How To Start An Online Business and Become A Successful Entrepreneur After Age 50
The decade of your fifties is exciting. For many, the focus on child-rearing blurs to the excitement of newfound freedoms. Some insecurities of your past that detract from your confidence, may have been unpacked and settled. With ‘internal noise’ no longer in your way, there has never been a better time to start an online business for those over age 50.
As business and commerce have progressively moved away from brick and mortar style stores, the online world is booming. The online world has endless opportunities. Now, entrepreneurs at heart can kick-start their long-awaited dreams. Lower start-up costs and using social media to market your business lessen the fear and anxiety of launching. make this option appealing for many- including the older demographic of over 50s. In fact, women over 50, in particular, 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?
1. Know Your Strengths
There are many profitable business options, for new entrepreneurs over Age 50. You can explore affiliate marketing models, trade stocks, or consider dropshipping. Many people want to ‘do their own thing’ applying their skills as a consultant. When deciding your best entrepreneur options focus on your strengths, skills, and interests. It takes a huge commitment to launch a business after Age 50. It is much easier to make a business successful when you enjoy your work. Because women have a learning advantage at this age, take up an interest that perhaps you’ve never tried before, and make it work as a business. Your discretionary time (and stamina) is limited, so make sure that your business ties in with your passions. You’ll want to be proud to share your online business and leverage the strong relationships you have after Age 50.
2. Calculate Accurate Startup Costs
Although online businesses have lower start-up costs than traditional businesses, you will still need to invest. One of the first things you’ll need to create an online business after Age 50, is a website subscription. Typically websites cost $10-50 per month depending on your provider. You’ll also need a minimal social media daily ad budget of between $5-$10 per day. Of course, there are many other expenses to budget. Remember that your tools and systems matter. The right system or tool will save you countless hours of work and follow up. So consider tools and systems when figuring startup costs.
An online business provides an essential benefit as you rarely need a storefront, employees, or to invest in hard goods like equipment. 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.
3. Plan for Marketing
Perhaps one of the most important considerations when starting an online business is to market well. To do this, ensure you’ve created a business plan. A startup business plan outlines the basics. Consider including the ways your business will bring in new clients, how you will deliver your products and services and how you will get the word out. You’ll need a basic budget. 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 user-friendly platforms are easy to learn and use. But if you’d prefer avoiding technology, youll find plenty of professionals willing to work as contractors. (Here are some great tips to help you outsource tasks.) You can find help at Fiverr or Freelancer for as low as $5 per task. Marketing shifts as your online business grows. So, to stay flexible and successful, consider reviewing your plan annually and tweaking as you go.
Launching an online business after age 50
In conclusion, launching an online business after Age 50 is both possible and plausible, especially for women. Now’s the time to take advantage of amazing online opportunities. The online market is booming and open to all possibilities. All you need is a vision, a business plan and some startup cash to open your doors and try it out. And, maybe soon you’ll join the team of successful entrepreneurs over age 50.
Special thanks for the contribution from freelance writer Jess Walter.