12/6/2019

A Quick Guide to Starting a Home-Based Business in Retirement

Many new retirees find themselves itching to get back in the work world. Whether you’d like some extra income or you’re just looking for something to do, the path of a digital nomad may be perfect for you. Digital nomads use technology to earn an income outside of a traditional work environment, giving them the flexibility to work when, where, and how they want. This can be ideal for seniors looking to travel in retirement or who live somewhere secluded. 

Today, there are several ways that seniors can leverage technology to start a home-based, digital nomad-style business. Here are some things to keep in mind as you get started.

Assemble a Toolkit

Before you start along the path of an entrepreneur, make sure you’re prepared with the right technology. A good smartphone, for example, is vital for calling clients, staying organized, and sending emails to your team. Likewise, it's important to have a robust data plan, so you can stay connected to your business from wherever you are. Data overage charges can take a significant chunk out of your income! Shop around for providers that offer competitive unlimited data plans so you can enjoy the freedom to run your business without limits.

Choosing a Business Model

There are endless ways to make money online. Freelancing, for example, is a great way to get started working from home without investing much of your time or money. Sixty and Me recommends several different roles that tend to be a good fit for seniors, including marketing management, writing, tutoring, and accounting. When you’re ready to start looking for work, you’ll be able to find all kinds of freelance jobs on websites like Upwork.

If you’re more interested in selling products than providing services, consider starting an e-commerce business. This is a great way to make money by selling subscription boxes, home-made crafts, or hobby supplies. You can even drop ship products straight from the manufacturer to your customers, so you don’t have to hold any inventory yourself. 

Since the e-commerce world can be complicated, know where to go for advice and guidance. E-commerce resources on sites like Oberlo can help you learn about customer service, email marketing, outsourcing, upselling, and other strategies that can help you enjoy e-commerce success.

Building a Productive Remote Team

Running a business from home—or wherever you happen to be traveling at the moment—often means managing a remote team. According to Growth Everywhere, the best remote teams thrive on talented workers and a strong communication network. 

Davinci Virtual Office Solutions can help support your remote team with live receptionists or webchat professionals who will communicate with your website visitors and convert them into customers. Depending on your specific business model, you may also want to hire a marketing expert, web developer, copywriter, and/or social media manager.

Creating Work-Life Balance

It’s no secret that running your own business is stressful. According to Forbes, most business owners point to work-life balance as their greatest challenge, and remember, you’re retired! Be proactive about keeping your work demands under control so you can avoid the damaging effects of stress. Stay organized, structure your time, and try to separate your work and personal life. If you decide to travel in retirement, make sure your business won’t interfere with your experience. Planning and taking it slow will ensure you have enough time to dedicate to your business and your nomadic adventures.

Becoming a digital nomad is a popular decision among seniors due to its flexibility and affordability. You can work part-time or full-time, at home or on the road, day or night—the choice is yours! If you take the time to plan your business carefully, it can mesh seamlessly with your retirement plans and breathe new life into your golden years.

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