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You looked forward to retirement, yet you were fairly apprehensive about what lay ahead. For the past few decades, your life has been organized around your job and your family. Your children have grown, and suddenly you are free from the confines of any organized routine. What are you going to do next? You may have thought of gardening, reading, traveling, seeing your family, volunteering, and enjoying whatever you want to do. You have a comfortable nest-egg. Retirees are living longer thanks to advances in medicine and more awareness of what a healthy life entails. A 65-year old can expect to live another 19 to 21.5 years, on average, according to the Social Security Administration. What's more, the government agency says a third of 65-year-olds will hit age 90. However, on the less encouraging side, a Harvard Medical School study revealed that those who retired were 40% more likely to have had a heart attack or stroke than those who were still working. The American Institute of Stress confirmed that retirement is ranked 10th on the list of life’s 43 most stressful events. Also, life has a way of throwing us curveballs, like the pandemic, economic recession, and global uncertainties in 2020. On the financial front, our nest-egg may not carry us through serious medical or unexpected emergencies. For the sake of both our health and financial security, having meaningful money-generating activities after retirement deserves serious consideration. Three Benefits to Starting a Business After 50 1. Finding a Sense of Purpose The successful entrepreneur Margaret Manning points out that before we turn 50, our lives focus on our career, our children, our marriage, and our social connections. It’s about time we reclaim our lives for ourselves after 50: "Starting a business in your 50s can be a great way to reconnect with your passions. You don’t need to spend your life savings or go out looking for venture capital money to get started. Both of my businesses started as blogs. Over time, they became so much more." - Margaret Manning 2. Meeting People Who Shared Your Interests "Loneliness is a big problem at any age and in retirement with a loss of self-worth accompanied by stresses related to financial security, loneliness can be a serious problem. These feelings of loneliness, when left unresolved, could eventually lead to depression and other mental health concerns. healthline Starting a small business with one of your passions opens doors to people who share your interests.
3. Keep Your Mind and Your Body Healthy Starting a business is a good way to keep your mind active. Many would agree that you need to be mentally alert to stay on top of things. Before diving into seven small business ventures you can take on after retirement, here's Margaret Manning sharing her experience in starting a business after 60: https://youtu.be/1VXUppE9NAc Seven Small Business Ideas For Your Golden Years in 2020 2020 has been a year of turmoil, especially with a killer pandemic bringing about an economic upheaval unseen since the Great Depression. Yet there are opportunities for the discerning. 1. Personal Protective Equipment (“PPE”) There was a frantic global demand for medical masks, gloves, test kits, and protective clothing. They were vital in the battle against COVID-19, leaving many organizations and countries crying for help in linking to genuine supplies. Unfortunately, there were a large number of scams and politics involved in the business of PPE trading. Take a look at your contacts and the needs of humanity in crisis and see if you can help. Be mindful of humanity’s needs and maintain minimal profit margins. In your 50s and 60s, the distinct advantages you have over the "Silicon Valley" techies is the depth of your connections and experience with people. Opportunities lie within every crisis. As long as you are ethical in your approach and doing good instead of taking advantage, the world will be a better place with your contributions. This tip does not seem so easy to me unless person has been in the medical equipment field. Would think it would take some capital, too. 2. Local Home-Made Food, Art and Craft Business The pandemic has led to lockdowns and quarantines in cities globally. While the restaurants and pubs suffered, home delivery of food skyrocketed. It's not unlikely you can find a business partner and utilize your knowledge of home-cooking to enter the home delivery business. If you happen to be more creative, taking your talents into the e-commerce space is another avenue you can take advantage of. You should have similar opportunities in the city where you are living. Look for like-minded people to team up with and get an economy of scale for the business. 3. Content Marketing The content marketing industry is estimated to be worth $412.88 Billion by 2021. The coronavirus pandemic has driven up demand even more as global businesses go through a digital transformation. There's been growing importance of online businesses with the rapid advancement of technology. If you intend to create and manage a blog or a website, content strategy and marketing skills are needed. There's no better time to learn the fundamentals than right now. Sign up for comprehensive training only if you are serious in making money from content marketing. 4. Blogging As of 2 January 2019, there were 600 million blogs and 1.7 billion websites globally. If you are intending to engage in online business, you need to have an online presence. Social media platforms are good for outreach and building up your targeted contacts. You need a blog to share your ideas and offerings through content marketing (see #3 above). Here's an article for beginners on how to make money from a blog for small businesses. 5. Website Design There is a large amount of disingenuous web design “gurus” online touting “done-for-you” websites that can generate passive income. Online businesses are fundamentally the same as offline businesses: you need to put in hard work in order to gain experience and knowledge. Search for a reputable and capable mentor to guide you through the process of learning about WordPress, website design, mastering an e-commerce platform (Woocommerce), and SEO. You can learn these skills from YouTube for free, which is the best approach to pick up the basic knowledge first. A mentor would be useful to speed up the process if you are serious about creating a business out of website design. However, a dedicated coach could be costly. If you just want a basic knowledge of website building and SEO, you can sign up for some low-cost courses first. 6. Online Courses E-learning is another rapidly growing industry projected to reach US$315million by 2025. If you have your sights set on blog creation, online courses would be a natural extension to monetize those blogs. If you are just starting out, pick up the basic knowledge first that is free, or a low-cost lesson to give you a good overview. When you have decided to start your online courses and have mapped out the strategy and outline, you can look for a good mentor or professional coach to bring you up to speed. 7. Management Consulting You have years of experience and expertise that you can share for a fee: that’s management consulting. If people are coming to you for advice in solving problems that were formally part of your working life, then you've already stumbled into the management consulting field. Monetizing your intellectual property can become very nuanced. Sharing your knowledge with friends or close associates over a cup of coffee might not require an invoice. However, don't allow unscrupulous relatives and friends to take advantage of your goodwill in solving more complex issues like contractual remedies and fundraising. When substantial time and effort are needed, your management consultancy business has been born. Leverage your expert knowledge and experience in niches that the world needs. Fulfillment of Your Golden Years You are enjoying your life after 50 with meaningful activities that generate income. You are highly sought after for your advice and tips in the businesses you have started with ethical partners. You are at the prime of your mental and physical health with new-found happiness. You can discover your mojo in your life after 50 by leveraging the aforementioned tips. Take a leap of faith and start living!