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Great business ideas for older entrepreneurs

Article provided by 50 Plus-Skills

The fastest age group of growth for entrepreneurship is the over-50 market. There are several factors that are aligning that create this reality.

We are all living longer on average than our parents and grandparents. Over the past 100 years, life expectancy has increased on average around 30 years. The creation of computers, smart phones and the internet is also changing the way we work. Living longer and feeling healthier also means that we can keep earning for longer. In fact, in many cases, it is a necessity as we have not planned well financially for this longer life we have been gifted with. The challenge is to find work that you love and to build some flexibility into this season for yourself.

The formal workplace is becoming younger and the options open to many over 50 is the world of entrepreneurship. We need to build a future by becoming an entrepreneur and finding ways to earn for longer so that our investments can keep growing until we really need them.

Here are some ideas of how to design a season of entrepreneurship for yourself. Ask yourself these four questions or create a vision board around these questions.

  • What do I love?
  • What skills do I have?
  • What can I get paid for?
  • What does the world need?

Once you have done this exercise by yourself or with a career transition coach the possibilities of how you uniquely can add value to the community around you will start to emerge. You may also need to step back and ask yourself what you need to learn or unlearn, and relearn to move forward.

It could include:

Marketing, Finance, Set up of a business, Legal structure, Social media plan etc.

Our changing world offers many great opportunities for small to medium start-up opportunities for this age group. Here are some ideas to start your own personal journey.

  • Teaching others from your own expert experience in a specific hobby. The list is endless and can include music, sewing, cooking, running, woodwork and many others.
  • Turning your expertise into becoming a coach, mentor, facilitator, tutor or consultant.
  • Aligning your expertise with an industry incubator and mentoring a young entrepreneur.
  • Offering services to young professional parent couples like au-pairing, tutors, transport or ready-made meals.
  • With longevity many new services are needed for the elderly. It could be transport, caregiving services, hairdressers, Pilates, tours and offering classes of interest.
  • Computer skills for those who are not up to speed with programs like Microsoft, smart phones, tablets and assisting them, to connect to their loved ones.
  • Creating a small Bed and Breakfast guest house.
  • Turning your hobby into a service you offer to communities. Woodwork, dressmaking, handyman, garden and interior design to mention just a few.
  • Starting an executive virtual office and offering professional services to clients.
  • Pet-sitting and home care services.
  • Writers, editors, designers and English speakers can earn money in many ways.
  • All fields of the GIG/Demand economy where one can earn where a skill is connected to a need.

The list and ideas are endless. The key is to be clear about what will work best for you. Take the time to plan, learn and engage with a coach. Learning from experts will short-cut your own blind spots and ensure success.  Find work that you love and where you can make a difference and the money will follow.

50 Plus-Skills are Premier Members of the NSBC.