Our thanks to Courtney Rosenfeld for this contribution to our blog.
Looking to earn some extra spending money with a new side gig? Do you need to supplement your retirement savings? Are you simply ready for a new venture? The truth is, more and more retirees are returning to the working world in the form of solo entrepreneurship. According to Forbes, half of all small business owners are over age 50: “one-third of all small business owners are between 50 and 59 years old; 17% are 60 to 69 years old; and 4% are 70 or older.”
Getting started as a “solopreneur” can be full of challenges and stress. Thankfully, you can reduce some of those headaches by keeping these handy tips and tricks in mind as you get your new business up and running.
Think About Hiring a Freelance Virtual Assistant
It may sound silly to invest in an assistant for a side gig or small business. But when you stop to consider how valuable your time is, you may quickly change your mind. Now, you can get detailed and calculate your time’s value, but it really just helps to know that you could be spending your time on more valuable projects to get your business up and running. So, consider hiring an assistant to help make the most of your time. If you’re not sure where to locate a virtual assistant, you can use an online job board to quickly find talent. You can use job boards to get freelance help with other startup projects, like logo or website design for your business.
Consider Investing in a Dedicated Mobile Hotspot
No matter what type of side gig you decide to start, having reliable internet access is a must. Staying connected to the internet can help you stay connected to valuable online tools that can make managing your new startup easier. Most of these tools are completely free to use and can make essential business tasks, such as managing email marketing or creating social media content, virtually effortless. So, how can you ensure you have access to fast, reliable internet no matter where your business takes you? You can add a hotspot to your current cell phone plan; look for a device with extended battery life, multiple device connections, and access to phone charging. Using a dedicated hotspot, instead of your phone, will provide a much stronger connection and fewer worries about draining your phone battery.
Think About Downloading Productivity Apps
With reliable internet and more time, you can get more done to make your new startup a success. Even with these helpful tools, keeping yourself productive as an entrepreneur can be a major challenge. That’s especially true if you already have a busy schedule or just want to kick back and enjoy retirement, which is why task management tools can be extremely effective for busy older adults looking to start a new side gig. Apps like Asana and Timely allow you to manage your tasks so that you can get more done throughout the day. Many of these productivity apps offer free tools and services, but you can also add paid features if you have room in your startup budget. You can also use more traditional productivity hacks, such as limiting distractions during work hours or focusing on a single task instead of multi-tasking.
Consider Looking for Low-Risk Business Funding
Funding worries top the list of the most common sources of stress for small business owners but you can easily take steps you reduce your own startup funding worries. If you have enough in savings, bootstrapping is a good option when very little capital is needed, but using your personal finances to start a small business isn’t always doable, especially if you are already living on a retirement income. So make sure you look into all business funding options, which can include loans, grants, and even crowdfunding. If you do opt for a small business loan, be sure to check your credit report first so you can get the best interest rates.
Starting a new gig or business can be a simple way to earn some extra income, both as a side gig or as a way to boost your income during retirement. Although it has its advantages, it can also be a bit stressful. So, if you’re not sure where to start, begin by using some of the tips above and research other ways to make being your own boss feel effortless. Because additional income should never bring additional stress to your life!
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