Yes, You Can Be A Successful Entrepreneur After 50
There has never been a better time to start an online business, and this is especially true for those over 50. With business and commerce moving away from brick and mortar style stores and into the online world, the possibilities are endless for entrepreneurs in this aspect. Small start-up costs and the rise of social media for business marketing make starting an online business appealing for many- including the older demographic of over 50s. In fact, women over 50, are becoming one of the fastest growing demographics opening businesses, as they typically have the desire to learn new skills and adapt quicker than men at the same age. So what is the best way to become a successful online entrepreneur after retirement and over 50? In this post, our guest writer explains how this can be accomplished.
Know Your Strengths
There are many options for profitable businesses, from affiliate marketing, to stock market trading, to dropshipping. When deciding the best option for yourself, make sure to identify what it is you excel at, and are interested in. It is much easier to make a business successful when you enjoy putting in the hard work and time, so make sure that your business can also be a passion project, and something you can be proud of. Because women have the advantage of learning new skills at this age, take up an interest that perhaps you’ve never tried before, and make it work as a business.
Calculate Accurate Startup Costs
It is absolutely true that online businesses have lower start-up costs than traditional businesses. Depending on the type of online business, you can get started with just a website subscription ($10-50 per month depending on the provider), and a minimal social media ad spend ($5-$10 a day is usually recommended for startups). There is rarely a need for a storefront, employee wages, or tangible stock to invest in.
When starting an online business over 50, it’s imperative that you know exactly how much you will need to take from your retirement fund. Calculate your current expenses (mortgage, bills, transportation, and food essentials), and compare this with your saved retirement fund to work out how much you can invest in the online business. If in doubt, follow the 4% rule; if you withdraw 4% of your savings yearly to live off, you will maintain a healthy savings fund. So if you have saved $500,000, you can withdraw $20,000 to invest in the business and live off.
Plan for Marketing
Perhaps one of the most important considerations when starting an online business is to market well. Ensure you’ve outlined the ways your business will bring in new clients and customers, whether that be by networking, cold calling, PR, paid ads, or word of mouth. Currently, the best return on investment when marketing would be through social media and paid ads on different platforms.
A recommended ad spend per day would be $5-10, and as the business grows you would be able to increase this number to up to $50 to reach more customers. These platforms are very user-friendly and easy to learn for those over 50 as well; but if this isn’t something you wish to try, there are plenty of professionals to outsource the job to. Try looking at Fiverr or Freelancer to find digital marketing freelancers for costs as low as $5.
Starting an exciting new online business after 50 is both possible and plausible, especially for women. Take advantage of the wonderful opportunities the online market has opened and use it to become a successful entrepreneur.
Please share your thoughts and comments
Are you over 50 and eager to start an online business? Do you find these tips are helpful? If you did start a successful business and are over the age of 50, what tips can you share? Please leave a comment below and let us know!
Special thanks for the contribution from freelance writer Jess Walter.
Photo credit: https://unsplash.com/photos/GkraTrCYA_0