More and more Baby Boomers in the US are starting online businesses while still working and once they enter retirement.
If you’re thinking about doing the same to help you better prepare for retirement, or are simply interested to learn more about the different types of businesses one can start from home, then this article is just for you.
Why Should Baby Boomers Start an Online Business?
There are many reasons why a growing number of Baby Boomers are deciding to start an online business. First and foremost, running an online business can help you save up more money for retirement and potentially continue to earn an income even once you quit your day job.
This can reduce the stress associated with retiring and allow you to enjoy a better standard of living in your twilight years.
Another reason why some Boomers decide to launch an online business is the fact it can keep them occupied and continue to give them a sense of purpose during retirement, without them having to continue to work full-time.
What Type of Business Could I Launch?
There are dozens of different online businesses that Baby Boomers can launch, but here are some of the most popular ones. When deciding which is best for you, try to think about which one you’re likely to enjoy the most and also consider any transferable skills you may have.
Blogging
If you enjoy writing or researching new topics, blogging is a great option for you. You can get started with a professional looking website and domain for just around $50 per year, and if you’ll be writing all the content, you might not need to spend money on anything else.
Once your blog has a decent audience (at least a few hundred monthly readers), you can monetize it with ads via Google Adsense. Keep in mind that you’ll need a much larger audience to make good money, but this is nevertheless a good business idea to consider.
Agency
There are many different types of agency businesses out there which you can easily launch, from an SEO agency, to a PR agency or a digital marketing agency.
Getting clients isn’t easy, especially in this economy, but if you have some transferable skills and relevant experience, you have a shot of landing a client or two within the first few months of launching your agency.
Online Store
In this day and age, it’s very easy to launch an online store with platforms like Shopify. Aside from building the store, you’ll need to contact suppliers (usually in China, though there are a few large wholesalers in the US and Europe) and negotiate terms.
Dropshipping is the best way to go for Baby Boomers, as it means you don’t need to hold any inventory or worry about processing shipping and returns.
The Drawbacks
We’ve already discussed some of the pros of launching an online business, but there are also a couple of potential drawbacks which Baby Boomers should be aware of.
Firstly, launching an online business is a risk, as there’s no guarantee that you’ll generate a return on the money or time you put into your new venture. And most online businesses take a while to get traction and start bringing in decent money every month. So, if you urgently need money, this isn’t the way to go.
Another drawback of starting an online business in retirement is the fact it can quickly take up most of your time, and therefore result in you having hardly any time left over to spend with your family and other loved ones.
Finally, starting a business can be a stressful endeavor, even if you’re retired and are mainly doing it as a hobby. So, you should be wary of this and ready to take a break if you feel like one would be of benefit to you.