Can an online business after 55 be something for you?

To start an online Business after 55, you have probably heard many times and in different shapes. With the Coronavirus literally challenging you daily, the topic is getting a new dimension.

Online businesses are the new and improved way to make money right from the comfort of your home. Even if you are in your mid to late 50s or older and are hitting retirement age, there is still time to invest in an online business. It will bring you some extra income throughout your retirement.

Perhaps you lost your time because of the current pandemic situation. You might be unsure of where you fit in the job market being near retirement age. Maybe you don’t want to risk being out in the community doing a job that exposes you to an unrelenting virus.

Or maybe you would just like to start a part-time business where you can still enjoy some free time as well. These are all impactful reasons to invest in a business online and begin making a new life for yourself in retirement.

 Step One: Find Something You Are Passionate About

If you are 55 years old or older, you probably have spent many years discovering who you are as a person and what you would like to do. You probably have been doing some of the same hobbies for twenty or more years or longer.

Think about these hobbies that you truly love and consider whether you could turn any of those hobbies into an online business. Perhaps you love to knit- could you sell knitted hats, blankets, clothing, and other items online?

To build an online business after 55 based on your passion is probably the best choice you can make when approaching retirement.

There are a plethora of online selling platforms you could choose from to display and sell your knitted items. Do you enjoy gardening? You could sell fresh herbs and vegetables online as well.

The knowledge you have together with your unique experience make an online business after 55 to look like a perfect fit.

Step Two: Consider Your Financial Situation when starting an online business after 55

Although you don’t typically need a ton of extra money to start an online business, there are some minimal startup costs. You will need funds for supplies if you are making homemade items. You may have to pay some fees to use online selling platforms, and you will need shipping supplies. Perhaps, you also want to factor in funds for accounting software so that you can keep track of your taxes, profit, and inventory.

If you are currently without a job or your retirement pension is less than you thought it would be, you may have to get creative and find these tools at discounted rates so you can start your business. Many online selling platforms also allow free trials, so you can begin selling right away.

To make an “all-in investment” of your already tiny pension funds is not a very attractive alternative for you. So, let’s go for business openings with large opportunities and at the same time small investment. If you can relate to this, you’re at the right place at the right time.

Step Three: Do Some Research

Once you have some ideas of what kind of business you would like to start and you are aware of your financial health, it is time to do some research.

Discover which selling platforms are available to you, such as eBay, Amazon, Shopify, Etsy, or any others. Compare the costs of each. Make sure you are aware of their selling fees, as many of these platforms do take a percentage of each sale for their profits.

Consider all of the charges involved and determine which service you would like to use. It is also a good idea to shop around for good quality supplies that you will need for your business.

Suppose you are thinking of starting a freelance business, such as writing, online tutoring services, tax preparation, or other online services. In that case, you should begin researching the online resources that are available to you.

Companies are always looking for freelance writers, so contacting some of these companies and discovering what they offer can help you determine what kind of client base you will have. It will also help you figure out what type of writing you want to do and how invested you want to be.

There are also plenty of sites that need independent contractors for tutoring and tax preparation. Make sure you compare all of the resources you find and pick those that make you feel most comfortable.

Can you see how your age will be to your advantage?

Step Four: Set Up Your Business Finances

Once you have figured out what kind of online business you want and have collected all of the resources you will need, it is time to set up your finances. Open a business checking account with the tools available to send invoices, save for taxes, and have other business budgeting tools to help you be successful.

It is often helpful to keep your business funds separate from your personal funds. You’ll have a better picture of how your business is doing and so that you can report your taxes to the IRS accurately.

Shop around to see which checking accounts are available and compare and contrast their features. If you are short on money, there are free business checking accounts available, some of which collect interest as well.

Step Five: Determine if You Need Additional People

If you don’t think you will be able to do the workload alone, consider whether you will need some extra help. There are plenty of free opportunities to obtain staffing for your business.

High school or college graduates may be looking for internship opportunities. Once you get your business started, you can hire an intern who can assist with some of your business’s daily operations.

These individuals often do not have a lot of experience. However, they can begin gaining that experience by helping you ship items, answering customer emails and phone calls, tracking inventory, or even helping you develop a brand on social media.

Starting Your Online Business after 55

Even though your business will be in your home, you may want to separate your work area from your living area. Designate a separate room or area specifically for your business. Setting up a workstation that has a place for you to work on the computer, fill orders, talk to customers, and process paperwork will help you stay organized. It will also give you a quiet area to do your work while allowing the rest of the household to function normally. Having these two worlds separate within your home will allow you to transition from work to home easily.

Keep in mind that business may be slow at first. You must develop a solid online presence and client base before businesses start coming in. Make sure to let your family and friends know about your new business and encourage them to spread the word.

Build your list

Important for a successful business online is to build a list of potential customers. You need a system to communicate with your customers, and it must be possible to automate. Fortunately, there exists a system to let that happen.

As Warren Buffett once said:

“If you don’t find a way to make money while you sleep, you will work until you die.”

List automation is very much about letting the system do the work while you sleep or doing something else. The system I use to communicate with thousands of people on my list, allows me to program everything in advance and rely on that the system takes care of the work.

When you have an encouraging support system, word of mouth begins to travel quickly. Be active on social media, develop a free website for your products or services, and ensure you check your email, messages, and business phone frequently so that you don’t keep customers waiting.

Starting a business near or at retirement is feasible with the online resources that are available today. As long as you do something you are passionate about, do your research, be aware of your financial health, and spread the word. Having an online business can be a rewarding and financially fulfilling experience.

Let’s Get Started

The beauty of the internet is that you can do it right from your home and for as little or as much time as you want! Having this flexibility with your business can allow you to make decent money while still enjoying your retirement.

Even if you can agree with all recommendations in this article, for sure, you may still be arguing that it seems too complicated and risky.

The bad thing is that you’re right. The good thing, though, is that there exists a shortcut to your online business after 55.

For sure, you don’t feel very motivated to start all over again at this point in life. That said, it doesn’t mean that you can’t do it. Probably you have made this journey several times during your career.

To get access to an All-In Package, where all the heavy job already is there for you, that is what you’re searching for, right?

Click the banner below and learn the exact steps to turn your interests into income. You can start your business already today if you want. A good idea could be to use the upcoming holidays to get a flying start.

The promise: your 2021 will be different!

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