The Pros and Cons of Becoming an Entrepreneur as a Senior

StrategyDriven Entrepreneurship Article | The Pros and Cons of Becoming an Entrepreneur as a SeniorSeniors typically have a lot of time on their hands after they retire, and after being retired for a few years, it’s common for them to want to take up a new hobby, learn something new, and for some, to start a business. Some seniors have great success as an entrepreneur in the elderly years, especially those that either ran a business or worked for a successful one before.

If you are a senior and have aspirations to become an entrepreneur, you need to think about a business plan in order to be successful. What are you selling/what is your service? Do you have experience in this field? Do you have a legitimate chance at becoming successful/how long will it take to become successful? Here are some things to consider.

What are the Pros of Becoming an Entrepreneur as an Elderly Person?

Becoming an entrepreneur as a senior has many pros, here are a few:

You Can Live Comfortably in Your Elderly Years

If your business becomes successful, you have the opportunity to live extremely comfortably in your elderly years. For many seniors, it’s hard to live comfortably when on a fixed income, however, if you become a successful entrepreneur, you won’t have to worry about living frugally any longer.

Living comfortably in your older years can open a lot of doors for you. You will have the chance to go on that dream vacation you have been dreaming about, you’ll be able to live where you want, go where you want and you won’t have to rely on social security.

You Will Pay Your Debts

In addition to living comfortably, you will be able to pay off any debts that you may have. Whether you have debt from buying a home, credit card debt, medical bills you need to pay, or any other kind of debt, becoming an entrepreneur will be able to help you pay off all of those debts. You will also likely be able to keep yourself out of further debt as long as your business remains successful.

An employee from a retirement community in PA pointed out that it’s refreshing and comforting to see elderly residents live debt-free and no longer have to worry about paying off years of debt.

What are the Cons of Becoming an Entrepreneur in Your Golden Years?

Though there are copious benefits of becoming an entrepreneur in your elderly years, there are also some cons that can be extremely detrimental to your overall well being.

The Start-Up Cost

Becoming an entrepreneur is rarely cheap, in fact, it is often fairly expensive and can end up costing you large amounts of money. If you are living on a fixed income and are solely dependent on social security and your savings, you may want to reconsider becoming an entrepreneur unless you are sure your business will thrive.

If you truly want to become an entrepreneur in your elderly years, but you recognize the start-up cost can be an issue, consider starting out small. Instead of creating an entire business from the ground up, start a part of your business to see how successful that is so you don’t end up losing money.

Additional Life Stressors

Seniors are especially susceptible to stress and this stress can have an extremely negative impact on their health. Seniors that experience large amounts of stress may not be able to handle it the way that they used to or the way that younger adults do, and becoming an entrepreneur sets a person up for large amounts of stress.

Once up and running, your business may not be stressful, however, starting out most likely will be and this can not only take the joy out of becoming an entrepreneur, but it can also affect your health as a senior citizen. Think about how to either avoid stress as an entrepreneur or rethink your business plan.

Make The Choice That is Right For You

Whether you chose to start a business or not, it’s important that you make the choice that is right for you. If becoming an entrepreneur in life has been your dream and now is your chance, create a business plan, and do your best to get rid of the cons. Like any major decision in life, there are pros and cons, so as long as you make your choice favoring the pros, you are bound for success.

About the Author

StrategyDriven Expert Contributor | Kelsey SimpsonKelsey Simpson enjoys writing about things that can help others. She lives in South Jersey and is the proud companion to two German Shepherds and spends her free time volunteering in dog shelters.

Online Businesses Popular for Senior Citizens to Start

StrategyDriven Starting Your Business Article | Online Businesses Popular for Senior Citizens to StartRetirement does not need to mean the end of work for senior citizens if they don’t want it to. There are many businesses that even those in need of in-home senior care can start. These businesses can give retirees extra income while still allowing them the flexibility to enjoy their retirement.

These 6 online businesses are good for retirees to start.

Senior Citizens Can Start an Online Genealogy Researching Business

Genealogists research the history of a family, and they can use the Internet to access genealogical records and create a detailed family tree for clients. This work is research-intensive so people are willing to pay others to do it for them. This makes it an ideal home business for retired seniors with time on their hands.

Although much of the research can be done online, genealogists sometimes need to go to libraries, churches or courthouses. They may also need to conduct interviews with people. This part of the job is excellent for seniors who enjoy getting out and socializing with others.

Starting a Virtual Assistant Business Can Help Retirees Earn Money

Virtual assistants are like administrative assistants who work remotely. They can help a business with a variety of tasks such as research, social media management, bookkeeping, data entry, managing email, booking travel, calendar management and more.

Senior citizens who want to start an online virtual assistant business need to assess the existing skills that they can offer and then decide if they want to learn new skills to add them to their offerings or just focus on the ones they already have.

Retirees Can Start a Writing or Blogging Business

There is a great need for quality content online, and senior citizens who want to start their own business can call upon their years of experience and knowledge to write that content. In fact, writing is an excellent home business for seniors who want to work entirely from home because all writing, research and telephone interviews can be done from the comfort of a home office.

Retirees who want to start a writing or blogging business should create a website with samples of their writing, perhaps creating their own blog that touches on the subjects they can write about. This will give them a portfolio to point potential clients to.

A Photo Business is Great for Senior Citizens with Tech Skills

For an older adult who knows their way around Photoshop or other photo enhancing tools, starting an online photo business is ideal. The business can offer services such as photo restoration of old or damaged photos, digitizing slides, negatives or prints, touching up digital images and more.

An investment in some hardware and software may be necessary for a senior citizen to start this business. Once that investment is made, a creative senior can make extra retirement income helping others enhance and preserve their photo memories.

Retired Teachers and Professionals Can Start an Online Tutoring Business

The ability to connect with others through video chat makes online tutoring easy. Former teachers and other professionals can offer their expert knowledge in subjects that students need to be tutored in and do that tutoring online.

This is one online business seniors can start that they might be able to get underway just by word of mouth. An older adult who announces on social media that they would like to tutor others in a subject they qualify to teach may find students very quickly.

Senior Citizens with Web Design Experience Can Start their Own Business Designing Websites

There are many website building sites such as WIX or Squarespace that make it simple to get a website up and running quickly. Tech-savvy seniors who take the time to get to know a couple of these sites can start a business that builds websites for others.

A senior who wants to open a company that helps other retirees may even consider starting a website designing business for other senior citizens that want to start their own online businesses.

About the Author

StrategyDriven Expert Contributor | Kelsey SimpsonKelsey Simpson enjoys writing about things that can help others. She lives in South Jersey and is the proud companion to two German Shepherds and spends her free time volunteering in dog shelters.