Tips and Ideas for Becoming an Entrepreneur at Age 50 Plus

Continuing to work after retirement age has become a financial necessity for many. Life expectancy has increased at the same time we've watched retirement benefits shrink and the cost of living rise. Americans are expected to live into their late 70s, but those who reach age 65 are expected to live until their early 80s. Most of us don't feel we have enough savings and retirement benefits to be financially secure for that many years.

Many who choose to continue working will look for an alternative to their life's career or work. Self-employment or business ownership is an attractive alternative. It allows for a lot of self-control over the type of work as well as time and finances.

Starting a business when you're 50 or 60 years old is quite different from starting one in your 20s in 30s. Many of the online work at home resources seem to be geared more towards younger entrepreneurs, especially, stay at home moms. But perhaps in response to the first Baby Boomers approaching retirement age, more self-employment resources for those starting businesses later in life are beginning to emerge.

We'll explore some business ideas and resources for mature, business-minded women and men.

First some words of caution

Work at home and Internet business schemes and scams abound. Before joining any opportunity be sure to thoroughly research the company, its founders and principals, and the products. Use your common sense and never pay for anything before you are absolutely sure of what you get for you money.

This is not the best time of life to be risking even moderate sums of money on a business. There are many avenues for self-employment that can be started with very little investment and operated on a tight budget. You should plan for expenses, but remember that all business is risky and you don't want to jeopardize whatever financial future you've already secured for yourself. Don't ever invest more than you can afford to lose.

50 Plus Entrepreneur makes every effort to present accurate, legitimate information, however all the information is provided "as is" and we do not make any express or implied warranties, representations or endorsements whatsoever. Please read the rest of our disclaimer below.

When selecting your business, be sure to keep all of your non-retirement or semi-retirement goals in mind. If you want to travel or take off to pursue a hobby for a month at a time, don't choose a service business that requires a consistent time commitment to satisfy the needs of your clients.

If you are going to be solely responsible for the business, choose one that will not fall apart if an illness, family emergency, or the pursuit of your hobby or travel dreams prevents you from attending to the business for a few weeks or more.

Of course all businesses will require regular attention, but there are quite a few that can operate without constant attention.

Here are some of the types of businesses that lend themselves to success for a 50+ entrepreneur.

What started as a way to record a personal journal online has blossomed into a viable business model. A weblog or more commonly, blog, is an easy, inexpensive way to establish an online presence and make money.

A blog allows you to explore and share information about something that interests you with others who have similar interests. It's a social model that encourages readers to comment on articles to provide immediate feedback and allow for interaction with your audience.

There are a number of different ways to earn money from blogging including selling information products, affiliate marketing, and displaying advertising.

If you love to write and have knowledge about a marketable topic, you can get started in a day. But even if you aren't confident in your writing skills or aren't sure what to write about, you can still blog successfully. There are many resources available to find a niche and for content you don't have to write yourself.

Of course there are many resources available online to teach you how to blog and to help you get started. Mike Paetzold has developed a resource specifically to guide seniors through the process - Blogging for Seniors.

To learn how to start your first successful blog follow this link to "Blogging for Seniors":
http://www.clicktonow.com/srblogs.

Blogging is fun, easy, and profitable.

There are two ways to turn your hobby into a business. You can produce products to sell or you can sell your expertise or creative ideas.

Let's use photography as an example. There are many ways to sell your original photographs including selling prints, creating and selling products such as stationery and calendars, portrait photography, pet photography, and selling digital images.

>>> Resources
> Sell your photos on sites like Fotolia or iStockPhoto
> Design products using your photos (T-shirts, calendars, etc.) at CafePress

Alternatively, you could write and sell an e-book or develop a website to teach others the art of photography, especially if you have a particular area of expertise (such as bird photography or portraiture).

>>> Resources
> Sell your crafts on ebay eBay.
> Sell handmade items at Etsy.

If you have a set of skills that companies in a particular industry need on a limited basis, you can offer your services as an independent contractor or freelancer. For example you might consult on a marketing campaign or offer your writing talent or computer programming skills for a particular project.

There are as many ideas for home based service businesses as there are personal services people need - handyman, babysitter, companion, running errands, housekeeping, organizing, home inspection, personal trainer, personal coach, tutor, dog walking, pet sitting, and much, much more. Whatever your skill or interest you can probably think of a related service you could offer.

>>> Resources
> Great article at Entrepreneur.com - 105 Service Businesses to Start Today.
> Paul and Sarah Edwards' book referenced below has many great ideas too.

There is a growing opportunity for ghostwriting, especially Internet writing. Ghostwriting is the practice of writing works (books, articles, etc.) anonymously for a client. In turn, the client gets full rights to place his or her name on the writing and publish it as their own.

To get into ghostwriting, there are a few skills you should have or work to acquire:

• Excellent Writing Skills: Certainly to be a ghostwriter, you need to be able to write well. Your writing should flow well, cover topics thoroughly and in many cases, your clients will expect you to capture their unique voice in your writing.


• Research Skills: As a ghostwriter, you'll be responsible for finding and process all of the information that you will need to be able to do your writing on a specific topic.


• Grammar & Spelling: It might seem obvious, but it's important to note. All of the work that you turn into your clients as a ghostwriter must be free of any grammar and spelling errors.

Many different types of businesses and individuals readily use ghostwriting services. Authors, business executives, celebrities and others may look to ghostwriters to write books for them. Online business owners, blog publishers and other websites hire writers to create articles and other content. Information product sellers look to ghostwriters to publish how-to and other instructional guides. The sky is the limit when you are looking for people who want to hire ghostwriters.

There are many things you can do put yourself ahead in this field (and the How to Become a Ghostwriter Guide covers these and more in depth).

Here are a few ideas to get you started:

• Start building a resume that will get you noticed. Highlight any writing experience and if you don't have any, you can offer to do a few free small projects to build your resume. Approach a non-profit business or someone that you know that might need writing services.


• Determine which topics you are qualified to write about. Although many ghostwriters are well-rounded and can write on many researchable topics, having a specialty can help you get work. For example, you might have special knowledge of health, finance or parenting topics. Use this to your advantage.


• Have relevant samples readily available to showcase your writing skills. Many clients are more concerned with how well you write, rather than the amount of experience you've had.

To get more help, get a copy of Just Add Sweat's "How to Become a Ghostwriter"® Guide. It will help you discover if ghostwriting is indeed the right career for you, how to break into the business, service rates and more. Ghostwriting can be a competitive business, but there is plenty of room for new writers if you're armed with the right approach and that's exactly what the guide will give you. Click here for all the details.

Put your writing talent to good use in the in-demand Internet ghostwriting business.

A better choice for selling other people's products may be online affiliate marketing. There are affiliate programs for all types of products and for many well-known companies such as Amazon, eBay, and Best Buy.

Some companies run their own affiliate program and others are offered through an affiliate marketplace such as ClickBank or Commission Junction.

Affiliates are provided with a specially coded link to the company sites and in most cases earn a percentage of purchases made by referred customers. Some companies also pay a few cents for leads.

Because someone else handles billing, shipping, returns, tech support, and customer service, affiliate marketing allows you a great deal of flexibility with your schedule. Even when you're on vacation you can be earning because your sites and links are working for you 24/7. While you will be able to take time off for relatively extended periods, don't be lulled into complete complacency%u2026 you will need to update and market fairly regularly for continued success.

There are many ways to market affiliate products and to be successful you'll need to develop your own strategy. Simply placing a link or banner on a website may produce a few random sales, but in order to make a living you'll need to learn how to promote online.

Some inexpensive and effective methods for affiliate marketing include writing articles, product reviews, how-to reports and tutorials. You can submit your material to free content sites, but you will most likely need your own website. At least initially, select products and build your website and programs around one topic%u2026 one you know something about. As you become successful with one subject, you can branch out to others, building a series of sites to promote different products.

However you market, I highly recommend collecting contact information and regularly emailing your referrals. That way you can stay in touch with your referrals to let them know about new products and programs you find.

What are the best products and programs to promote? The ones you use yourself and know are high quality. Your best customers will be the ones who trust you and who will buy again and again on your recommendations. You want to be sure you don't betray that trust. Eventually you'll be comfortable recommending other products that have been developed by or recommended by your own network of trusted marketers and resources.

As you begin to research home businesses, you'll undoubtedly come across many direct sales and network marketing business opportunities. There are hundreds of companies you can join to market their products either through home parties or by recommending the products to family or friends. While these can be very viable businesses, in my opinion, they probably aren't the most well-suited for 50+ entrepreneurs. Many of these companies offer cooking and storage products and food, home décor items, jewelry, and products for children - not the kinds of products our peer group tends to be collecting at this point in our lives.

Additionally, you may not want to be in the position of asking friends to part with money when they may be trying to cut back as they approach retirement themselves.

One exception may be health and wellness products. Baby boomers tend to become even more health conscious in our 50s and because we're living longer we want to be healthy and strong as we age. If you explore the health and wellness industry please be very careful about your product choices. Also be aware that there may be a yearly or monthly fee to participate and in addition you may be encouraged to commit to a monthly product order. Don't put yourself in the position of having more product than you need.

>>> Resources
> Business Guide - How to Find the Perfect Business Opportunity for You

When I was presented with the opportunity to interview master programmer and Internet business owner Will Bontrager, I started out by saying, "You are living many people's retirement dream.... on the road and still earning an income from your own business." Will was quick to respond, "Well, first, let me mention that we are far from being retired. Our Internet businesses are our full time job."

But he was gracious enough to answer my questions anyway.

For many boomers, the ideal retirement will include some work, yet allow time for travel or pursue a favorite hobby, leisure activity, or social cause. Will can offer a good deal of insight into managing an Internet business while pursuing a personal dream. Will and his wife Mari run their businesses while living and traveling full-time in their motorhome.

So I asked, "How did you do it? What are the pros and cons of your life on the road?"

Will responded...

"Mari and I are both footloose. When we got married, close to 10 years ago, we looked around to find what may best fit with our personalities.

An Internet business was the answer. We could run it from anywhere. Mari is a great designer. I'm good with software engineering. Mari is awesome with bookkeeping. I like to write. We decided to provide design and software services for the small Internet business person. It was perfect.

The software aspect grew so much that we decided to remove design services from what we offer. And we have other income avenues, also. One thing we have learned is that little is consistent on the Internet. Relying on only one income stream is the not the best idea.

So we developed our business. Every so often, once or twice or more a year, we moved to a different place, usually in a different state. After 5 or 6 moves, we decided loading and unloading furniture around is not our greatest joy. So we moved into a motor home. You can read about our first day at the "The First Day" article. (Things generally go better than that.)

(continued below)

Will goes on to explain some of the technical aspects of running a business from a motorhome and talks about the pros and cons of life on the road.

"At first, we had Internet through a cell phone. That was before cell phones had broadband. It was slower than molasses on a cold day. Very frustrating.

After a year or so of that, we looked about for satellite Internet and found a company that could provide what we need, MotoSAT. And we haven't looked back since.

The biggest drawback to this lifestyle is that I can't drive and write software at the same time. So we often park in one place for extended periods. It is a business we're running. And it needs our attention.

Even though we live in a motor home, we're not on perpetual vacation. In fact, we have to proactively schedule vacations just to get away from work. Vacations are generally going somewhere we haven't been at or attending family functions, always with the self-stipulation that the satellite dish would remain stowed on the roof except for email."
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So there you have it... a great example that it is possible to run a successful business while pursuing a dream to travel. With know-how, ingenuity, and the right niche you can do it too.

Learn more about Will and Mari's business (and find some excellent tools for your own sites) at Willmaster.com.

And get more great tips from Will and ask your own questions about building a successful website at
http://www.squidoo.com/AskWill

Many of us have the skill and the will to start a new home business or online business, but most of us stumble over the first obstacle - choosing a business.

That's the case for Mary, who recently emailed me asking for help to begin. In her 50's and unemployed after working in an office for more than 25 years, she'd like to start working online.

The first step in deciding what to do online to determine whether you want a job or a business.

I have no experience or expertise in the are of online jobs, but my impression is that most people who come online looking for a job and quickly realize that the relatively few available jobs are overwhelmed by thousands of applicants. The good news is that there are more and more companies employing home based workers, but there are usually strict requirements for even applying and again, many, many applicants. A trusted source I recommend for online job information is JustOnlineJobs.com.

Many who start out looking for an online job end up starting their own business instead. There are two popular ways to get started fairly quickly.

If you have a set of skills that other business owners are willing to pay for, you can offer your services as a virtual assistant (VA). A VA works from home providing support services to other businesses, including administrative, technical, or creative services.

>>> Learn more and grab your copy of Guide to Starting a Virtual Assistant Business.

You can market other people's products as an affiliate. Affiliates recommend products through a special link provided by the company and are paid a commission for resulting sales.

>>> Learn more and pick up your copy of A Beginner's Guide to Affiliate Marketing.

The number of online business opportunities available to you is really only limited by your imagination. Whether you choose to start your own business "from scratch" or buy into a business opportunity, take the following into consideration:

1 - Make an honest assessment of your skills and abilities and determine which are marketable.

2 - Be careful and use your common sense. There are as many schemes and scams being promoted online as there are legitimate businesses. Research and ask questions before you join any opportunity.

3 - An online business will require at least some investment to get started. Never pay for a job. Employers don't ask you to pay them to work for them. (For some online jobs you may need to buy special equipment such as a telephone headset or transcription program. But don't lay out money before you are hired.)

4 - Building a business takes time. Be realistic in your income goals and expectations. If you need a steady income right now to pay your rent or feed your children, it's not likely that you can do that by starting a business now.

5 - Don't try to be all things to all people. It's not uncommon to think that the more products or services you offer the more potential customers you have. By specializing, you can focus your marketing efforts more successfully and you can become known as the "go-to person" or expert for a particular product or service. Once you make a success of one business, you can always add others later.

6 - Do something you enjoy. It's easier to sustain the necessary motivation and commitment if you like what you're doing.

>>> Click here to take a free survey and discover your entrepreneurial strengths.

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