By Sheila Olson
While some older adults are happy to put their professional life behind them when they retire, others might find that they miss the steady income and the satisfaction at the end of a day’s work. With remote work becoming more popular, older adults now have the option of starting home-based businesses in retirement and bringing in some extra cash flow. Starting a home-based business doesn't require a hefty investment and is often more comfortable for retirees with mobility issues.
Nowadays, many older adults like to travel or live abroad during retirement. Some choose to become digital nomads, which HubSpot describes as people who can conduct business while traveling the world, as long as they have their laptop and a Wi-Fi connection. Whether you’re staying in one place or traveling the world in your golden years, here are a few tips courtesy of VIP Virtual Office to help you get your home-based business off the ground.
Need digital marketing services to attract, engage, and
convert customers for your home-based business?
VIP Virtual Office can help! Call (512) 297-9803
Do What You Love
One of the advantages of working post-retirement is that it need not look anything like what you did in your previous life. With the technology available today, you can choose practically any profession. Whether that is crunching numbers as a freelance bookkeeper or tapping into your creative side as a writer, focus on what brings you joy.
It is never too late to make a career change, either. Want to pursue a degree in Accounting? Enroll online via an accredited program, and you can earn your bachelor's or master’s degree at your own pace. Want to try your hand at technical writing? A certificate in medical or scientific writing can open up doors for you to practice professionally.
Write Up a Business Plan
If you are ready to start your home-based business, you will need to write a business plan. According to NerdWallet, you'll want to include a few business categories, including your expected expenses, your marketing plan, your financial projections, and more. You will also want to come up with a couple of different methods for finding clients and customers.
Even if you need to modify your original business plan along the way, remember to begin with a solid idea of what service or product you are going to sell, your sales method, and who your target customers will be. If you want to go the digital nomad route, figure out the average cost of living in your destination to estimate your expenses.
Get Connected to Clients
As the new owner of a home-based business, you’ll also need to start drumming up some sales. Whether you are designing websites, offering consulting services, or running marketing campaigns, it’s time to find some clients.
You can begin by looking at remote job boards, reaching out to family and friends, advertising online and locally, or reaching out to people you used to work with to let them know that you’d be happy to take on some projects for them as an independent contractor. Digital nomads may want to connect with potential clients at co-working spaces.
Meet With an Accountant
Now that you are self-employed, your tax situation will be different. And even if you become a digital nomad, you still have to file your taxes as an American citizen. When you’re running a home-based business, trying to file your taxes can be complicated. To make the process simpler, keep organized records of all of your sales and business expenses. Ideally, you may want to meet with an accountant who has experience working with digital nomads to show you the ropes.
More than ever before, older adults can choose to spend their retirement life the way they want after they leave the traditional workplace. If you decide to work from home during retirement, the growing digital nomad community will increasingly be a source of support and guidance. In today's marketplace, there are so many remote opportunities available for retirees. You can continue to earn supplemental income, achieve new goals, and build a career.
Sheila Olson is a freelance blogger and has been a personal trainer for five years. She created Fit Sheila to spread the word about her fitness philosophy.