Are you past 50, and thinking about starting your own business? Then this guide on senior entrepreneurship is for you.
We will cover everything you need to know, from business ideas to mindset. You will also learn about the numerous examples of entrepreneurs who had their big breakthroughs later in life. If they could do it, you can do it.
In fact, you are statistically more likely to succeed with your business now than you were at age 30. Don’t let societal norms hold you back — your time as an entrepreneur is now.
As a society, we think of entrepreneurship as a young person’s game. Bill Gates was 19 when he founded Microsoft. Mark Zuckerberg was the same age when he founded Facebook. Steve Jobs started Apple at age 21.
But what makes for a great cover story in WIRED magazine does not necessarily reflect the reality. The actual median age of uber-successful start-up founders? 45.
My personal experience is in line with that. I coach both younger and older entrepreneurs, and of course, there are high-performers in any age group. But as a rule of thumb, the older ones are more likely to succeed.
That is for three reasons:
- Older entrepreneurs understand the virtue of consistency. They know that to succeed with anything in life, you have to put the hours in and be patient.
- Older entrepreneurs are less susceptible to delusions of grandeur. They know what they are capable of and what not.
- Older entrepreneurs are less likely to let success get to their heads. They won’t buy an Italian sportscar with their first million.
If you are past 50 and feel any entrepreneurial spirit inside yourself, I encourage you to pursue it. The chances of you succeeding are much better than you think.
Interesting Stats About Senior Entrepreneurship
- The expected average retirement age in the US is 65, but the de facto median is 62 (source: 2023 Retirement Confidence Survey).
- 40 percent of all retired Americans eventually return to the labor force (source: the nonprofit RAND Corporation).
- The age cohort 55–64 accounted for 22.8% of entrepreneurs in 2021 (source: Ewing Marion Kauffman Foundation).
- The median age of start-up founders in the US is 42, as a 2018 study by Azoulay, Jones, Kim, and Miranda found. The most successful founders are on average 45.
- The same study showed that the likelihood of success as a founder increases with age until the age of 60. A 50-year-old founder was nearly twice as likely to build a successful business as a 30-year-old founder.
- The top three sectors for entrepreneurs 55 years or older are real estate, agriculture, and business consulting (source: Global Entrepreneurship Monitor 2019).
Reasons for Starting a Business After 50
There are many good reasons for starting a business later in life.
You Have Experience
As a senior entrepreneur, you have a tremendous amount of know-how. For example, if you worked as a salesperson for decades, you will probably be a master at your craft. This expertise will translate into business success.
You Can Handle Money
Chances are, you know how to keep your money together. Where your younger counterparts are prone to impulse buying decisions — often to show off — you are past such foolishness.
You Have Credit
Because of your longer credit history, banks will be more likely to lend you money. They know their chances of seeing their money again are higher with you than with an inexperienced 20-something.
You Have a Network
Since you have been around for longer, you tend to have a more reliable social network. The people in your network are not wannabes — they have proven themselves. And you can call on them.
You Have Freedom
If you are past 50, your kids are probably off to college or already making money themselves. That means you are more free to explore entrepreneurship than if you had just started a family.
You Care Less About Other People’s Opinions
This is why I love working with older entrepreneurs — they are less worried about what others might think of them. As my older clients and friends tell me, it comes with facing your mortality. When you understand that you only have a limited amount of time left, social pressure loses its sting. You see it for the nonsense it is.
You Have Seen It All
Younger entrepreneurs often lack perspective. They think that whatever is happening right now in the world is all that matters. Older entrepreneurs see further. When you have fought in Vietnam or raised three children, you will have more of a critical distance to the events of the day. You can differentiate between what is important and what is not.
Examples of Successful Senior Entrepreneurs
If you feel intimidated by the idea of starting your own business this late in life, don’t be. There are plenty of people who made it work:
- Julia Child’s debut cookbook was published when she was 49.
- Bernie Marcus opened the first two Home Depot stores at age 50.
- Leo Goodwin founded GEICO when he was 50.
- Ray Kroc started the McDonald’s franchise at age 52.
- Joseph A. Campbell was 52 when he created the company that would later become Campbell’s Soup Company.
- Arianna Huffington founded The Huffington Post at age 55.
- John Stith Pemberton was 55 when he came up with the original formula for Coca-Cola.
- Regis Philbin’s TV career took off at age 57 with “Live! With Regis and Kathy Lee.”
- Charles Ranlett Flint founded the Computing-Tabulating-Recording Company — which later became IBM — at age 61.
- Laura Ingalls Wilder’s books — the Little House on the Prairie series — made her famous at age 65.
- Harland David Sanders created the Kentucky Fried Chicken franchise at age 65.
- David Duffield co-founded the financial tech startup Workday when he was 65.
- Painter Anna Mary Robertson Moses began her successful art career at age 78.
And this is just the cream of the crop. There are plenty more senior entrepreneurs who might not be as well known as Arianna Huffington or Colonel Sanders, but who are still wildly successful. You might not have heard of them, but they still bring in 7 figures or more each year. Chances are, there are some in your community, too. Go join them.
The 16 Best Retirement Business Ideas
Here are the sixteen best business models for older entrepreneurs.
With an e-commerce business, you sell physical products online, typically via your own online shop and on Amazon. For example, you might run an online shop for camping equipment.
There are four components to an e-commerce business:
- You must source your product (Alibaba.com is a good starting point)
- You must create an online store (most people use Shopify)
- You must advertise your product (typically via Google Ads / Facebook Ads)
- You must take care of logistics, aka store and ship your product
The big upside of e-commerce — it is a very tangible business model. Even if you are not a digital native, the concept is easy to grasp. Also, the turnaround tends to be quick. Most people manage a few sales early on. This will keep you motivated.
The big downside — you have to pay for the product upfront. That means you have to spend a lot before you start earning. Also, storing your product at home (which is what everybody does when they start) will get messy quickly.
Difficulty: Middle to high — building the systems takes some time and effort; marketing your products can be even trickier.
Investment: Middle to high — it depends on your product.
Earning potential: Middle — e-commerce products can have good margins, but that is often offset by high advertising costs.
Dropshipping is similar to e-commerce, but there is one important difference — you don’t need to buy the goods beforehand, store them, and send them out. All of that is taken care of by a dropshipping company. Widely used providers are AliExpress, Spocket, and CJdropshipping.
The advantage is obvious — you don’t have to invest upfront. Also, dropshipping saves you mental bandwidth, as you don’t have to concern yourself with logistics. You can focus on marketing your product.
The downside — the dropshipper takes a big cut, which will eat into your margin. Also, you are now dependent on an external provider. If they mess up, it will reflect badly on you.
Difficulty: Low to middle — compared to a traditional e-commerce store, dropshipping reduces complexity.
Investment: Low to middle — you only have to pay for setting up your online shop and ads, not the product itself.
Earning potential: Low to middle — the dropshipping provider takes a substantial cut.
Etsy.com is an online marketplace that connects makers of handicrafts with buyers. Some product categories include bags, clothing, jewelry, home décor, furniture, toys, and art.
I am a big fan of Etsy for first-time senior entrepreneurs, especially if you are into DIY hobbies like patchworking or jewelry making. It’s a great way to get your feet wet when it comes to selling online. At the same time, unlike traditional e-commerce models, you don’t need to invest a lot of money upfront. Typically, you already own the necessary tools and materials; people are really paying for your skill and your time.
Difficulty: Low — assuming you are into DIY hobbies. When it comes to creating a storefront, the platform does most of the heavy lifting for you.
Investment: Low — in all likelihood, you already own the necessary tools and materials.
Earning potential: Low to middle — you are not going to get rich selling homemade quilts on Etsy. But it is a great, fun side hustle.
4. Real Estate
Let’s get something straight — real estate can be a bit of a shady business model. It tends to attract the slippery salesperson type.
But that is your chance as an older entrepreneur. You exude the trust that most people are missing in their real estate agents. Where your younger competitors are smooth talkers, you have an air of gravitas.
Difficulty: Middle — you need to get licensed as a real estate agent. That typically takes about 4–6 months. After that, your success largely depends on your people skills.
Investment: Low to middle — the required prelicensing course costs about $350, and the actual exam is about $100–$300 (depending on your state).
Earning potential: Middle — despite what online real estate gurus like to claim, most realtors don’t make that much. $50,000–$60,000 is pretty standard.
Older people often own extra property, like a house or an apartment they inherited. This property could be rented out on Airbnb.com, a platform for connecting homeowners with travelers. Instead of booking a hotel, your guests would be staying at your lodging.
The upside of this model — it is relatively easy money. You don’t need to actively create a product or offer a service. You simply provide access to an asset that you already own. This is sometimes referred to as passive income.
The downside is that these models are not as passive as they are made out to be. You still need to communicate with guests. You need to fix problems like a dripping tap or a bad internet connection. You need to make sure the room gets cleaned.
Then there are the occasional horror guests — people who will steal stuff, wreck the interior, or leave nasty, unfounded reviews (which will negatively impact your future sales on Airbnb).
Bottom line — make sure you understand what you are getting into.
Investment: Low — assuming you already own a place.
Earning potential: Low to middle. Yes, you can typically charge double or triple in comparison to what a regular tenant would pay. But then, you must also make up for times when the place is empty. In the end, you won’t grow rich from Airbnb unless you own dozens of objects.
6. Content Businesses
If you have a knack for creating digital content — blog posts, email newsletters, videos, etc. — you can monetize that content. Here are the most popular options.
Let’s say you love dogs and start a blog on dog training. Over 2–3 years, you write several hundred articles about said topic. Do this right, and Google will send you organic search traffic. It’s not uncommon to get tens of thousands of visitors per month for such a niche blog.
These visitors can now be monetized by displaying ads to them, typically via an ad network like Mediavine. Or you can promote someone else’s product to your readers, and earn a percentage every time you refer somebody. This is called affiliate marketing.
The most lucrative way to monetize though is to create your own info products, like your online course, “How To Teach Your Dog To Behave” for $99. Here, your profit margin is much higher than with affiliate products.
Finally, you could offer one-on-one coaching for other dog owners. This is typically the best option to start with, as you can start monetizing even with relatively little traffic.
b) Paid Newsletters
Alternatively, you could monetize your writing via a paid newsletter. Substack.com is great for that. Users can subscribe to your specific Substack on dog training and will then receive your latest tips as an email newsletter in their inbox. Once you have built a sizable audience, you start offering gated content for paying subscribers.
Maybe you are not a writer, but a video person. Not a problem. Staying with our dog training example, you create several hundred videos on YouTube on how to get your dog to behave. Eventually, the YouTube algorithm will drive viewers to your videos which you can then redirect to your sales pages. You can also monetize directly via ads on YouTube. However, for this to be lucrative, you will have to get lots of views per video (think hundreds of thousands).
d) Social Media
Finally, you have the various social media platforms — Facebook, Instagram, Twitter, TikTok, etc. Same idea — you create ungodly amounts of content to build an audience. Then you sell them your product or your services (or promote somebody else’s products or services in return for a cut).
Pros & Cons
Many senior entrepreneurs shy away from the content game as it seems so far-fetched. I get it. I grew up with blogs, YouTube, and Facebook, and it still took me a long time to wrap my head around this business model.
Then there are the technical hurdles. Each of these channels requires specific marketing know-how. For example, to run a successful blog, you need to learn SEO. To be successful on YouTube, you need to become good at video editing and thumbnail optimization.
Not to mention the delay in payment. For about 1–3 years, you will have to churn out content piece after content piece without getting paid for it. The algorithms simply don’t trust you yet. Psychologically, that is hard to take. It will feel like you are wasting your time.
Make no mistake, though — content businesses work. In fact, they are among the most reliable business models on this list. But you must be patient.
Also, if it seems difficult to you, then it will seem difficult to others. That is actually a good thing. It will mean less competition.
The content game might seem intimidating, but if you go through with it, the upsides are significant. You can produce content around your passion. You can set your own hours. You can travel the world while working. You can make a positive impact on the lives of others. Few other jobs provide that many attractive benefits.
Difficulty: High — you need to learn about digital marketing, which is a complex skill set. You also need to keep putting out ungodly amounts of content for 1–3 years before you start to see any money. That requires a lot of willpower.
Investment: Low. Blogging costs little; cheap hosting can be had for about $2 a month. Substack is free. So is YouTube. For video creation, you can simply use your smartphone in the beginning.
Earning potential: Low to high. It is hard to predict how much exactly you will earn from content creation. For one, it depends on your niche. For example, the personal finance niche tends to be more lucrative than the DIY niche. It also depends on the quality of your content. If people can’t get enough of your articles or videos, you will sell. If your content is boring, you will sell less.
This is another great option for senior entrepreneurs. Here, your age works in your favor. Your clients see you as someone who has already done it and whose experience they can draw from.
This model comes in two flavors — the “life coaching” route and the “business consulting” route. With the life coaching option, you might advise clients on mindset, personal relationships, and stress management. With the business consulting option, you provide strategic input to other business owners.
The upside of this business model — it is deeply fulfilling. You are helping others to succeed. Also, it is plain fun to strategize about life and business.
The challenge is finding clients. Before someone hires a coach, they already need to be intrigued by this person. This means you must build your brand as a coach first, which you can do by creating lots of content, as we discussed above.
Alternatively, you can build a webinar funnel. Here, you put up paid ads, advertising your free webinar. People sign up with their email addresses. You conduct the webinar, trying to sell the attendees your premium coaching program. Those who don’t immediately buy, you keep marketing to via email.
This second option can work much faster, but it is also more risky. You need to pay for ads upfront, and these are not cheap. If you are new to this game, it is easy to burn through a lot of money quickly.
Difficulty: High — you must either build a content business first or master the webinar option. Neither one is easy to pull off.
Investment: Low — if you go with a content marketing approach. High — if you go with the webinar approach.
Earning potential: Low to middle — I know a lot of coaches/consultants, and many of them are just scraping by. The better ones earn a middle-class income but are still not getting rich.
Tutoring is a great option if you want to make some money on the side during retirement while being your own boss. On top of that, it can be gratifying to see your students make progress and get better grades.
Another benefit of tutoring — it can be done online. Platforms such as Tutor.com and Care.com provide all the necessary tools. This way, you could be spending time at your vacation home in Cancun while improving your finances.
However, don’t expect riches. Tutoring is not a high-paying job. You will make more if you specialize in college prep, but even here, there is a ceiling to what you can earn.
For one, tutoring doesn’t scale well. You are trading your time for money. Also, there are lots of retired teachers and college professors trying to make some cash on the side, and you will be competing with all of them.
Difficulty: Low — assuming you already know your subject.
Investment: Low — you just need to sign up for the aforementioned platforms.
Earning potential: Low — as we talked about.
9. Freelance Services
As a freelancer, you offer services to other businesses on an hourly basis or a project basis.
Let’s say a business wants to redo its website but does not want to hire a full-time web designer. So, they get a freelancer. Once the project is finished, the business and the freelancer part ways.
Examples of freelance services include:
- Graphic design
- Video editing
- Marketing services (SEO, paid ads, email marketing, etc.)
The upside of this model — you can start earning today. Just sign up for a platform like Fiverr or Upwork. If you price yourself low enough, you will instantly find clients. Then, as you gain experience, you will raise your prices. The ultimate goal is to build a base of “direct clients” (=businesses that pay you directly). With these clients, you can charge from $100 upwards per hour.
The downside of freelance work — for the first couple of years, you will have to put up with some very annoying clients. These clients know that you are at an early stage in your career and that you need every dollar. They will exploit you where they can.
Difficulty: Low to medium — finding clients is relatively easy if you price yourself low enough. However, you also need to work on your skills. For example, if you want to offer graphic design, you’ll need to learn how to use Photoshop and Illustrator. This will take some studying.
Investment: Low — to get started on a platform, you just need to sign up. Later on in your career, you will also need a business website, to look more professional. But this can be done cheaply through a service like Squarespace.com or Wix.com.
Earning potential: Middle to high.
10. Virtual Assistant Services
As a virtual assistant, your job is to unburden other busy entrepreneurs. Some things you might help them with:
- Schedule appointments
- Answer phone calls
- Reply to emails
- Do research
- Make travel arrangements
This can be a great fit for senior entrepreneurs. They typically have a lot of experience in dealing with people; at the same time, they tend to keep their calm under pressure.
It’s also an interesting job. Your tasks are diverse, and you will often have to take on new tasks and train yourself for them. Last but not least, you can do this job from anywhere. As long as you have a fast internet connection, you are good to go.
The downside is that this job doesn’t scale very well. You are trading your time for money. Once you max out in terms of hours, your only option is to find better-paying clients. But there is a limit to how much executives will spend on an assistant.
Difficulty: Low to middle — you need to be somewhat computer-savvy, but nothing too crazy. If you know how to use MS Office and do basic research online, you are good.
Investment: Low — you only need a laptop, a smartphone, and a fast internet connection. Chances are, you have all of these things already. Plus, you can now write these things off as business expenses.
Earning potential: Low to middle — as we talked about.
11. Data Entry as a Service
Here, you offer data entry as a service to other businesses. A few examples:
- Transcribing handwritten documents
- Transcribing audio recordings
- Medical data entry
- Legal data entry
The main advantage of this model — you can do it from home. Also, besides 10-finger writing and attention to detail, it doesn’t require much in terms of skills.
However, there are several downsides:
- Data entry is boring.
- It doesn’t pay well.
- These jobs are bound to be taken over by AI.
The only time I would advise this business model is if you plan to manage a team of data entry workers. In this scenario, you don’t have to bother with the data entry yourself, and, by scaling the business, you can make a decent profit. However, that still leaves you with the AI problem. You better be ready to pivot to another service in the not-so-distant future.
Difficulty: Low — as we talked about.
Investment: Low — all you need is a laptop and an internet connection, both of which you probably own.
Earning potential: Low — if you are a one-person show. Middle — if you run a team of data entry workers.
12. Age-Specific Business Models
Turn your age into your advantage. Here are three ideas for age-specific business models.
a) Senior Concierge
You could help other, less-agile seniors with household chores, setting appointments, and transportation needs. You could also keep them company.
Your selling point — as a not-so-young person yourself, your clients will be able to connect with you. They will feel like you “get them.” In contrast, working with a younger concierge might leave them frustrated.
b) Senior Nutritionist
To retain a high quality of life, seniors should eat right. Also, they often have specific nutritional needs because of preexisting conditions like diabetes or osteoporosis.
If you have a background in nutrition, that’s a chance. As a senior nutritionist, you can advise your clients about healthy eating, while at the same time acting as a role model.
c) Senior Fitness Trainer
As people grow older, they experience a loss in muscle mass. This makes it more likely for them to injure themselves. It also impacts their quality of life negatively, e.g., when it comes to lifting things.
But it’s possible to slow that loss in muscle mass down, and even to reverse it. This is where the senior fitness trainer comes in. If you are an exceptionally fit older person and can pass on your training know-how, you will be in high demand. Your clients will find you much more believable than some 25-year-old musclehead.
Difficulty: Low — in the case of the senior concierge. You don’t need any special skills, just lots of empathy. With the nutritionist and the trainer options — middle. Your clients will likely want to see some kind of certificate. However, most of these courses only take 3–6 months.
Investment: Low — in the case of the senior concierge. Middle to high — for the nutritionist and trainer options. You will have to pay for the certification process.
Earning potential: Low to middle — for the senior concierge. Middle — for the nutritionist and trainer options. 1-on-1 attention has its price; you can easily charge $80–100 per hour. However, none of these three options scale well.
13. Business Models Around the House
There are various services you can offer to homeowners.
If you have a knack for home improvement, this is a great service to offer. Reliable, competent craftsmen are hard to come by. Do a few jobs right, and you will soon be in high demand; word of mouth will spread quickly.
Remodeling is also an emotionally rewarding business model. You create something with your hands and then get to feel proud about the result. I know several senior entrepreneurs who chose this option not so much for the money, but for the satisfaction they get from a job well done.
Many houses in the US come with a backyard, but many people don’t have the time to take care of it. This is where you come in. As with remodeling, word of mouth will spread quickly, provided you do a good job.
But landscaping has an added benefit — you get to work outside. For seniors who often suffer from vitamin D deficiency, this can make a big difference. Also, working outside is typically more enjoyable than being deskbound.
c) Plant Sitting
Not everybody has a garden that they need help with. But you could still help your apartment-dwelling clients live a greener life by picking out plants and taking care of them.
However, in comparison to the aforementioned options, “plant sitting” tends to pay less. It’s more of a side hustle.
Difficulty: Middle to high — in the case of remodeling and landscaping. You need solid skills to offer these services. For plant sitting — low to middle; you should have a green thumb, but this skill can be learned relatively quickly.
Investment: Middle to high — in the case of remodeling and landscaping. Some of the required tools can be quite pricey. For plant sitting — low.
Earning potential: Middle — in the case of remodeling and landscaping. For plant sitting — low.
14. Reselling on eBay
For this model, you frequent garage sales, looking for underpriced items. Then you resell them at a higher price point on eBay.
The main advantage of this business model — it is easy to put into practice. You could get started this weekend. You will have some quick wins, and feel motivated to continue.
Also, it’s plain fun. I have a family member who went with this model not because she needs the money, but because she enjoys it so much. She just loves to drive to garage sales, sift through what’s on offer, and haggle with the sellers.
The downside — you won’t get rich with this model. It’s a fun side hustle, but probably won’t make you more than $1000–2000 a month — and that is if you apply yourself.
Difficulty: Low — but you have to put the legwork in.
Investment: Low — you need some gas money, and you need to pay the garage sellers upfront. You also need to pay a commission to eBay every time you make a sale. But even if you add all of these up, we are still looking at a low initial investment — maybe $50–100 for one weekend. And you can typically flip your goods quickly.
Earning potential: Low — as we talked about.
15. Franchise Owner
Here, you buy a franchise, e.g., a Tim Hortons restaurant or a 7-Eleven.
The main advantage — the franchisor has developed a comprehensive business system, from products to branding. You purchase a turnkey solution.
Also, you don’t have to worry about where your customers will come from. People see the McDonald’s sign and walk in. You are piggybacking on the brand recognition of the franchisor.
The downside is the upfront investment. We are talking hundreds of thousands if not millions of dollars. Most people don’t have that kind of money lying around.
Also, while you can earn well as a franchisee, you probably won’t get rich. There is an inbuilt ceiling; a single location will eventually max out at a certain number of customers.
Difficulty: Medium — running a franchise still requires business know-how; however, many franchisors offer extensive training.
Investment: High — as we talked about.
Earning potential: Middle to high — a franchise can be a cash cow, but probably won’t make you Richie Rich rich.
16. Startup Advisor
This one is a bit counterintuitive. We associate startups with twenty-somethings, starting a tech business in their garage in Palo Alto. What do they need a senior advisor for?
But they do. Most of these startups are trying to break into an established industry and disrupt it. An example would be what Airbnb did with the hospitality industry. Via their platform model, they took large market shares from established hotel chains.
But to disrupt these traditional industries, you need to know them. You need to know their value proposition, their customer base, their marketing channels, and their supply chain. Put differently — to defeat your “enemy,” you must study them first.
This is where you come in. If you have decades of experience in an industry that is about to get disrupted, you will be of great service to the “attackers.” You will act as their man on the inside.
Difficulty: Medium to high — it can be tricky to convince startup founders that they need you (even if they do). There is a lot of arrogance going around in the startup world — young, book-smart types who think they know it all. Be patient. Eventually, someone more foresighted will bite.
Investment: Low — you just need to bring yourself.
Earning potential: Low to high — startups are a gamble. Statistically, most of them go under. Also, in the early stages, most of them struggle with funding. They will typically pay you little and offer you stock in the company instead. However, if they do make it big, then you are set for life.
7 Tips for Succeeding With Your Senior Business
Here are seven tips to make entrepreneurship work for you at a later age.
1. Know Your “Why”
In the beginning, entrepreneurship is a slog. You put a lot of work in, but for the first 1–2 years, nothing much happens. You start wondering if you are wasting your time.
That’s why it’s so important to know your “Why.” If you do, you are more likely to stay the course.
Be honest with yourself. If you want to make the world a better place through social entrepreneurship, great. If you want to get filthy rich, that is just as legitimate of a reason.
2. Think About the People in Your Life
Think about how your entrepreneurial plans will affect the people in your life. For example, your partner or your grandchildren might have less access to you than before.
Also, consider financial consequences. If you decide to invest your retirement savings into your venture, will this negatively impact others in your life? Will you be a financial burden to someone if you fail?
3. Learn About Online Marketing
There has been a major shift going on in the marketing world. Traditional marketing channels like TV and newspapers are increasingly replaced by online marketing channels (websites, YouTube, social media, paid ads).
Many businesses are still refusing this change, but they are soon going to pay the price for it (if they are not already).
Don’t let that be you. Yes, online marketing is a complex and sometimes confusing skill set. But you can master it, even at a later age.
The trick is to pick one channel, the one that makes the most sense for your business. For example, if you are offering consulting for B2B businesses, zoom in on LinkedIn. If you are a blogger, concentrate on SEO.
By focusing on the most appropriate channel, you will reduce complexity. Also, you will see results faster. You won’t be spreading yourself thin over several platforms.
4. Get To Know Your Target Audience
You must study your target audience. The better you understand who they are, what they want, and what pains them, the more money you will make.
Understand — who you think your target audience is and who they really are is not necessarily the same thing. You will never know until you start talking to them.
Take every chance to do so. For example, when I hear from a reader or subscriber, I will often suggest that we hop on a quick call. This way, I get a better idea of who is actually consuming my content.
5. Think About Funding
With some business models, you will have to invest upfront. Where do you take that money from?
My recommendation is to bootstrap. Only spend money that you have. Don’t get a loan.
This begs the question — should you tap into your retirement money? Many experts will advise against it. However, I believe there are instances where it can make sense.
Take a long, realistic look at your work history and your life data in general first. Are you historically good at acquiring new skills? Do people praise your work ethic? Do you have a track record of following through?
If you can answer these questions in the affirmative, it might be justified to tap into your life savings. But you must be honest with yourself.
6. Connect With Fellow Senior Entrepreneurs
When you start a business later in life, you can expect pushback. Family members and friends will tell you that you are crazy for taking financial risks at this late age. “Stay put!” they will cry.
To not let this deter you, reach out to fellow senior entrepreneurs. They are probably experiencing the same resistance. This way, you can emotionally support each other.
Also, some of your fellow senior entrepreneurs might already be successful. They can act as a role model. Now you have living proof that it can be done.
7. Conserve Your Physical Energy
To succeed with entrepreneurship at a later stage in your life, you need to manage your energy wisely. Naturally, our energy reservoir shrinks as we grow older. But you can counteract this by optimizing your lifestyle.
Here are some basics:
- Stay away from all processed foods, especially those containing sugar.
- Eat lots of fresh vegetables and high-quality proteins (protein deficiency is a major health risk for the elderly).
- Walk a lot. 5,000–10,000 steps a day is a good number to shoot for.
- Stretch every day. Do a 15-minute yoga or mobility routine.
- Do resistance training several times per week, either at the gym or by doing bodyweight workouts at home.
- Keep the same bedtime, even on the weekends. Your body needs that regularity to get the deepest sleep possible.
- Don’t look at any screens for at least an hour before you go to bed. Blue light exposure will compromise the quality of your sleep.