You are about to retire, have just retired, or have been retired for a while when it hits you out of the blue. It could be motivated by a number of factors. You might worry that inflation will eat away at your hard-earned savings. You may be bored. Or you might miss the action, the challenge, and the lively banter with other people.
You would like to return to the business world, but you do not want a boss. You want to work on your own terms, set your own hours, and generally avoid the stress you’ve withdrawn from. You want to start your own business, a little hustler you can indulge in when you need a break from your hobbies.
Believe it or not, it can do more than just make you happy, it might just keep you healthy.
“Doctors say people can age ten years in the first two years of retirement if they have no purpose in life,” says Victoria Tomlinson, chief executive of Next-Up in Harrogate, UK -United. “Starting a business is all about learning massively, being around young people, getting into technology and challenging yourself every day. In other words, you will have purpose in abundance. And the feeling of satisfaction when you start seeing your idea take off is like having kids and seeing them grow I can’t think of anything better to do at this stage of life if you want to stay young and engaged.
If you’re looking to start a side business as a “main taker,” you’re in luck. There’s no better time than today to find an easy way to supplement your retirement income.
“The growth of the gig economy and increasing remote work opportunities have popularized the so-called hustler among millennials and GenZers,” says Denis Litvinov, co-founder of FunCorp and CEO of Limassol-based Yepp, in Cyprus. “Retirees, however, can take advantage of the simple digital tools that exist to earn additional income as well. The least risky opportunities are those that require no upfront investment.
How can a beginner start a business?
Ah, but there’s one thing holding you back. You have never started a business. It means taking a step into the unknown. And that can be scary.
But don’t let that hold you back. Others have done it countless times and in worse times.
“I started my business in 2008, during the housing crisis and subsequent recession,” says Julie Bee, president and founder of BeeSmart Social Media and Lead From Anywhere in Charlotte, North Carolina. “I had lost my job, I couldn’t find another one, so I decided to take the risk and start a business. It was a tough few years, but once I focused on the social media niche, things took off.
If you consider where you’ve been in your career, you’ll find nuggets you can use to help launch you into the perfect hustle. Your own story shows you that you are less of a beginner than you think.
“Having T-shaped skills (where you have deep knowledge in one area but broad reach in others) when it comes to business management gave me the confidence I needed to believe that I could go on my own as a solo founder,” says Kelly McDonald, CEO/Founder of Kyndoo in San Francisco. “In previous management roles, at some point I’ve managed all the parts of a business that really span the whole of a company. My extensive knowledge is in sales and revenue, so I was confident I could sell the product, and I’ve led operations, human resources, and product teams in different organizations over the years. So, I felt that while it would be difficult to go it alone, I at least had an idea of how the roles would work day-to-day and how I would transition from one to the next.
Not only does the breadth of your experience give you a head start, it also gives you insights you can only begin to imagine.
“Like most entrepreneurs, I saw a problem that needed a solution,” says Thyme Sullivan, co-founder and CEO of TOP, the organic project in Duxbury, Massachusetts. “I was a consumer products executive for over 20 years for PepsiCo
What business should you start as a beginner?
Once you’ve gotten over the idea that being a newbie won’t hold you back, all you have to do is figure out which side hustle is right for you.
“There are a number of post-retirement entrepreneurial initiatives that have proven successful,” says Inez Stanway, CEO of Live Laugh Create in Atlanta. “For example, many retirees have succeeded as consultants, offering their expertise to companies in need. Others have launched successful online businesses, selling products or services through web-based platforms. And still others have started physical businesses, using their experience and business savvy to tap into local markets. Either way, post-retirement entrepreneurship can be a great way for retirees to stay active and engaged in the workforce.
What works for you? You will know it when you see it.
“If your idea is consuming you, keeping you awake at night, and all your friends and family are tired of hearing about it, you’re probably at a good place to start,” says Sam Harper, co-founder of Hippy. Feet in Minneapolis. . “From there, it’s not about losing sight of what gave you that motivation. It’s the courage to overcome failures and the self-honesty to recognize why they happened in the first place.
Here is an idea of some retirement-side hustles you might consider.
How to start a business without money?
If the purpose of your hustle is to give you some extra spending money, you probably don’t want to start a business that requires a lot of capital. In fact, you’d probably prefer to start a business that costs nothing. Or at least something you can put in place before you officially retire. Be careful, do not expect to win a lot from the start.
“I started a website while working full time in my day job,” says Kristin Larsen, founder of Believe In A Budget in Franklin, Tennessee. “I immediately treated it as a part-time job. Although I wasn’t earning any income initially, I put in a lot of sweat equity. After four months of working on my website in my spare time, it finally paid off and I earned my first $60. From there, everything started to snowball and new doors started to open for me. My income increased and I was able to quit my full-time job ten months after launching my website.
How to start a home business?
Obviously, if you want to start a low-cost side business, you don’t want to rent an office. If anything, you want your office to be one of the spare rooms in your home. Thanks to the Internet, it is extremely easy. Again, you can look at many examples of people doing this, regardless of age.
“In my college dorm, I wondered what would help me stand out in my application to Harvard Law School,” says Brian Robben, CEO of Robben Media in Cincinnati. “So I decided to start a blog. I grabbed the domain, bought a cheap WordPress theme, and started posting three posts a week. Then I wanted people to see my blogs, so I Dove into SEO research and applied it to my site.The rest is history as my blog received millions of page views and I used my skills to start a digital marketing agency.
The best part about finding an internet delivery vehicle is that you can take a hobby of yours and find a way to make money from it.
“I started with a $400 Craigslist camera and my laptop from college,” says Casi Yost, owner of Casi Yost Photography in Portland, Oregon. “I hustled and asked all my friends and family if I could photograph them. They were referring me to other people and slowly I started to build relationships, I asked to follow other photographers and I built my website and my business one step at a time It took three years to finally have a workflow and a system to track everything but my business is running efficiently and I don’t have to worry about incoming leads.”
Probably the best advice you can give if you’re interested in starting a retirement side hustle is to not think about it too much and just do it.
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