Before I retired from my corporate career, I thought that starting a business meant finding a big idea, developing a product, hiring staff and setting out to “make the world a better place.” Like most people, I saw the stories of companies like Facebook and Google and believed that starting a company required a hard-to-find combination of business and technical skills.
Traditional jobs are no longer the sole source of income for many.
According to a recent Bankrate study, more than 44 million Americans are engaged in some type of ‘side hustle’ income endeavor.
When I talk with other people of my generation about starting a business, the most common response that I get is along the lines of “I’d love to start a business… but, I have no idea what to do.”
The gig economy? What is that? It is simply a technical word for the economy that absorbs a number of part-time and flexi-time workers into employment on a contractual basis, via the Internet.
Now that you have decided to start your little business selling your products, it is time to address how you are going to set up your marketing plan. Up till now, you have been doing your hobby for fun and perhaps selling a few items/services here and there.
When our careers are in full swing, we don’t think about the importance of jobs for retirees. Either we assume that we will save enough money to live in comfort in the “best years of our lives” or we look forward to enjoying our freedom in retirement, without working, even if it means cutting back on luxuries.
Why is it that time seems to fly now that we’re 60 or 70 or 80? I’m often amazed when a wedding, the death of friend or a move to a new city was 20 or 30 years ago. Heavens, it’s already 2018! What happened to 2017?
Turning a favorite hobby into a business venture sounds like a good idea, right? After all, you have been involved in your hobby for several years. Everyone thinks your work is wonderful and would love to have one of your inspiring creations.
During my first year of self-employment I earned $13,000. I lived on ramen noodles and peanut butter and turned down social outings because I couldn’t afford a glass of wine. It was one of the best years of my life.
It’s become very common for the 60+ crowd to finally carve out the time to begin the home business they were afraid to try in their younger years or to monetize a hobby or passion. Very likely, they will be working from home, and as exciting as this is, there are a few things to be wary of.