I almost gave up on my business a couple of years ago. After years of 12-14 hour days, my two partners and I simply weren’t seeing a return on investment. Worse, we had just sunk tens of thousands of dollars into a social network for older adults. We were tired and we felt like quitting.
On the surface, freelancing sounds like an ideal option for older adults looking to make a little extra cash. It’s something that you can do from home, it allows you to leverage the skills that you earned over the course of your career and, for the most part, ageism is avoidable.
Most of us dream of starting a passion business at least once in our lives. Perhaps you love backing and have always wanted to open a bakery or coffee shop. Or, maybe you love collecting stamps and have considered buying and selling them on eBay.
The changing face of work as we enter the 4th industrial revolution has created an opening for digital nomads.
Are you wondering what to in retirement? Or, are you happy working, but, want to graduate to “semi-retirement?” After spending years in a job that you may not have completely loved, your first instinct may be to do something completely different.
A few weeks ago, I told you about a conversation that I had with a good friend of mine about the ability of older entrepreneurs to succeed. In our first argument, she claimed that older adults simply don’t want to start businesses… and, even if they did, they wouldn’t have the creativity, drive and passion to kill it in the marketplace.
What did your parents tell you about the path to success in America? If you are like most of the 50 and 60-year-olds that I have spoken with, the answer is probably “Not much. I had to figure it out by myself” or “They told me to work hard, finish school, get a job with a good company and stick with it as long as possible.”
Like many – dare I say MOST successful entrepreneurs – I started my side business way before I left my corporate career behind. Already in my early 60s, I could see that my days of working for a large company were numbered. At the same time, I wasn’t in a hurry to give up my steady paycheck.
According to most experts, splitting your attention between two business ideas is a recipe for disaster. Focus, they insist, is the name of the game when it comes to starting a business.
One of the great things about starting a side business in your 50s or older is that you already have a pretty good idea of your skills, experiences and passions. If you haven’t taken the time to document these aspects of your life, don’t worry! I’ll give you some brainstorming tips in a second.