it enables you to protect your assets, reduces paperwork, and lowers your taxes. However, you’ll want to check the rules in New York to ensure you’re doing it right. To save money and avoid hiring an attorney, consider using a formation service.
Home-Based Business Ideas for Seniors
Do you have a hobby? Perhaps you excel at cooking, baking, or playing a musical instrument? You can make money with this hobby by creating an online course or writing a book.
You might want to also explore affiliate marketing and dropshipping — both require little capital to get started. However, you do need to look for profitable products for dropshipping to generate more income. For affiliate marketing, look for products or services with bigger commissions.
Begin Marketing Your Business
Advertise your product or service if you want to reach out to as many prospects as possible. If you have a website, make sure to rank for the right keywords. Try different marketing strategies and measure your success to determine which method works best. If possible, get help from professionals if you’re not well-versed with digital marketing.
Invest in the Right Invoicing System
Get paid quickly by having a good payment system in place. Choose an invoicing software that lets you create customized invoices, accept different payment methods, and set payment terms clearly. There are pre-made templates to choose from — pick one that suits your brand personality. Add your business logo, brand colors, and other important information before sending it to your clients.
You Can Start a Home-Based Business at Any Age
Seniors can start a home-based business even after retirement or leaving the workforce. Use the guide above to help you get set up running your business from home. Check out Age Brilliantly if you need inspiration on planning the next stage of your life.