The Senior’s Guide to Starting a Successful House-Flipping Business
Retirement is a major step. Many people struggle with finding new purpose and meaning at this point in life.
If you are nearing retirement and have dreamed of starting a business in the past, it may be time to revisit that dream. Turning your talents and interests into a business can be lucrative and fun. A home-based business is a great way for seniors to earn money without the overhead of a brick-and-mortar company. Here are some tips from The Silver Life.
The Benefits of an HBB for Seniors
There are many benefits to owning a home-based business (HBB). One of which is flexibility. Setting your own hours and making your own decisions about how to run the business is empowering. Seniors who struggle with mobility issues or health concerns may also find that a home-based business allows for greater access to equipment or furniture that accommodates those needs versus working elsewhere.
Home-based businesses are less expensive to own and operate and require far less capital to get started. Seniors who work out of their home also qualify for tax exemptions and can deduct a portion of their electricity bill, mortgage, internet, and other utilities as a tax write-off for the business. Running a home-based business allows you to supplement your income by doing something you love. Maybe you are on board with the idea but have no clue where to start. It may be easier than you think.
Starting an ecommerce business is a great way to enter the business world with minimal cost and overhead. You can reduce your expenses even further by dropshipping. With this method, you don’t have to worry about maintaining an inventory. Instead, you take orders from customers and place them with a third party that ships to the customer. It’s perfect for retirement income.
Create a Business Office Space
To help you stay focused and productive, it’s important to have a dedicated office space for your business. Yes, you could manage your business from your kitchen table, but that’s not really conducive to quality output. Instead, it’s best to carve out a room, or remodel a space to accommodate your needs.
A basement, for example, can be the perfect place to run your business. It keeps you out of the main parts of the house, and could have all the space you need to run your business effectively. If a basement remodel (or any remodel) is necessary, it’s important to work with a reliable and trustworthy contractor who understands your vision. Ideally, get at least three quotes before deciding on a professional, since the cost of a basement remodel can vary significantly depending on your preferred materials and scope of work.
How to Start Developing Your Business
As you begin to plan for your business, think about ways to make yourself stand out from the competition. Create goals for your company: Draft a business plan that outlines your projected start date, necessary funds, and how you will structure your business.
Some seniors may feel uncertain about their abilities and wish to brush up on their skills (or even learn new ones). You can improve business acumen and study marketing strategies when you take online business courses. Learning more about finance could help you make wise business choices that may result in long-term business growth. Getting the word out about your business is an important aspect of your startup, so marketing should be a priority as you begin, as well.
Marketing, Marketing, Marketing
In business, it used to be “location, location, location.” But with the shift to online and home-based businesses, location is no longer as relevant as a solid marketing plan. Think about varying ways to spread the word about your business. While there is nothing wrong with traditional marketing strategies like ads and mailers, it may be best to focus your energy on digital marketing to get optimal results for your time and money.
One of the best strategies for sharing information about your company and reaching a lot of people is to develop a website. You can create your own website using a website builder, or hire a professional to complete the job if you feel it is out of your wheelhouse. A freelance web designer may be a cost-effective way to go, and you can check out reviews and price ranges prior to hiring.
Social media marketing is a terrific way to spread the word about your home-based business. Consider starting a Facebook and Instagram page where you share your latest products or services and share useful and engaging content with your customers. Social media is a great tool to link people with your website and can also offer potential clients an easy way to reach you. You can use social media to distribute high-quality video ads for your dropshipping or ecommerce business.
As customers begin trickling in, you will probably notice an uptick in business due to word-of-mouth, the most powerful free marketing tool out there. Great customer service, a reputable brand, and an accommodating style will earn you those referrals. The better your reputation as a business owner, the more likely that word will spread.
Also, don’t forget that especially as business grows, precise recordkeeping is a necessity. Luckily, you can use this online accounting tool to keep everything accurate and updated, saving you a lot of headaches down the road.
Finding a Job Instead
If after reading these suggestions you feel so overwhelmed at the thought of starting a business, know you have other options. More and more seniors are choosing to go back to work in retirement. And if you want to work but prefer a home-based set up, that’s no problem! There are plenty of opportunities for virtual vocations, from mid-level to senior-level. And you can find something that fits your preferred schedule.
Starting a home-based business in retirement provides the best of both worlds. You call the shots and make your own schedule, and you get to do it all from the comfort of home. With these tips, you can easily put together your business, and be up and running in no time.
Hazel Bridges is the creator of AgingWellness.org, a website that aims to provide health and wellness resources for aging seniors. She’s a breast cancer survivor. She challenges herself to live life to the fullest and inspire others to do so as well.