You’ve worked hard to get where you are. So you deserve to do something you love. But you might want more flexibility and control than you can get working for someone else.
For many over 50s, the answer is a small business. With a lifetime of experience, over 50s have the know-how to turn their skills into a commodity.
Finding your niche
A small business can be exactly that. Maybe you enjoy making clothes and want to sell them online. Or perhaps you want to design landscapes and aim to outsource the physical labour. Whatever your idea, make sure it’s something you’re passionate about.
A good starting point is to list your skills and the things you enjoy. Your idea could take many forms, including:
You have an idea. What now?
At our 2015 Amplify festival, Elizabeth Isele from Senior Entrepreneurship Works shared some tips for getting started:
- Define your affordable risk: Know up-front how much you’re willing to put on the line. Beyond finances, remember to factor in time and emotion.
- Plan your financing: Don’t use your retirement savings. Instead, understand your options regarding drawing on other money or asking the bank for financing.
- Start small and prove your concept: Whether you have big plans or just want a hobby that makes you some money, start small. That way you can manage risk and iron out any kinks. Then, with a proven model you can choose to upscale your business.
- Use your networks: You know more people than you realise. Whether you’re looking for a business partner or new customers, your own network could be a valuable resource.
Watch Elizabeth’s Amplify presentation in our video (27:05).